Is there such a thing?

Assuming a mortgage.
My mother in law bought us a house, she put down 5% on it for us and we are making the payments. She was told (somewhere) that after 2 years of us paying the payments, we can assume the loan? We just have to prove that we paid the payments, i.e. our checks with our name on it or a direct mortgage withdraw.
Can we just assume the mortgage since she got 5.75% conventional loan or do we have to buy it from her and get another mortgage on our own?

If the bank allows you assume, then you can assume. It will depend on the mortgage contract.

In short, ask the bank if they will let you. (they may require a credit check and other types of info)

She obtained the mortgage from Bank of America (the worst bank in the whole world, as far as I'm concerned - I had a Visa with them I discharged). I wonder if it would be possible to assume the mortgage with them, I'm really sceptical...