Quitclaim with a mortgage

[Matt Looney]

I've got a quick question for all of you fabulous BP folk out there.  I've got a line on a possible rental property that currently has a 90k mortgage on it that the seller really just wants to get out from under.  From what I've researched, after about 16-18k in renovations, the house would be worth $135k-$140k.  The trouble is, the property REALLY needs that renovation done to get a favorable appraisal.  I really don't want the hassle and extra expense that comes with a purchase, so I thought maybe a quitclaim deed.  I know that a quitclaim can transfer some owner interest in a property so someone else, but the mortgage doesn't change.  My question is could I refinance that mortgage under my name once I was on the deed?  I'm new at this more creative type of deal making so I really have no clue and haven't found anywhere that can tell me definitively.  Anyway, any and all information is appreciated.  Hope everyone has a great holiday weekend.