Form of Assignment and Assumption — Assumption by Borrower is a legal document used in mortgage transactions. It is used when a borrower (or a buyer) assumes the responsibility of paying the mortgage loan of the seller (or current borrower). By signing this document, the borrower agrees to the terms of the loan and acknowledges that they are taking over the loan from the seller. The document typically includes information such as the borrower's name and address, the loan amount, the loan term, the interest rate, the monthly payment, and any other relevant details. There are two types of Form of Assignment and Assumption — Assumption by borrower: Voluntary Assumption and Non-Voluntary Assumption. A Voluntary Assumption is when the borrower willingly takes over the loan from the seller. A Non-Voluntary Assumption is when the borrower is forced to take over the loan due to a foreclosure or other legal action.
Form of Assignment and Assumption - Assumption by Borrower
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