Mortgage Assumption Agreement - Original Holder Liable
Form reviewed by Bahman Eslamboly, Attorney at FindLegalForms
Mortgage Assumption Agreement in which the original mortgage holder agrees to remain liable for the debt assumed by the new purchaser. It is imperative that this type of assumption agreement be clearly set out in writing.
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This Mortgage Assumption Agreement - Original Holder Liable includes the following:
- Parties: Name of the original borrower, mortgage lender and purchaser who is assuming the mortgage;
- Mortgage Information: Sets out the property address, date of mortgage and amount of principal sum;
- Assumption Information: Sets out that mortgagee will permit the purchaser to assume the mortgage obligations under the same conditions as the original borrower as long as original borrower remains responsible for the indebtedness;
- Signatures: This assumption agreement must be signed by original mortgage borrower, mortgage lender and purchaser in the presence of witnesses.
Protect your rights by using our attorney-prepared forms.
This attorney-prepared packet contains:
- General Instructions
- Mortgage Assumption Agreement - Original Mortgage Borrower Remains Obligated
Mortgage Assumption Agreement - Original Holder Liable
Product Details
| Product | Mortgage Assumption Agreement - Original Holder Liable |
| Country | United States |
| Pages | 5 |
| Dimensions | Designed for Letter Size (8.5" x 11") |
| Printer compatibility | Designed to print on all ink-jet and laser printers |
| Editable | Yes (.doc, .wpd and .rtf) |
| Format |
Microsoft Word Adobe PDF WordPerfect Rich Text Format |
| Platform |
Windows Compatible Mac Compatible Linux Compatible |
| Availability | In Stock. Instant Download |
| Usage | Unlimited number of prints |
| Category | Mortgage Agreements, Assignments & Notices |
| Product number | #28985 |
| Download time | Less than 1 minute (approx.) |
| Document Access |
Via secret online address Email with download links Email with attachment upon request |
| Refund Policy | 60 days, no-questions asked, 100% money back guarantee |
Frequently Asked Questions
A Mortgage Assumption Agreement is a legal document that allows a new purchaser to take over the mortgage obligations of the original borrower, while ensuring that the original borrower remains liable for the debt.
Having the original borrower remain liable protects the lender's interests and ensures that there is a responsible party accountable for the mortgage payments, even after the property has been transferred.
The agreement typically includes the names of the original borrower, purchaser, and lender, details about the mortgage such as property address and principal amount, and the terms under which the assumption is permitted.
Yes, the agreement must be signed by the original borrower, the mortgage lender, and the purchaser in the presence of witnesses to ensure its validity.
Yes, this Mortgage Assumption Agreement complies with the laws of all states, making it a versatile option for various real estate transactions.
Is This Form Right For You?
Use This Form If:
- Individuals who are purchasing a property with an existing mortgage may require a Mortgage Assumption Agreement to ensure that the original borrower remains liable for the debt. This protects the interests of the lender and provides clarity on the responsibilities of all parties involved.
- Situations requiring the transfer of mortgage obligations often necessitate this form to formalize the assumption process. By documenting the agreement, all parties can avoid future disputes regarding liability in case of default by the new purchaser.
- For those looking to assume a mortgage, this agreement is essential to clarify the terms under which the original borrower remains responsible. It ensures that the lender is aware of the change in parties while maintaining the original terms of the mortgage.
- Real estate agents may recommend this agreement to clients who are considering taking over an existing mortgage. This helps in structuring the transaction properly and ensures all legal obligations are met.
- In cases where a borrower is unable to continue making payments, a Mortgage Assumption Agreement can facilitate a smoother transition to a new purchaser. This protects the original borrower's credit and outlines the new purchaser's obligations.
Do Not Use If:
- – This form is not appropriate when the original borrower is unwilling to remain liable for the mortgage debt. In such cases, the lender may require a different arrangement or a full payoff of the mortgage.
- – If the mortgage lender does not permit assumptions or has specific restrictions against it, this agreement would not be valid. Always check the lender's policies before proceeding.
- – In situations where the purchaser does not meet the lender's credit requirements, this form should not be used. The lender may require a new application and approval process instead.
- – For properties with a due-on-sale clause in the mortgage, this agreement may not be suitable. Such clauses typically require the loan to be paid off upon transfer of ownership.
- – If the original mortgage has been refinanced or modified, this assumption agreement may not apply. New terms and conditions would need to be established with the lender.
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