TAX LIENS UNLEASHED
provides detailed information on mortgage foreclosures, government foreclosures, REITs, tax deed sales, tax lien certificate sales and more!

Assumption of Mortgage
Real Estate Investing Definition

The definition of Assumption of Mortgage is:

An obligation undertaken by the purchaser of property to be personally liable for payment of an existing mortgage. In an assumption the purchaser is substituted for the original mortgagor in the mortgage instrument and the original mortgagor is to be released from further liability. In the assumption the mortgagee's consent is usually required. The original mortgagor should always obtain a written release from further liability if he desires to be fully released under the assumption. Failure to obtain such a release renders the original mortgagor liable if the person assuming the mortgage fails to make the monthly payments.

Visit this resource to learn more: