What is ASSUMPTION OF MORTGAGE?

A contract when a buyer takes responsibilty for payments to save closing costs or interest rates. The original party is secondarily responsible unless released.

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Related Legal Terms
MORTGAGE-PIPELINE RISK, ASSUMPTION, ASSUMPTION FEE, ACTUARIAL ASSUMPTION, WORKOUT ASSUMPTION, ASSUMPTION OF RISK, MORTGAGE PROTECTION, PRICE LEVEL ADJUSTED MORTGAGE (PLAM), ASSUMPTION REINSURANCE, RISK ASSUMPTION


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