what does it mean to assume a loan

A promissory note is a signed document that records a promise to repay debt. If the debtor is no longer able to keep the promise to pay, someone else can assume the promissory note and take over.

A loan assumption is a transaction in which a person (the “assumptor”) obtains an ownership interest in real property from another person and accepts responsibility for the terms, payments and obligations of that other person’s mortgage loan. The assumptor is liable.

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VA Loan Q&A: What Is an Assumable Mortgage? – ZING Blog by. – Anyone can assume a VA mortgage – as long as their income and credit. I know she would have to qualify, but does that mean that she will.

 · Since this was a non-residential real property lease and the debtor did not have the landlord’s consent for an extension, Section 365(d)(4) of the Bankruptcy Code required the debtor to assume or reject the lease within 210 days after the case was filed (120 days plus a 90-day extension granted by the court).

Assuming a Loan. Assuming a loan means taking over the seller’s mortgage and continuing to make the payments on it. Most loans can’t be assumed, because the banks don’t allow it. Assumption is available only on FHA and VA loans, which are the minority.

The key with a loan assumption is making sure to safeguard your VA loan entitlement and your financial future. VA loan assumptions aren’t incredibly common, but the ability to have someone assume your loan is a potential benefit when the time comes to sell. And it’s a benefit you won’t find with most conventional mortgages.

According to one estimate, only about 36% of adults in this country have any kind of advance directive (more on what that actually means below). But it’s vital planning to do, and these are. the.

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The loan estimate spells out all the costs associated with obtaining a mortgage. Generally speaking, buyers pay a lot more in loan fees to obtain a new loan than it costs to assume an existing loan. The difference could be several thousand dollars or more. Ask the bank to give you a statement containing its loan assumption fees.