I was wondering if anyone knew of opportunities to take over payments in this real estate market the way it is.





Example:





John Smith as a monthly payment of $1800 per month.


John Smith can no longer make the payments and is going to foreclose/short sell.


Bob Jones comes in and offers to take over payments from John Smith so that the home does not go into foreclosure.





John Smith's credit is saved, Bob Smith gets a house, and the lender avoids going through a foreclosure or short sell. Is this possible? Does this happen at all?





I don't have the most perfect credit (which may disqualify me right there) but my income is good and I am working on getting everything back up. I have perfect rental history for last three years, have been in the same line of work for seven years, and have been at my current job for six months and make $40,000 per year plus monthly bonuses/commission totaling an extra approximately $300 per month.





Thanks.





Mike