1031 exchanges of equal equity

[Rich Hupper]

Hypothetical scenario here. Would it be possible to exchange a property worth 125k with no debt, for a property worth 950k with 825k mortgage?

If yes would I have to qualify with mortgagee to assume the loan or is it possible to assume loans in a 1031 exchange without a personal guarantee? 

Or do I have to find a property that is secured by a non recourse loan?

Thank you