Posted by Nate on February 27, 2001 at 21:18:39:
Lots of loans are assumable. However, most require the new buyer to be approved and pay an assumption fee. Only slightly less hassle than getting a new loan.
My guess is that what you are wondering about is the old freely-assumable loans made before 1993 - can be assumed by anyone, with no qualifying.
No one, except maybe a very foolish private investor, would make that type of loan these days.