Purchasing a Mortgage from a Lender/Becoming a Lender

[Abiona Burrell]

Hello,

I recently came across an opportunity that I'm hoping to take advantage of.  A local non-profit holds the mortgages for a few properties occupied by low-income residents.  The primary representative servicing these mortgages is elderly and no longer has the energy to keep up with payment collection.  They are willing to sell me these mortgages for a huge discount.  The problem is: I don't know what is involved with holding someone else's mortgage or what is required (licenses? certifications? legal?) Can someone point me to any resources to help me evaluate if this is something I want to get into?

Thanks,

Abiona