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What is mortgage assumption?

April 26, 2017Assumption mortgage

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What is mortgage assumption?

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Mortgage assumption is the act of taking on responsibility for the payment of a mortgage. Usually this happens when the buyer of a property “assumes” the mortgage from the seller of a property. It is not usually recommended to let someone assume your mortgage, as you may be taking on additional risk. Lenders are making it increasingly difficult for people to assume mortgages if they don’t qualify for financing, as this increases the lender’s risk.