Help With An EXISTING LOAN!

[Ashton Noland]

What are my options if I had a home under contract that is under market value but seller had an existing mortgage loan? 

For example: If the house is worth $100,000 and the owner currently owes $60,000 on it and I buy it for $25,000. What happens with the remaining amount that is left owed on the loan?

If there is a way I would like to buy the home, flip or assign the contract to a buyer for profit and the loan balance be paid to release the seller from the home totally.