Included in your package are the following forms:
1. Assignment of Deed of Trust by Individual Mortgage Holder;
2. Assignment of Deed of Trust by Corporate Mortgage Holder;
3. Letter of Notice to Borrower of Assignment of Mortgage;
4. Letter to Recording Office for Recording Assignment of Mortgage;
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A simple assumption places the seller in the position of a secondary obligee, similar to a mortgage co-signer. Although the buyer agrees to make payments on the home loan during a simple assumption, the seller still remains responsible for the mortgage.
Submit your application ? The assumption process could look different from lender to lender, but in general, you'll need to fill out an application form, provide proof of income and assets and submit to a credit check.
To assume a loan, the buyer must qualify with the lender. If the price of the house exceeds the remaining mortgage, the buyer must remit a down payment that is the difference between the sale price and the mortgage. If the difference is substantial, the buyer may need to secure a second mortgage.
How long does the assumption process take? Assumption TypeProcessing TimeStandard Assumption60 ? 90 DaysAssumption Due to Divorce60 ? 90 DaysAssumption After Death30 ? 60 Days
A simple assumption places the seller in the position of a secondary obligee, similar to a mortgage co-signer. Although the buyer agrees to make payments on the home loan during a simple assumption, the seller still remains responsible for the mortgage.
