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What is the difference between a Qualified and a Simple Assumption?

April 26, 2017Assumption difference qualified simple

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What is the difference between a Qualified and a Simple Assumption?

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A Qualified Assumption involves adding and releasing parties from liability under the terms of the note based on qualifications for the loan repayment under current loan underwriting guidelines vs. a Simple Assumption, which involves name changes and title transfers with no release of liability.