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Assumable mortgage is a mortgage loan that can be taken over (assumed) by the buyer when a home is sold. An assumption of a mortgage is a transaction in which the buyer of real property takes over the seller’s existing mortgage; the seller remains liable unless released by the lender from the obligation. If the mortgage contains a due-on-sale clause, the loan may not be assumed without the lender’s consent.
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Assumable Mortgage is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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