property that mortgage is more high than home value

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I have a lady who took out a mortgage on her property for 391 K she has paid 7 K in the property her first 10 years of owning the property was straight interest and she did not get to make payments towards the properties total cost until after the 10 years was up which is when she just paid the 7K she wants out of the home the property value has dropped to 350k which means that her mortgage that she owes the Stihl 391 so in order to get her back current I want to figure out a strategy that can get her back current that I can also make money on in a real estate deal transaction and also get her out of a tight situation

I would look into creative financing strategies like lease options, a wrap around mortgage, or seller financing. If she takes some form of payment for her equity and puts that towards the mortgage hopefully she can get out of a tight spot and you can control the property in some way and make money until you are able to own it outright. Larry Harbolt runs The Real Deal podcast and talks about seller financing a lot. There's a $5 ebook I've read called Owner Will Carry by Jack Miller which also has a lot of ideas. 

Good luck! :)

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