My question involves real estate located in the State of: CA
Ok, there is a property where the owner is deceased and there is a mortgage. There is no open probate and it looks like the bank is starting foreclosure. Heirs are out of state and are not going to try and do anything as there is no real equity in property because of loan and existing conditon of the home.
Here is my thought for taking AP. Bring mtg current (stopping foreclosure), take possession, rent property out for 5 yrs and paying monthly mtg payments and yearly property taxes. At the end of 5 yrs proceed to get title. What is the best way and any potential hurdles of doing so?
I am willing to use attorney to make this happen thus any recommendation would be fine.