Is it possible to dissolve an owner financed mortgage

[Jon Pate]

In this scenario, lets assume the mortgagee and mortgagor are both in agreement and would like to terminate the existing mortgage agreement (rather than pursue foreclosure). Is this even a feasible solution? I could not find anything related to my question after searching bigger pockets or google, which leads me to believe this may not be possible. 

The situation would be taking place in Birmingham, Alabama. 

Obviously, I am not looking for actual legal advice, just curious if anyone has ever attempted this.