GUIDANCE PLEASE REGARDING THIS POSSIBLE SHORT SALE SITUATION

Here is the situation:

Nod filed 11/06

1st: 496000
2nd: 124000 gmac

FMV: 535,000
asis value:530,000

My question:
Is there any way to make some money of this situation?
The owner wants out!

I was looking at trying to get a substancial discount off the 2nd Example: 124000 (10,000 offer)
Then take the 1st subto or short the 1st down to $425,000 Therefore, try to net :

425,000 FMV:530,000 520,K Sell
+10,000 -465,K
---------- -----------------
435,000 + 30K (Costs)=465000 55K Profit (in a perfect world)

Please advise if there is a better way to set this up as this owner is running out of time fast.
Thank You very much in advance