An assignment and assumption agreement is used after a contract is signed, in order to transfer one of the contracting party's rights and obligations to a third party who was not originally a party to the contract. The party making the assignment is called the assignor, while the third party accepting the assignment is known as the assignee. The form may be customized to suit your needs.
A Notice to Homeowner — Assumption of HU— - FHA Insured Mortgages Release of Personal Liability is a document issued by the Department of Housing and Urban Development (HUD) to the homeowner of a property that has an FHA-insured mortgage. This document informs the homeowner that the mortgage is being assumed by another party, and that the homeowner is released from any personal liability for the loan. The notice outlines the terms of the assumption, including the name of the new mortgagee, the loan amount, and the date of the assumption. There are two types of this Notice, one for when a family member is assuming the mortgage, and one for when a non-family member is assuming the mortgage.
