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What is an Assumption of Mortgage?

April 26, 2017Assumption Estate financing Home mortgage mortgages

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What is an Assumption of Mortgage?

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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.