As you can see from the answers below, do not go this direction or believe what you read in a "how to get rich book" it may work on tax lien properties in "who the heck know's town" but it does not happen here.
Please feel free to call and arrange a time to get educated on the foreclosure market as it happens here in SF and CA.
Also, I doubt if the loan balance is less than the property market value.
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to errors and omissions, and not warranted.
Most of the 'take over payments' advocates make their money not from real estate but from selling worthless information to unsuspecting prospective investors. There is no free lunch.
1. You probably cannot take over the payments
2. You undoubtedly do not WANT to take over the payments!
If they have defaulted, they are behind; and with things being as they are, they are probably also upside-down.
AND, they undoubtedly have a higher interest rate than you could get now-a-days.
Think about it.