This form is an Assumption Agreement. The form provides that the grantee will assume a lien on property described in the agreement. The assumption will become effective on the date provided in the agreement.
Assumption Of Agreement In Michigan
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State:
Multi-State
Control #:
US-00424
Format:
Word;
Rich Text
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Edit Michigan Assumption Agreement of Mortgage and Release of Original Mortgagors. Mortgage assumption allows a buyer to take on the original loan balance at the original terms, but it doesn't account for any home equity the seller has built.It allows one party to "assume" the rights and responsibilities of the other party. A valid contract requires a "meeting of the minds. Loan assumption is when you take over full responsibility of the mortgage loan.