Assumption Of Mortgage (deed Of Trust)


Definition of "Assumption of mortgage (deed of trust)"

Nancy Danyo Cuddihy real estate agent
Nancy Danyo Cuddihy, Real Estate Agent Premiere Realty Group LLC

Buyer agrees to accept the responsibility for the existing mortgage. The seller is not relieved of the obligation unless the lender agrees to release it. Many lenders charge points and increase the interest rate when a mortgage is assumed.

 

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