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.
Clarksville Tennessee Assumption Agreement of Deed of Trust and Release of Original Mortgagors is a legal document that outlines the transfer of a mortgage from the original mortgagor to a new party, referred to as the assumption. The document also includes the release of the original mortgagor from their obligations and liabilities associated with the loan. In Clarksville, Tennessee, there are several types of Assumption Agreement of Deed of Trust and Release of Original Mortgagors, including: 1. Voluntary Assumption Agreement: This type of agreement occurs when the original mortgagor willingly transfers the mortgage to a new party. Both the original and assumed party enter into a mutual agreement that should be documented in writing. The original mortgagor is released from all further responsibilities related to the mortgage, while the assumed becomes responsible for the payment and terms of the loan. 2. Involuntary Assumption Agreement: This agreement arises when the transfer of the mortgage is not voluntary or consensual. It may occur due to foreclosure, divorce, or other legal situations. In this case, the original mortgagor typically needs to seek approval from the lender to transfer the mortgage to a new party. The release of the original mortgagor from financial obligations is contingent upon lender approval and compliance with specific terms and conditions. 3. Partial Assumption Agreement: This agreement occurs when only a portion of the original mortgage is assumed by a new party. It commonly happens in situations where the property is divided or where multiple parties share ownership of the property. The release of the original mortgagor applies only to the portion of the mortgage assumed by the new party, while the remaining obligation remains on the original mortgagor. 4. Release of Original Mortgagors: This refers to the provision that releases the original mortgagor(s) from all obligations, responsibilities, and liabilities related to the mortgage. It confirms that once the assumption agreement is executed, the original mortgagors are no longer liable for making future payments or fulfilling any other loan-related commitments. It is essential to consult with a qualified legal professional who specializes in real estate law to draft or review an Assumption Agreement of Deed of Trust and Release of Original Mortgagors in Clarksville, Tennessee. A lawyer will ensure that all necessary terms and conditions are properly addressed and that the agreement complies with local and state laws.
