Reinstating loan, out my name on grant deed

[Sarah Jukes]

Sorry typo can’t edit, should say ‘put name on grant deed’

Working with a Realtor specializing in Preforeclosures (she does all the door knocking, phoning, negotiating).

Going to see a house today. Owner has 3 days left to reinstate his loan. Realtor says I can pay the $30,000 to reinstate & transfer house over to me in the Grant Deed.

Then we pay his mortgage payments until we sell the house... is this even legal? Or do we get a new loan and pay off his one? currently applying for non Qualifying loans. (Self employed general contractor, income low on tax returns, but own house worth $1.2 million, no debt)

Would love other opinions on this, not just our realtor’s. Goal is to flip houses to build up larger cash deposits each time. The market here is crazy, homes sell fast, but getting good deal is tough.(Central coastal CA)

Thanks.