Do I have any financing options here?

[Jessica G.]

I have an acquaintance who wants to walk away from his property. He has no interest in making fixes, cleaning, and selling his stuff. He has no interest in making money. He just wants out without a foreclosure.

He owes $114,000 on a property worth about $135,000 in a mostly affluent suburb with excellent schools. Rent comps look like they are around $1,350.

He is not interested in a sub2 because he says he is looking for a clean break. I don't have 20 percent of $114,000 ($23,000) right now.

Is there any way I can buy this house? Can he transfer the title to me under a sub2, then I immediately refinance?

Or is there another way I'm not thinking of?

Edit: It's an FHA loan at 5%. I can't assume it because I wouldn't be an owner/occupant.