It will depend on the mortgage note verbage or and the bank that owns the note. It will also depend on the status of the loan and if the property is for sale if if the property is in trouble or current on the mortgage payments. If the loan is assumable the loan needs to at least be current before it could be assumed.

There would have to be a lot of research compelted and calls to the bank to investigate the chance of assuming the loan. If you just assume the payments from the borrower via a contract for deed you will be subject to a possible to foreclosure if there is a due on sale clause in the mortgage note.

Good Luck

Keith Manson
First Weber Group
Certified Distressed Property Expert
Greenfield,Wisconsin

There is such a thing as an assumable mortgage--have sold my own house this way years ago--but in ordeer to do this,you must have a certain amount of equity and be in good standing with the lender.