This was done very often in the 1980's and is not a thing of the past any longer due to the horrible state of our economy, thanks to our politicians in Washington who have recked the housing industry.
It is done through what is called mortgage payment assumption or a partnership purchase agreement. Most real estate agents and brokers do not like this arrangement and will not tell you about this type of sale because they lose out on a commission since they are generally not involved in the transaction. After all, agents and brokers are in the real estate business for only one reason and that is $$$$$. They are not interested in any arrangements that exclude them, even if it helps people who are about to lose their property to foreclosure or have to get rid of their homes due to a down turn in their finances.
Check it out, it works.
but in general, Yes someone could come and take over your mortgage/loan and Note/Deed from your existing lender. but make sure they are taking over the Loan/Mortgage and the Note/Deed and not just your Note/Deed.
If they are Cash Buyers make sure you do the proper paperwork through escrow to Pay Off your existing Mortgage/Loan and then have the Note/Deed Transfered and if they are going to assume a loan, make sure the lender issuing the loan is going to payoff your existing mortgage/loan.
Your documents from closing (or refinancing) will have this information, most loans are not assumable. But sometimes the lender offer loans that can be taken over by someone else. Again, you need to look thru your loan information...if you do not have it, call the attorney you used when purchasing your home, or the mortgage consultant that you worked with. Calling your lender might be also a good idea, if the loan is assumable the bank will let you know how to qualify and what is the procedure.
Please be aware of investors offering to take over your mortgage payments, consult with an attorney before signing any paperwork or giving possession of your home.
If you are not able to continue making payments on your mortgage the banks offer lots of options to homeowners to keep them in their home. There are loan modifications that will lower your interest rate, and sometimes the loan amount. Also, if you are upside down you might consider a short sale, make sure you list your property with an agent that has lots of experience negotiating with lenders. When you sell your home short the lender covers most, or all, of the closing costs including real estate commissions, attorney and title costs.
If you have any further questions please do not hesitate to call me or send me an e-mail.
Certified Foreclosure and Short Sale Specialist
Only way to do so have a potential buyer pay you direct all expenses on home, mortgage , taxes , insurance , repairs till paid in full you pay all these payments direct on behalf of tenant or lease purchase tenant.
There are companies out there that prey on homeowners, so do not be fooled by anyone that tells you they can take over your mortgage and you're out of the loop.