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Non Assumption Clause

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Sam Site Admin Joined: 21 May 2005 Posts: 281 Location: CALIFORNIA 117.49 Dollars($)	Posted: Fri Apr 09, 2004 1:06 am    Post subject: Non Assumption Clause Non Assumption Clause is a clause stated in a mortgage contract, which does not allow for the transfer of mortgage to another borrower, without prior permission from the lender. For example, Mike took a mortgage from Jenny. After a certain period of time, he could not carry on with his mortgage payments. So he transferred the mortgage to Kailey. But for that he had to take permission from Jenny according to a clause in the contract. Such a clause is referred to as Non Assumption Clause. Related Article: How important is the Assumption Clause

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