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Banks don't like assignees b/c they do not know if they qualify for the loan to buy the property..Also, in California if the property is owner occupied, 1 -4 units, NOD served and the buyer is an investor - the buyer can not be represented by a realtor. Civil Code 1695 issue.. the bank does not want to have a problem. i have seen other post where the buyer is a trust and after purchase the trust is sold to another investor..

Attorneys love to lien properties for their fees. If you bought this property from her "foreclosure bailout" lender watch this very carefully. Terry needs to consult her tax adviser for the ability to write off interest on a property she no longer owns or is recognized by the lender as owner. (interest write-off is in the name of the borrower) You too need to seek legal advise on this topic. depending on your state there might be several laws governing this type of transaction. (many articles about unethical people taking homes from people this way) It sounds better for you to buy it from her and place her in a lease option. or possible a Land Trust. just a thought

have you heard of a "self directed" IRA?? Pensco is one of the companies in the USA that allows you to transfer your IRA to them and then buy Real Estate via your IRA. If you use your IRA this way your IRA owns the property. you still reap the rewards via your IRA. ck out their website for free educational webinars: www.pensco.com

check with your local lender to see if you were added to title b/4 they pull the title report (or whatever they do in your area) and see if you can facilitate a cash out refi and at close deed off original owner. some lenders may want to see you on title for at least 90days up to 1 yr.. also explain to them that you are in a L/O. just a thought.