Property Ownership
A Wyoming buyer purchases a property subject to an existing mortgage. This means the buyer:
APersonally assumes liability for the mortgage debt
BTakes title knowing the mortgage exists but does not personally assume the debt✓ Correct
CMust refinance the mortgage within 90 days
DAcquires the property free of any mortgage lien
Explanation
When a buyer purchases 'subject to' an existing mortgage, they take title with the mortgage remaining in place but do not personally assume liability for the debt. The original borrower remains personally liable. If the buyer defaults, the lender can foreclose, but cannot pursue the new buyer personally.
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