I had someone assume my mortgage about 5 years ago. It was a simple process. We went to a lawyer (used the same lawyer and split the cost), the assumer paid me out for what I had put into the house and then the deal was done a day or two later. Never had to deal with the mortgage company at all - the lawyer took care of that. I would suggest talking to a real estate lawyer.
You want to ensure you trust the person who is assuming your mortgage, however. You can be on the hook if he or she defaults on it.
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"Next time you come to Edmonton in June, July, or August, check out the colour of the grass in Calgary before you leave. It's brown and yellow....i.e lack of precipitation," - Sundeep, Feb. 6, 2005
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