Problem Solving - Taking over existing loan. Deed problem?

[Matthew Defore]

I found an off market deal.  This lady needs to sell her primary home.  She has since moved out of it and is living with her son.  She has 20k in equity in the home.  I want to get creative and offer her $20k cash, and then take over the exiting mortgage.  

The way I plan to take over the existing mortgage is to connect her mortgage to my company's checking account and let it ride on auto-draft each month.   Therefore, I assume the deed will remain in her name, otherwise the loan could get called if she quitclaims it to me?   

I plan to make a contract that states that she has sold the home, or all rights for the home to me, for the $20k + taking over payments.  Her recourse if I miss/stop payments is foreclosure, I forfeit my down payment.  

Question - Do I have legal ownership of the home if the contract states that I own it, despite the deed being in her name? 

Is this do-able? Does anyone have any experience in this technique?

Thanks BP fam 

Matt

[Wayne Brooks]

No. In a subject too transaction, deed transfers to you, which is extremely risky to the seller. What you are describing is more like a land contract, which has risks for you.