I know the market stinks right now, and the economy and all the doom and gloom, but I want to pick up a property in our neighborhood that is 100k less than our home, it's in pre-foreclosure... So I feel it's a great opportunity to get a bargin deal and the home is just down the road so it's easy to rent and maintain... Just called a bank, and the requirements are pretty much through the roof right now to get a loan on a second home/investment property requiring 25% down + closing costs which is just nuts... So I was thinking, what is the process of simply taking over payments on a home, is that possible? Does it happen? I mean their option is to go into foreclosure, or get out scott free... I've heard people just taking over payments, is that just a old wives tail, or does it really happen, and is their closing costs and all that associated with it? Does anyone have any advice in this situation?