If the Seller has equity in the home, or it would cash flow for you as a rental, a "subject to" offer is an option. An attorney should draft the contract for you. The Seller would need to become current on their payments in order to stop the foreclosure process.
Keller Williams Denver Central
The 'subject to' portion is that the offer is 'subject to' the bank accepting the short payoff. Check with a CPA but with pre-foreclosures the affect on ones credit can harm someone getting a new loan for about 2 years while a full foreclosure could keep people out of a house for near 7 years. It is beneficial to the seller to avoid foreclosure at all costs.