Lakeland Florida Assumption Agreement of Mortgage and Release of Original Mortgagors is a legal document that entails the transfer of an existing mortgage from the original mortgagors to a new party, known as the assumption. This agreement is typically used when a property owner wishes to transfer their mortgage obligation to another individual or entity. The assumption agreement serves as a legally binding contract between the original mortgagors, the assumption, and the mortgage lender. It outlines the terms and conditions under which the assumption agrees to take on the responsibility of the mortgage, including making timely payments and fulfilling all terms of the original mortgage agreement. In Lakeland, Florida, there are two main types of assumption agreements: 1. Simple Assumption Agreement: This type of agreement involves the transfer of the mortgage without a release of liability for the original mortgagors. In this case, the original mortgagors will remain responsible for the mortgage debt in addition to the assumption. The lender may require a creditworthiness assessment of the assumption to ensure they can assume the mortgage obligation. 2. Release of Original Mortgagors Agreement: This agreement allows the original mortgagors to be released from any further obligations or liabilities associated with the mortgage. The assumption becomes solely responsible for the mortgage debt and takes over all rights and responsibilities outlined in the original mortgage agreement. The Lakeland Florida Assumption Agreement of Mortgage and Release of Original Mortgagors is an important legal document that protects the interests of all parties involved. It ensures a smooth transition of mortgage responsibility and provides clarity regarding the duties and obligations of the assumption. It is crucial for all parties to thoroughly review and understand the terms before signing the agreement to foster a transparent and legally secure transaction.
Lakeland Florida Assumption Agreement of Mortgage and Release of Original Mortgagors
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How to fill out Lakeland Florida Assumption Agreement Of Mortgage And Release Of Original Mortgagors?
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