Is there such a thing?

[EdytaHome]

Assuming a mortgage.
My mother in law bought us a house, she put down 5% on it for us and we are making the payments. She was told (somewhere) that after 2 years of us paying the payments, we can assume the loan? We just have to prove that we paid the payments, i.e. our checks with our name on it or a direct mortgage withdraw.
Can we just assume the mortgage since she got 5.75% conventional loan or do we have to buy it from her and get another mortgage on our own?

[HHM]

If the bank allows you assume, then you can assume. It will depend on the mortgage contract.

In short, ask the bank if they will let you. (they may require a credit check and other types of info)

[EdytaHome]

She obtained the mortgage from Bank of America (the worst bank in the whole world, as far as I'm concerned - I had a Visa with them I discharged). I wonder if it would be possible to assume the mortgage with them, I'm really sceptical...