Trade when financining is impossible?

I came across an interesting opportunity yesterday. I met an agent who focuses on trading real estate, targeting RE Investors who are in “trouble.” Meaning, if an investor has a property (or properties) that he/she is upside down on and needs to refinance or get out of the property, but can’t for one reason or another, he will trade them out for another property with another investor, making a win/win for both parties.

Anyone heard of this before? Anyone ever do a real estate trade like this that was successfull? It’s new to me, but sounds interesting. I’m not in trouble myself, but it’s nice to know if I ever get into a bad situation.