Buying a property with a mortgage

[Cory Ray]

When you buy a property with a existing mortgage. Are you responsible for paying the mortgage. Advice thanks

[Devin De Lange]

Hi Cory, 

Are you assuming the mortgage? Or are you simply buying a property from someone who has a mortgage on it? 

If the latter, the seller uses the sale of their property to pay off their mortgage; and the difference between their mortgage (the amount they owe) and the sales price is what they walk away with. So technically, the money you are paying them for the property is what they are using to pay off their mortgage, but you are not the one doing it. 

Hope this helps.