Sub2 Deal Question

I was contacted by a seller that is one month behind on his payment and is about to be 2 months behind on the 15th. He has both a first and second mortgage with Countrywide. Is it worth my time to pursue a short on the second mortgage or try to buy the second mortgage? I was thinking of taking over the first sub2:

ARV - $230K
Repairs Needed - Seller says none, but I always estimate at least $5K
1st Mort - 185K
2nd Mort - $45K