According to the tax records this house was purchased in 2006 for $380,000. That was the height of the market, before the meltdown. It appears that the mortgage may be in default. If the owner wants to sell the property he/she may be able to do a short sale. That's when the current value is less than what is owed to the bank. In order to do a short sale he/she must list the house on the Multiple Listing Service and provide all the paperwork that the bank requests to prove that there is a financial hardship. There are real estate attorneys who specialize in doing short sales that can help with the process. They should not charge the owner a fee. They get paid by the seller's bank at the closing, as does the real estate broker.
What is your interest in this property? Are you interested in buying it? Please contact me if you would like more information about the process. You can reach me on my cell phone at 516-410-3000.