Acquiring title to property on which there is an existing mortgage and agreeing to be personally liable for the terms and conditions of the mortgage, including payments. Fees are typically set at the time of loan origination.
Related information about assumption of mortgage:
- Assumption of mortgage - Wikipedia, the free encyclopedia
Assumption of mortgage is the purchase of mortgaged property whereby the buyer accepts liability for an existing debt secured by a mortgage on the property.
- What is assumption of mortgage? definition and meaning
Definition of assumption of mortgage: Agreement under which the buyer of a property takes over the seller's liability for payment of installments (on the existing ...
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Jul 13, 2009... assuming-a-mortgage-after-a-divorce, assuming-a-mortgage-after-divorce, divorce-assumption-of-mortgage, divorce-mortgage-assumption, ...
- Assumptions Frequently Asked Questions - HUD
Assumption of an FHA-insured mortgage is a servicing function where the responsibility of the mortgage is acquired by another person through either Simple or ...
- Mortgage Assumption and Lease Assumption Forms
qualifying assumption of mortgage, and; non qualifying assumption. In a qualifying assumption, a borrower has to obtain permission from the lender before loan ...
- Assumption of mortgage: Definition from Answers.com
Taking upon oneself the obligations of a mortgagor toward a mortgagee, generally as part of the purchase price of a parcel of real estate.
- Assumption of mortgage - Financial Dictionary - The Free Dictionary
A mortgage that the borrower may transfer to another party. That is, upon the sale of real estate with an assumable loan, the seller (who is the borrower) lets the ...
- Assumption of Mortgage Law & Legal Definition
Assumption of mortgage is an agreement under which the buyer of a property takes over the seller's liability for payment of an existing mortgage on the property .