Possible Deal Here, Or Am I Crazy? How Would You Do It?

I spoke to a gguy who is 3 months behind on his payments (1300 on the 1st & 300 on the 2nd per month). Home is worth 135-140 and he owes 134k. Filing bankruptcy because he cant make the payments. He thinks since he is filing BK the mortgage companies will look to his wife [soon to be ex] for the money every month. I know nothing about BK so i was wondering if you see a possible deal in this. I don think it will rent for more than $1400 so i asked him if he could pay $200 a month towards his 2nd if the tenant paid $1400 and he said he couldnt but his wife may be able to. I was thinking forebearance agreement on the 1st mortgage, short sale on the 2nd, contingent upon us finding a T/B? This is probably the totally wrong way to go though right? 3% of 140 is only $4200, so if we do get a tenant to pay that much, the 2nd would have to take less than that to get paid off. Then 114k would be owed on a 140k home [81% of FMV] The possible ways are many i think, what do you see when you look at this scenario? Mike