Shelly,
All mortgages have a due on sale clause.
Some Lenders offered and still do, variable rate mortgages that are assumable.
Not many people noticed it in the Notes when they closed on just plain short term vanilla ARMs.
For a fee, it varies, but usually no more than about $400 or so for underwriting and then recording fees, the buyer can assume the same terms as the seller of the original Note if they qualified and met debt ratios. The remaining principal balance of the sellers mortgage is the only portion that is assumable. An Assumption Agreement is recorded in lieu of a new Note and Mortgage along with the new deed with the name of the buyer.
So technically, you are still meeting due on sale clause provisions.
It depends on the interest rate environment whether they are popular.
I remember around 13 years ago they were being marketed by sellers as a benefit from buying from them, but never saw that many mortgages assumed due to the fact that not all buyers had enough money to make up the difference without getting an equity line of credit.
Chase, First Federal (now HSBC) were the big players. Lots of their ARMs still have assumable features.
Back to vacation.
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