Posted by Andrew Thompson on September 19, 2004 at 22:50:48:
No! This is not the same as an assumable mortgage. An assumable mortgage is you call up the lendor and say “Hi, I’m taking over seller’s mortgage, I’m faxing you a copy of the purchase agreement, title, and other assorted forms, put the mortgage in my name. Yeah, Thanks.”
How you deal with the seller’s equity is between you and the seller. The best scenario would be with a very motivated seller, where you just agree to take over the payments, and you just inherit their equity.