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when is it necessary to include an assumption clause?

Jessica · Posted: Fri Sep 02, 2005 9:55 pm Post subject: RE:

Hi Barbara
Welcome to MortgageFit forum.

It becomes necessary to include an assumption clause in the loan document if you have planned to allow the buyer to assume the mortgage loan at the time of sale of your property.

This clause gives the buyer the responsibility of repaying the loan that was originally borrowed by the seller. But as the original borrower, you will still be liable for repaying the loan provided the buyer defaults and the lender decides to foreclose.

However, if the original borrower gets a release from the lender, then he will be relieved from the liability of repaying the loan.

Hope we have been able to guide you. For further reference, go through assumption

Please feel free to write back with further queries. Also sign up with us at signup for free consultation on related issues.

Regards,
Jessica.

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My mother is going to quit claim her home to me..her son...Can anyone put a lien on the property after the deed is recorded in my name?

Niicss · Posted: Tue Jan 13, 2009 2:27 am Post subject:

Hi Shane,

If a creditor has already filed a judgment against your mother for any kind of payment defaults, then that creditor may consider this transfer as fraudulent and can penalize your mother. Otherwise, if she transfers the property to you and you record it, then no one will be able to place lien on the property. However, once the property is in your name, your creditors can place liens on it if you have defaulted on payments.

Thanks.

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