The Overland Park Kansas Assumption Agreement of Mortgage and Release of Original Mortgagors is a legal document that outlines the terms and conditions under which a new party assumes the existing mortgage obligations of the original mortgagors. This agreement typically occurs when a property is sold or transferred to a new owner, who agrees to take over the mortgage and assumes responsibility for making the necessary mortgage payments. The Assumption Agreement of Mortgage and Release of Original Mortgagors is crucial in the real estate process as it ensures a smooth transition of ownership and protects all parties involved. It stipulates that the new owner, referred to as the "assumption" or "buyer," will take over the original mortgagor's outstanding loan balance, interest rate, and remaining term. Keywords: Overland Park Kansas, Assumption agreement, Mortgage, Release, Original mortgagors, Ownership, Real estate, Property, New owner, Mortgage payments, Loan balance, Interest rate, Loan term, Legal document. Different types of Assumption Agreement of Mortgage and Release of Original Mortgagors in Overland Park Kansas may include: 1. Full Assumption Agreement: This type of agreement requires the new owner to assume full responsibility for the remaining mortgage balance and all associated terms and conditions. 2. Subject to Assumption Agreement: With this agreement, the new owner assumes the mortgage but is not personally liable for the existing mortgage debt. In case of default, the responsibility falls back to the original mortgagors. 3. Non-recourse Assumption Agreement: Under this agreement, the new owner undertakes the mortgage but is not personally liable for any deficiency in case of foreclosure. The lender can only seek recourse through the property's sale proceeds.
Overland Park Kansas Assumption Agreement of Mortgage and Release of Original Mortgagors
State:
Kansas
City:
Overland Park
Control #:
KS-ED1014
Format:
Word;
Rich Text
Instant download
Description
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.
The Overland Park Kansas Assumption Agreement of Mortgage and Release of Original Mortgagors is a legal document that outlines the terms and conditions under which a new party assumes the existing mortgage obligations of the original mortgagors. This agreement typically occurs when a property is sold or transferred to a new owner, who agrees to take over the mortgage and assumes responsibility for making the necessary mortgage payments. The Assumption Agreement of Mortgage and Release of Original Mortgagors is crucial in the real estate process as it ensures a smooth transition of ownership and protects all parties involved. It stipulates that the new owner, referred to as the "assumption" or "buyer," will take over the original mortgagor's outstanding loan balance, interest rate, and remaining term. Keywords: Overland Park Kansas, Assumption agreement, Mortgage, Release, Original mortgagors, Ownership, Real estate, Property, New owner, Mortgage payments, Loan balance, Interest rate, Loan term, Legal document. Different types of Assumption Agreement of Mortgage and Release of Original Mortgagors in Overland Park Kansas may include: 1. Full Assumption Agreement: This type of agreement requires the new owner to assume full responsibility for the remaining mortgage balance and all associated terms and conditions. 2. Subject to Assumption Agreement: With this agreement, the new owner assumes the mortgage but is not personally liable for the existing mortgage debt. In case of default, the responsibility falls back to the original mortgagors. 3. Non-recourse Assumption Agreement: Under this agreement, the new owner undertakes the mortgage but is not personally liable for any deficiency in case of foreclosure. The lender can only seek recourse through the property's sale proceeds.
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