Taking over property from owner

Yes, the loan will have to be cured (brought up to date or paid in full=sold) or it will proceed into foreclosure if their isn't any pending negotiations (shortsale or loan modification, etc.) in the works.

Are you going to cure the loan and keep the property (either hold or flip retail)? You mentioned 'assign' contracts, do you have a buyer lined up to close quickly? Just trying to nail down your exit(s) strategies?

4 mo deliquent, depending on the state and bank, if they haven't already should be getting a notice of default and/or demand that will be calling the note due and turning over to legal to proceed with foreclosure (set auction date).

Blessings,
Jen

My plan is to pay off the delinquent balance and rent the property for about a year and then sell. The property is scheduled to foreclose sep 6 and there are no pending negotiations. This will be my first deal and I am trying to figure our how to go about it. Thanks for your help.

You need to know how much the owner owns on the property compared to how much the property is worth. Do your homework on the property to make sure your are not getting into a bad deal. If the numbers look good, you can bring the loan current. Then have the home owner quit claim the deed to you. I would also open an escrow account to make sure the payments you are making goes to the bank, util the that loan is paid off.