mortgage assumption

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• mortgage — mort·gage 1 / mȯr gij/ n [Anglo French, from Old French, from mort dead (from Latin mortuus ) + gage security] 1 a: a conveyance of title to property that is given to secure an obligation (as a debt) and that is defeated upon payment or… …   Law dictionary

• assumption — I (adoption) noun acceptance, acquisition, receiving, reception, recipience, selection, taking on, undertaking associated concepts: assumpsit on quantum meruit, assumption agreement, assumption of debt, assumption of facts, assumption of… …   Law dictionary

• Assumption of mortgage — is the purchase of mortgaged property whereby the buyer accepts liability for the debt that continues to exist. The seller remains liable to the mortgage lender (whether the lender is a commercial bank, thrift, credit union, mortgage banker or… …   Wikipedia

• Assumption Clause — A provision in a mortgage contract that allows the seller of a home to pass responsibility to the buyer of the home for the existing mortgage. In other words, the new homeowner assumes the existing mortgage. There are typically many conditions… …   Investment dictionary

• assumption of mortgage — To take or acquire a mortgage or deed of trust from some prior holder. Thus, a purchaser may assume or take over the mortgage of the seller. Often this requires permission of the mortgagee. This is distinguishable from taking equity of redemption …   Black's law dictionary

• assumption of mortgage — To take or acquire a mortgage or deed of trust from some prior holder. Thus, a purchaser may assume or take over the mortgage of the seller. Often this requires permission of the mortgagee. This is distinguishable from taking equity of redemption …   Black's law dictionary

• assumption — The act of conceding or taking for granted. Laying claim to or taking possession of. The act or agreement of assuming or taking upon one s self. The undertaking or adoption of a debt or obligation primarily resting upon another, as where the… …   Black's law dictionary

• assumption — The act of conceding or taking for granted. Laying claim to or taking possession of. The act or agreement of assuming or taking upon one s self. The undertaking or adoption of a debt or obligation primarily resting upon another, as where the… …   Black's law dictionary

• assumption of mortgage — An agreement by the grantee of mortgaged premises to pay the debt secured by the mortgage. 37 Am J1st Mtg § 997. There is a broad and obvious distinction in the effect there of upon the rights of the parties, between the taking of mortgaged… …   Ballentine's law dictionary

• mortgage — /morgaj/ A mortgage is an interest in land created by a written instrument providing security for the performance of a duty or the payment of a debt. At common law, an estate created by a conveyance absolute in its form, but intended to secure… …   Black's law dictionary

• mortgage — /morgaj/ A mortgage is an interest in land created by a written instrument providing security for the performance of a duty or the payment of a debt. At common law, an estate created by a conveyance absolute in its form, but intended to secure… …   Black's law dictionary