The process of assuming personal liability for the payment of existing loans for which property is the security.
The buyer takes over the seller's existing mortgage.
taking over a loan and becoming personally liable for the repayment.
The take of title by the grantee, wherein the buyer assumes legal responsibility for the payment of an existing note.
someone who takes over your mortgage upon the sale of your home.
Purchase of property where the buyer accepts and assumes the mortgage that already exists on the property. The seller, in turn, remains responsible to the lender for the loan.
The purchaser assumes the primary liability of payments on a mortgage from the original owner. Unless otherwise specified by the lender, the seller will remain secondarily liable for payments.
An agreement to assume the liability by a buyer under an existing note that is secured by a mortgage or deed of trust. The buyer must be approved by the lender in order to assume the loan.
An obligation undertaken by a purchaser of property to be personally liable for payment of an existing mortgage or deed of trust. The purchaser is substituted for the original mortgagor. The original mortgagor is released from any further liability in the assumption. The mortgagee's consent is usually required.
A buyer's agreement to assume the liability under an existing note that is secured by a mortgage or deed of trust. Ordinarily, assumptions require a lender's written consent and the original buyer may not be released from the liability.
The taking of title to property wherein the grantee expressly assumes personal liability for the payment of an existing mortgage against the property and also becomes a co-guarantor for payment of the mortgage note.
Buyer assumes existing indebtedness on property
Acquiring title to a property on which there is an existing mortgage, and agreeing to take over and become personally liable for the remaining payments on the debt and all other terms and conditions of the mortgage.
Assuming liability for an existing mortgage on a home or real property by the purchaser of that home or property.
Taking over the mortgage payments of a seller.
Assuming liability for an existing mortgage when acquiring a property.
The purchase of mortgaged property whereby the buyer accepts liability for any debt. The seller remains liable to the lender unless the lender agrees to release the seller.
The purchaser takes over mortgage payments for the balance of the loan, assuming primary liability. Unless specifically released by the lender, the seller remains secondarily liable.
Taking title to property which has an existing mortgage and agreeing to be personally liable for the payment of the existing mortgage debt. A distinction exists between "assuming" a mortgage and taking title 'subject to' a mortgage. If the purchaser agrees to assume the mortgage, he or she becomes personally liable on any deficiencies, such as not making payments, occurring in a foreclosure sale. When a purchaser takes title subject to the mortgage, no personal liability is undertaken to the lender; thus, the purchaser could walk away from the mortgage and lose nothing but the equity already invested. In both situations the original borrower is liable to the lender unless specifically released in a novation. A mortgage may obtain a non-assumption clause or due on sale clause which prohibits an assumption without consent of the lender. Such consent is normally given for a fee and a possible jump in the interest rate if the contract rate is below the prevailing market rate.
Assuming an existing mortgage, and the agreement of a purchaser to become primarily liable for the payments on a mortgage loan. Unless otherwise specified by the lender, the original borrower may remain secondarily liable for loan payments.
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.
Assumption by a purchaser of the primary liability for payment of an existing mortgage or deed of trust. The seller remains secondarily liable unless specifically released by the lender.
When a grantee takes a title to real property and the deed contains an assumption agreement, or grantee executes a separate assumption agreement, the grantee becomes the principal guarantor for unpaid portions of the note and is primarily liable for the amount of any deficiency judgment.
Is a provision which allows a new buyer of a property to assume or use an existing mortgage provided such buyer is approved by the lender.
Agreement by the buyer to assume responsibility for a mortgage owed by the seller; the seller remains liable unless the lender Agrees to release him/her.
An obligation undertaken by the purchaser of land to be personally liable for payment of an existing note secured by a mortgage. As between the lender and the original borrower, the original borrower remains liable on the mortgage note.
Taking of title to property wherein the grantee assumes liability or payment of an existing note secured by a mortgage or deed of trust against the property.
The purchase of mortgaged property whereby the buyer accepts liability for the debt that continues to exist. The seller remains liable to the mortgage lender (whether the lender is a commercial bank, thrift, credit union, mortgage banker or mortgage broker) unless the lender agrees to release him.
The act of acquiring title to property which has an existing mortgage on it and agreeing to be personally liable for the terms and conditions of the mortgage, including payments.
Agreement by a buyer to assume the liability under an existing note secured by a mortgage or deed of trust. The lender usually must approve the new debtor in order to release the existing debtor from liability.
The taking over of an existing mortgage by a buyer.
When a buyer takes ownership to real estate encumbered with a mortgage, he/she may assume the responsibility as the guarantor for the unpaid balance of the mortgage. Such a buyer is liable for the mortgage payments.
Where the purchaser assumes liability for an existing mortgage against the vendor's property and becomes personally liable for payment of the mortgage debt.
Agreement by the buyer to assume responsibility for a mortgage owned by the seller. The seller remains liable to the lender unless the lender agrees to release the seller.
A buyer's agreement to take over the payments on an existing mortgage, agreeing to liability for the balance of the payments.
An obligation undertaken by the purchaser of property to be personally liable for payment of an existing mortgage. In an assumption, the purchaser is substituted for the original mortgagor in the mortgage instrument and the original mortgagor is to be released from further liability in the assumption, the mortgage lender consent is usually required.
The agreement of a purchaser to take on personal liability for a mortgage already registered on title to the property and to make payments under the mortgage. Purchaser takes the place of the vendor in the contract with the lender. Some mortgages will require lender approval.
If you assume a mortgage when you purchase a home, you undertake to fulfil the obligations of the existing loan agreement the seller made with the lender. The obligations are similar to those that you would incur if you took out a new mortgage. When assuming a mortgage, you become personally liable for the payment of principal and interest. The seller, or original mortgagor, is released from the liability, and should get that release in writing. Otherwise, he or she could be liable if you don't make the monthly payments. [] Balloon Mortgage A type of mortgage which is generally short in length, but is amortized over twenty-five or thirty years so that the borrower pays a combination of interest and principal each month. At the end of the loan term, the entire balance of the loan must be repaid at once.
A contract in which the buyer or grantee assumes obligations of the mortgage and becomes a co-guarantor for payments of the mortgage note.
A buyer's acceptance of primary liability for payment of an existing note secured by a mortgage or deed of trust. The seller remains secondarily liable, unless specifically released by the lender.
Buyer assumes liability for an existing mortgage note held by the seller. This is usually subject to approval by the lender, who must be willing to approve the buyer and release the seller.
The taking of title to property by a grantee wherein he assumes liability for the payment of an existing noted secured by a mortagage or deed of trust against the property, becoming a co-guarantor for the payment of the mortgage or deed of trust note.
Occurs when a person takes title to property and assumes liability for the payment of an existing mortgage note and the original borrower is released from any liability.
When a homebuyer takes over the primary liability for payment of an existing mortgage or deed of trust.
A purchaser of property assumes the liability for an existing mortgage against a property and becomes liable for a timely payment of the mortgage. This action might occur with or without approval of the existing mortgagee.
The transfer of title to property to a grantee wherein he assumes liability for payment of an existing note secured by a mortgage against the property.
An agreement in which buyer agrees to be liable for payment of an existing note secured by a mortgage or deed of trust.
A buyer's agreement to assume the liability under an existing note that is secured by a mortgage or deed of trust. The lender must approve the buyer in order to release the original borrower (usually the seller) from liability.
Taking of title to property by assuming liability for payment of an existing note secured by a mortgage.
An agreement allowing the buyer to assume responsibility for the seller's existing mortgage loan instead of getting a new loan in his or her own name.
An agreement by someone other than the original borrower to assume the obligations of a mortgage loan.
The assumption of title to property by a buyer (grantee). He or she assumes primary liability for payment of the existing note which is secured by a mortgage or deed of trust against the property. The seller (grantor) is held secondarily liable for the payment of the mortgage or trust deed note in case of buyer default.
An agreement that a buyer will assume the liability under an existing note secured by a mortgage or deed of trust.
An agreement whereby the buyer assumes responsibility for a mortgage owed by the seller; the seller remains liable to the lender unless the lender agrees to release the seller from the liability.
The agreement of a purchaser to become primarily liable for the payments on a mortgage loan. Unless otherwise specified by the lender, the seller may remain secondarily liable for payments. Balloon Payment: A lump sum payment for the unpaid balance of the loan. Cap: The maximum allowable increase, for either payment or interest rate, for a specified amount of time on an adjustable rate mortgage.
Assumption of mortgage is an agreement by a purchaser of real property to assume liability on an existing debt secured by a mortgage with its original terms left intact. An assumption of mortgage does not automatically release the seller of the property from liability on the accompanying note.
An agreement of the purchaser to become primarily liable for the mortgage loan. Unless otherwise "released" by the lender, the seller may remain secondarily liable for payments.
Agreement by a buyer in which he assumes liability for payment of an existing note secured by a mortgage or deed of trust against the property.
The taking of title to property by a Purchaser wherein he assumes liability for an existing mortgage against a property and becomes personally liable for the payment of such mortgage debt.
The buyer of a property agrees to accept the existing mortgage on that property but the seller is not relieved of that obligation unless the lender agrees to release him/her from that responsibility.