Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open.

How does “taking over payments” work?
I think this phrase originates from when it was common to have an assumable mortgage.  In that case, you would "take over payments" and the loan would become yours.   From Investopedia: Assumable Mortgage: A type of   financing arrangement in which the   outstanding mortgage and its terms can   be transferred from the current owner   to a buyer. By assuming the previous   owner's remaining debt, the buyer can   avoid having to obtain his or her own   mortgage.