pre-foreclosure deals

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Hello everyone, I am completely new at this, just began researching different aspects of REI a few days ago, so bear with me if i seem like a numskull.

I have been able to find information on most RE subjects online, but I am having trouble with one in particular. I heard through an aquaintance, whom i can no longer get in touch with, that it is possible to create a deal with a homeowner, who has missed a couple of mortgage payments and is in danger of foreclosure, to give a cash incentive and take over his payments to the lender and he signs over the deed to his house. Basically, I am wondering if this is legit? do people actually do this or was my aquaintance just blowing smoke up my bum? if so, what is the legality behind it? is it possible for a borrower to simply transfer his loan into someone else's name? I appreciate any and all information you all can give me on this topic. Thanks for your time.