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0 tracked cards Real Property

Borrower sells mortgaged land to Buyer by a deed stating that Buyer takes the land "subject to" the existing mortgage. Buyer makes no promise to pay the debt.
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The buyer is not personally liable on the debt merely by taking subject to the mortgage, but the land remains subject to foreclosure. The mortgage is extinguished by the conveyance to the buyer. Taking subject to a mortgage converts the mortgage into an unsecured debt. The buyer is personally liable because taking subject to a mortgage always creates personal liability.

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