Is this a Short Sale situation?

[Tal Perry]

Hey guys. Have a new situation that I haven't dealt with before. Located a vacant property and also located the owner. Owner walked away many years ago, declared bankruptcy, but loan owners never completed foreclosure as loan constantly resold. He owes, according to lender, much more than worth. Completely dilapidated after 10 years empty. Loan has been sold multiple times. Most of it is unpaid interest, penalties and late fees accumulated over about 8-10 years.

How should I attack this? I was thinking short sale? But would prefer something quicker. Maybe some of you have encountered similar situations

My worry is that it may not be in my best interest to contact lender. Possibly there is a way to get this property without involving them directly, maybe going through the court system or some other back channel? Since they have done the foreclosure it must mean they are missing some important documents concerning the property right?