This Assumption Agreement of Deed of Trust and Release of Original Mortgagors form is for the lender, mortgagees and new purchasers to sign whereby the new purchasers of the property assume and agree to pay the debt to the lender, and the lender releases the original mortgagors from any future liability on the loan.
Agreement Release Mortgagors With No Title
State:
Indiana
Control #:
IN-ED1014
Format:
Word;
PDF;
Rich Text
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Always attempt to obtain a prior title policy from your client. You will need a prior policy in order to obtain a hold harmless letter.A deed of release is a legal document that removes a previous claim on an asset. It provides documentation of release from a binding agreement. The first step in paying off the remainder of your loan early and getting a mortgage lien released is requesting a payoff letter from your lender. This document can be obtained from the public records in the county where the property is located or from your title company or title attorney. Facilitating New Mortgages: A clouded title may prevent the borrower from obtaining new financing, as lenders require clear titles to secure new loans. The borrower of a loan needs to prepare a deed of release with the same agency that recorded the mortgage to be sure that all mortgage obligations are removed. The following table provides some of the servicer's responsibilities in connection with processing a Fannie Mae Mortgage Release for a first lien mortgage loan. Contact the lender and ask them what their requirements are.