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Subject to mortgage

A buyer, usually an investor, takes title to real property "subject to the current mortgage" but is not personally liable to the original mortgagee for payment of the mortgage note. The buyer does not obtain a new loan, but rather takes over payments on the existing mortgage. This form of purchase is most often used in a distress sale or in an attempt to save the owner from foreclosure proceedings.

See also:
  • Second Home
  • Second Mortgage
  • Secondary Mortgage Market
  • Seller financing
  • Seller take-back
  • Selling Agent
  • Settlement
  • Settlement Statement
  • Special assessment
  • Special Stipulations
  • Subject to
  • Subject to mortgage
  • Subordination clause
  • Subsidized Second Mortgage
  • Survey
  • Sweat Equity
  • Swing loan

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