Assumption of Loan Requirement Letter for disaster loan servicing action request packages. About this document and download.Proof of ongoing insurance on the collateral with the SBA named as mortgagee must be provided. You can apply through SBA-recognized Point of Sale (POS) vendors or directly via SBA in a forthcoming online application portal. An assumable mortgage allows a home buyer to not just move into the seller's former house but to step into the seller's loan, too. Our office provides help with SBA services including funding programs, counseling, federal contracting certifications, and disaster recovery. Complete the assumption agreement: Fill out and sign the loan assumption agreement, which legally transfers the mortgage responsibility to you. In a deed of trust to secure assumption, another person assumes the note already in place, guaranteeing payment to the grantor in the deed.