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Wednesday, November 20, 2019

What is the mean by Assumption of mortgage in real estate?

If you are searching for the meaning of Assumption of a mortgage in real estate and also a definition of Assumption of mortgage,  then this blog post is helpful for you

Definition

The transfer of title to the property to a grantee wherein he assumes liability for payment of an existing note secured by a mortgage against the property; should the mortgage be foreclosed and the property sold for a lesser amount than that due, the grantee-purchaser who has assumed and agreed to pay the debt secured by the mortgage is personally liable for the deficiency. Before a seller may be relieved of liability under the existing mortgage, the lender must accept the transfer of liability for payment of the note. Also known as a simple assumption. Contrast with subject to mortgage.

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