The Assumption Of Mortgage Form is a crucial document used when one party wishes to take over the mortgage obligations of another in the United States. This document is commonly used in property sales where the buyer wants to assume the seller's existing mortgage instead of obtaining new financing. It must address federal requirements including TILA and RESPA compliance, state-specific property laws, and lender requirements. The form typically includes details about the original mortgage, property description, payment terms, and the responsibilities being transferred. It's particularly relevant in situations involving property transfers between family members, divorce settlements, or when favorable existing mortgage terms make assumption more attractive than new financing.
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1. Parties: Identification of original borrower, assuming party, and lender
2. Background: Details of original mortgage and reason for assumption
3. Definitions: Key terms used in the assumption agreement
4. Property Description: Legal description of mortgaged property
5. Terms of Assumption: Specific terms under which the mortgage is being assumed
6. Financial Details: Outstanding balance, interest rate, payment terms
7. Signatures: Execution block for all parties
1. Release of Original Borrower: Terms releasing original borrower from liability when full release from obligations is desired
2. Credit Verification: Details of assuming party's credit qualification when required by lender as condition of assumption
3. Insurance Requirements: Specific insurance obligations of assuming party when special insurance requirements exist
1. Original Mortgage Document: Copy of original mortgage being assumed
2. Property Title Documentation: Current title information and any relevant searches
3. Payment Schedule: Detailed amortization schedule showing remaining payments
4. Credit Report: Assuming party's credit information if required by lender
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