Ensure all necessary financial information is accurately provided. " Access the Loan Assumption Request Form.Keep in mind that the average loan assumption takes anywhere from 45-90 days to complete. THIS MORTGAGE ASSUMPTION AGREEMENT (hereinafter referred to as the. "Agreement") made and entered into as of this ______(1)______ day of ______(2). A loan assumption agreement allows them to understand what is expected from them and ensures that they are aware of their rights and legal responsibilities. Interested in becoming a Bank of America Student Leader? Check out the eligibility criteria for our 8-week summer program to see if you qualify.