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What is an Assumable Mortgage?

By
Commercial Real Estate Agent with Swingle Miami Group, LLC VA 0225197700

Q. What is an Assumable Mortgage?

A. A mortgage loan that can be taken over (assumed) by the buyer when the property is sold. An assumption of the mortgage is a transaction in which the buyer of real property takes over the seller's existing mortgage; the seller remains liable unless released by the lender from the obligation. 

If the mortgage contains a due-on-sale clause, the loan may not be assumed without the lender's consent. 

 

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Email me at jessica@swinglepropertygroup.com

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