Mortgage Transfer to another family member or friend.?

I'm having a discussion with a friend of mine who is into real estate, and we are going back and fourth on the following: Let's say I get a mortage for an investment property and within a year I decide I want to dump it, is it possible to transfer the mortgage to a family member or friend (and... show more I'm having a discussion with a friend of mine who is into real estate, and we are going back and fourth on the following:

Let's say I get a mortage for an investment property and within a year I decide I want to dump it, is it possible to transfer the mortgage to a family member or friend (and relinquish all payment responsibility)?

She says definitely.. but I don't think so. If it is possible, what are the stipulations? and how would it reflect on one's credit report? Negative or positive? I thought the only way to get rid of the mortgage would be to sell the investment property or am I wrong?

Thanks in advance!
3 answers 3