What is Assumption?

The act of transferring the seller's existing mortgage to the buyer. See assumable mortgage. Once there is an assumption, a person takes over the payments on a monthly basis, and the other person is released from further liability. When you assume someone's mortgage, you take on their debt.

FREE Listing Alerts

Sign up today - it's FREE

Foreclosure Deals

Privacy Policy   |   Terms and Conditions of Service   |   © / ForeclosureFreeSearch, Inc 1999-2021. All Rights Reserved.