How to Purchase a Pre-Foreclosure Subject To ?

[Eddie Pietschmann]

Hi Everyone,

I am in need of a little guidance. I am looking to purchase a home subject to with an outstanding mortgage of 189K. They currently owe 221K so I am assuming they need to be caught up 32K to avoid foreclosure. If I were to go to title and have the deed transferred to me, I am assuming I would have to catch them up on payments from the jump. The house needs work so I'm thinking about buying it subject to (because I can't get a loan currently) fixing it up and refinancing out to keep it as a rental, or just flip it. Anyone have any thoughts/suggestions on how I should approach this? Anything would be greatly appreciated.