Posted by JoeS on February 28, 2002 at 15:55:16:
May not be so easy. You could purchase the place with a “subject to” arrangement. The deed would transfer to you, the mortgage would stay intact. The trouble is, will the note holder exercise the DOS clause? Time will tell. If you do the deal that way, the worst that could happen is they would call the loan in, and you would have to refinance. If it is an owner financed deal anyway, she probably has a higher than current rate, so a refi would lower your payment.
Make sure the insurance company is notified to add you as “additional Insured” to the policy.