Posted on: 12th Jul, 2010 07:34 am
I WANT TO KNOW ITS MEANING
It could mean one of two things.
Most commonly it is when the mortgage servicing rights are sold from the current lender to a new lender. This would change who the mortgage payment is made to, but not the actual terms of the mortgage.
The other definition is when someone has what is known as an assumable mortgage, it is possible for the borrower to transfer the mortgage to another person.
Most commonly it is when the mortgage servicing rights are sold from the current lender to a new lender. This would change who the mortgage payment is made to, but not the actual terms of the mortgage.
The other definition is when someone has what is known as an assumable mortgage, it is possible for the borrower to transfer the mortgage to another person.