A DEFAULTING MORTGAGE DEAL FALLS IN MY LAP AND I'M LOST!

[Laurence Obi]

Hi Guys,

I need a lecture. Yesterday I got a call from an agent who said his client had defaulted on their mortgage and would be foreclosed on. However, the homeowner was open to transfering the mortgage and taking cash.

i'll put out as much info as I have currently 

Home's in Baltimore. Comps are at $175k.

Home was purchased in 2017 Nov for $134k. Owner has defaulted by $15k.

Owner is asking for $29k and they'll hand mortgage over. Home is in fair condition. Nothing a touch of paint and some landscaping won't solve.

Home is a 3 bed 2 bath.

I'm assuming this has to be a case of "assuming Mortgage". I have no idea how that works. Also had no idea what else to ask for so I came to you guys.

Now teach me. * Kneels down*