Take over the mortgage

[Deepika Tandon]

Hello BP With a lot of courage we did mail out few letters and received a phone call back; excited about that. Owner has a NOD and foreclosure process would start in a week or so. He also has some liens around 13,000.00. His loan balance is 108K so in total 121K.  ARV = 190K , house is in a fairly good condition, just need some paint job, flooring and landscaping.  My question is what paper work/disclosures I need to fill out and where can I find it. Its my very first deal. I was hoping to take over the payments ( $715 with property taxes and insurance) and rent it. I was thinking to offer him some cash for transferring the deed and keys. Is this right to do, or i am wrong ? please suggest!!! Thanks