Assumption Of Mortgage Deed Of Trust


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

Sandy Legere
  Coldwell Banker Paradise

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.



Search Real Estate Glossary

Related Real Estate Glossary terms

Related Real Estate FAQ