preforeclosure process questions

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: I have an opportunity to take over a home in California that is in the preforeclosure process that has equity. I am trying to determine the different options I have of taking over the property. Can someone clarify if the following will work and the potential problems to look out for. Pls also answer the questions below. : - Perform necessary title search. : - The owner signs the grant deed over to me. : - The note stays in the current owners name. : - After recording the deed, I pay the lender the amt owed including penalties. : - The lender stops the foreclosure process and I either refinance the note in my name or sell the property. : 1. Do I need to open escrow or can I handle the process myself? : 2. Do I need to notify the owners current lender? : 3. Is it correct that the current owner has 5 days to cancel the transaction? When does the five days start? Once the 5 days is over, does the owner have any rights to the property. : 4. I have also heard if the lender notices that a different person is paying for the loan they may call the loan due in 5 days? What happens at that point? Does the lender take the property after 5 days or do they just restart another 90 day foreclosure period? : 5. If someone does this as a business, should they form a corporation and make all transactions in the corporations name? : Any help would be greatly appreciated. : Thanks

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