A Loan Assumption Addendum is a legal document that allows the transfer of a loan from the current borrower to a new one. This document is usually signed by both parties, the current borrower and the new borrower, in order to confirm that the new borrower agrees to assume the outstanding debt and the current borrower agrees to release them from any future liabilities. There are typically two types of Loan Assumption Addendums: a Voluntary Loan Assumption Addendum and an Involuntary Loan Assumption Addendum. A Voluntary Loan Assumption Addendum is used when the current borrower willingly transfers the loan to the new borrower. An Involuntary Loan Assumption Addendum is used when the current borrower is unable to continue paying the loan and the lender transfers the loan to another borrower in order to recoup the debt. Both types of Loan Assumption Addendums include information about the loan being transferred, including the amount, interest rate, and terms. In addition, both parties must sign the document in order to validate the agreement.
Loan Assumption Addendum
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How to fill out Loan Assumption Addendum?
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