Possible Loan Mod

[Joe Pitrolo]

Talked with a guy today that has a home appraised for around 145 to 150, 4 br 2 ba in nice neighborhood.
He says its going to be auctioned off in two weeks. He owes 134, but it was listed at 119 in October and 152 recently.
His % is 10 and payments around 1300. I thought if I could get him to modify the loan and then do a subject to, I may be able to turn around and rent or lease purchase or sell.
Two problems: There is not a whole lot of equity, nor is there a whole lot of time.
I think the bank is Chase.