Contracts
In Louisiana, a property sold 'subject to existing mortgage' means the buyer:
AAssumes personal liability for the existing mortgage
BTakes the property subject to the mortgage lien without assuming personal liability — the seller remains personally liable for the debt✓ Correct
CGets the lender's permission to assume the loan
DHas the mortgage cancelled by the seller at closing
Explanation
Taking property 'subject to' an existing mortgage means the buyer acknowledges the lien but does NOT assume personal liability for the debt. The seller remains personally liable to the lender.
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