Assuming a mortgage

[DAmien Fried]

I am a field service rep and I spend all day talking to people that are behind on there mortgages or inspecting vacant houses. My question is if I have someone that is months behind on there mortgage payment and has already moved out of there house is it legal to have them transfer the deed to me and for me to just catch the mortgage payments up and pay on the loan. I have heard that this is a viable option but I have also heard that banks do not let people assume mortgages anymore. Could the banks do something if we did this or do they not care as long as the loan is being paid? Also in the state of PA how far into the foreclose process can you get that you can catch up on the loan 

[Ned Carey]

@DAmien Fried  as a general rule true assumptions are extremely rare these days. however you can buy a house "subject to the existing mortgage" This means the mortgage stays in place and you simply take over the payments.Search here for Subject To, Subject 2, or sub2. you will find a lot of threads on it. 

The basic problem with subject 2 deals is the mortgage has a "Due on Sale" clause. This clause says that if the original borrower sells the house the lender has the right to call the loan due. People who do these deals say the risk of that happening is low, but it is a risk.