Today, I came across a term for me: Assumable Mortgage. As delved into it to learn more, I found that these loans are virtually non-existent anymore? Is that for the exception of FHA or VA backed loans?

Diving even deeper at Youtube University, I came across a video that presented a workaround for an assumable mortgage. 

Basically, the owner agrees to participate for whatever reason. Most likely the house is in distress, in disrepair, need to relocate, whatever. You offer to assume the mortgage. (The video mentioned the term "wrap" which is how you will explain it to the title company) 

Part of the process is getting the deed transferred to your name either via quitclaim or title company, which I assume is a warranty deed. 

In addition, set up Power of Attorney which allows you to communicate with the bank on the owner's behalf. This gives you the ability to pay the mortgage, taxes, negotiate, etc. etc. 

Although banks no longer allow assumable loans, they do allow the property to be placed into a trust. Because you have power of attorney, you are able to communicate with the bank to find out what type of trust is allowed. 

The next step is to set up the trust with you as the trustee. As the trustee, you have the ability to control what goes on with the property. You can rent, sell and I would assume cashout refinance. 

This is just a summary of the process. I didn't get into balance on the loan, equity, after repair value and all that. I'm just wondering if all this makes sense and sounds legitimate?