sub2 question

[William MacBride]

I was just wondering - in the case of a sub2, if someone already has equity in the house, you simply take over the remaining mortgage payments, technically without even assuming the mortgage, and when they're done it's considered payed for in full? Or do you still owe the seller money after the mortgage is payed off?
It seems hard to believe that somebody with a lot of equity would basically sell their house for what they owe on the mortgage.

Will