If mortgage is assumable, how does this work? DOes the buyer just assume hte payments? How does the seller get his name off the note?
Most loans these days are NOT assumable. Which means the only way for the seller to get their name off the loan is for it to be paid in full.
Some investors will buy “subject to” the existing mortgage and take over payments and put title in their name. But the loan still stays in the seller’s name until it is paid. And if title transfers to someone other than the borrower, it can trigger a “due on sale” clause.
Hope this helps.
Quick deed, and refi out to pay off the loan balance. I have done this type of loan before.