What does it mean to take over someone else's mortgage?

Are there any hidden traps/fees to watch out for? Any of you know how this works?What does it mean to take over someone else's mortgage?
If you mean assuming an existing loan, that used to be common but is rare now. Most loans have due on sale clauses.What does it mean to take over someone else's mortgage?
';Taking over a mortgage'; is known as as assuming the mortgage and very few mortgages can legally be assumed, FHA %26amp; VA loans are assumable- and you need to complete an assumption package with the lender to do it.


If you try to take over a loan that is not assumable and the lender figures out what is going on, they can call the note due- if you try to make payments to the seller you run the risk they will keep the money and won't pay the mortgage.
sure; if the current lender likes you [or the


intended take over party] and the party


is fully qualified, at close of escrow, the


obligation of paying off the note is taken


over by the new buyer and the first


buyer is now OFF the note.