The Mortgage Assumption Letter is a crucial document in Nigerian real estate transactions where a buyer seeks to take over an existing mortgage instead of obtaining new financing. This approach can be particularly advantageous when the existing mortgage has favorable terms or when interest rates have increased. The letter must comply with Nigerian banking regulations, including the Federal Mortgage Bank of Nigeria Act and the Land Use Act. It typically includes detailed information about both parties, the property, current mortgage terms, and the proposed assumer's financial qualifications. The document is especially relevant in cases where the original mortgagor wishes to transfer their mortgage obligations to a qualified buyer, subject to the lender's approval and Nigerian legal requirements.
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1. Letterhead and Date: Official letterhead of the requesting party and current date
2. Recipient Details: Full name and address of the mortgage lender/bank
3. Subject Line: Clear indication that this is a Mortgage Assumption Request with relevant reference numbers
4. Property Identification: Complete details of the mortgaged property including address and title information
5. Current Mortgage Details: Existing mortgage account number, original amount, current balance, and terms
6. Assumption Request: Formal request to assume the mortgage with proposed transfer date
7. Proposed Assumer Details: Complete information about the party wanting to assume the mortgage, including financial qualifications
8. Current Mortgagor Details: Information about the current mortgage holder requesting the transfer
9. Closing Statement: Request for next steps and timeline expectations
10. Signature Block: Space for signatures of both current mortgagor and proposed assumer
1. Purchase Agreement Reference: Include when there is an existing purchase agreement between buyer and seller
2. Financial Statement Summary: Add when the assuming party wants to highlight their financial capability upfront
3. Property Condition Statement: Include if there have been significant changes to the property condition
4. Current Payment History: Add if the current mortgagor has an excellent payment history to strengthen the case
5. Special Circumstances: Include if there are unique situations requiring explanation (e.g., inheritance, divorce settlement)
1. Financial Documentation: Proof of income, tax returns, bank statements of the assuming party
2. Credit Report: Credit history and score of the assuming party
3. Property Valuation: Recent property appraisal or valuation report
4. Purchase Agreement: Copy of the purchase agreement between current owner and proposed assumer
5. Current Mortgage Statement: Recent mortgage statement showing current balance and payment status
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