Can someone takeover someone else's mortgage?

[Michael Ramzy]

Hi, this is interesting! I'm trying to use some creative Financing, so I wonder can someone takeover someone else's mortgage? I mean for example; I bought my property last year for $100,000 and I put down $25,000 down. My monthly mortgage is $360. Can someone approach me to takeover my mortgage and continue paying my $360 a month and pay me my downpayment plus $10k or whatever?! 

If that is so, who would you need to be on your team for such a transaction being in the buyer's shoes; Accountant, Attorney...or who would do the financing to make sure the transfer goes right and clean?

Any thought on this scenario, if someone did similar transactions? Thanks

[Brooks Rembert]

@Michael Ramzy Yes. It's called a "Subject To" transaction. You can search Subject To and find more than you can imagine here on BP.