This form is an Assumption Agreement. The form provides that the grantee will assume a lien on property described in the agreement. The assumption will become effective on the date provided in the agreement.
Assumption Agreement With Release Of Liability In Orange
Category:
State:
Multi-State
County:
Orange
Control #:
US-00424
Format:
Word;
Rich Text
Instant download
Description
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If you assume the mortgage, you're liable to the lender. If the lender releases me, I'm no longer liable to the lender.Get to grips with assumption agreements. This simple guide explains their purpose, key elements, and how they affect your business dealings. NOTE: This process cannot release any borrower from liability for the debt. Cost. Purpose: To release original borrower from liability under the mortgage. Distribution: Recorded original to Servicer. Keep in mind that loan assumptions usually include a release of liability.