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Can a mortgage be discharged if it is assumed by the buyer?

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2011-06-23 11:46:53
2011-06-23 11:46:53

It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.

The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.

It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.

The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.

It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.

The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.

It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.

The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.

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2011-06-23 11:46:53
2011-06-23 11:46:53

It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.

The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.

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Related Questions


Any mortgage can be discharged by paying it off.Any mortgage can be discharged by paying it off.Any mortgage can be discharged by paying it off.Any mortgage can be discharged by paying it off.


The bank must be notified of the sale and it is up to the bank whether the mortgage can be assumed by the buyer.


A mortgage gets discharged when it get paid off in full.A mortgage gets discharged when it get paid off in full.A mortgage gets discharged when it get paid off in full.A mortgage gets discharged when it get paid off in full.


Answer: A mortgage runs with the land until it is paid. The buyer would acquire the property subject to the mortgage.


You need to discuss it with your lender. The present mortgage would need to be discharged and the new mortgage executed if the lender agrees.You need to discuss it with your lender. The present mortgage would need to be discharged and the new mortgage executed if the lender agrees.You need to discuss it with your lender. The present mortgage would need to be discharged and the new mortgage executed if the lender agrees.You need to discuss it with your lender. The present mortgage would need to be discharged and the new mortgage executed if the lender agrees.



If it was discharged, then you don't owe it anymore. However, you can't just assume that any particular debt was discharged by the bankruptcy, it has to be specifically listed. In particular, you probably cannot keep your house AND get your second mortgage discharged.



Taking over the home loan and having the house sign over in your name


It can be transferred from seller to a buyer


Yes by a qualifying Veteran.


A State or Territory Government fee charged when a mortgage is established or discharged over your property.


If your first mortgage has been discharged it cannot be refinanced since there is no longer any debt. You can grant a new mortgage.




No, mortgage liens to not have a statute of limitations. Once the lien is filed, it is valid until discharged.


Frankly...I've never hear of a mortgage debt being discharged without the underlying asset, the property, being given to the mortgage holder. It is possible your confused...that the property was transferred (or sold) and wasn't worth as much as the debt (mortgage) you owed...and the deficiency (the amount you would still owe...was discharged.But the house isn't yours...and you are a "tennant in adverse possesion".



Yes, if there is no equity in the house to secure that second mortgage, or the equity is less than the exemption.


An unreleased mortgage is a mortgage against a property that has been recorded in the land records for which no discharge has been recorded. In other words, it is still an outstanding lien against the property. The property cannot be sold until the mortgage is discharged.An unreleased mortgage is a mortgage against a property that has been recorded in the land records for which no discharge has been recorded. In other words, it is still an outstanding lien against the property. The property cannot be sold until the mortgage is discharged.An unreleased mortgage is a mortgage against a property that has been recorded in the land records for which no discharge has been recorded. In other words, it is still an outstanding lien against the property. The property cannot be sold until the mortgage is discharged.An unreleased mortgage is a mortgage against a property that has been recorded in the land records for which no discharge has been recorded. In other words, it is still an outstanding lien against the property. The property cannot be sold until the mortgage is discharged.


nothing...it remains a lien on the property and a debt which is assumed by the successful bidder at the auction of the 2nd mortgage


The buyer of a second mortgage is buying the rights of the mortgagee (lender) under the second mortgage. A buyer of a mortgage is correctly called a mortgage assignee. Therefore, the buyer of the second mortgage is subject to the first mortgage. The first mortgage needs to be paid, not "reinstated".The property remains subject to the first mortgage until it has been paid off. Even if the property is transferred to a new owner the property is subject to the first mortgage and the second mortgage if there was a second mortgage recorded in the land records. The second mortgage always remains subject to the first mortgage until the first mortgage has been paid.Note that a property subject to a mortgage is subject to all the terms of that mortgage. Mortgages have boilerplate "due on transfer" clauses. That means if there is any transfer in ownership of the property, the lender will demand payment of the mortgage in full, immediately.It sounds like you need to discuss this with an attorney who can review the details of your situation and explain your options.


A mortgage note is essentially a promissory note with the property concerned as a security for the loan. Companies that buy mortgage notes include the Texas Note Company, NCR Note Buyer as well as The Mortage Buyer, Inc.


The 3rd mortgage should be promptly recorded so that it can be properly discharged of record for closing. The 3rd mortgage should have no bearing on the sale, since the Seller was aware of all the mortgages they have against the property and should have set the price of the property high enough to pay off all 3 mortgages against the property. You just need to make sure that the mortgage is properly recorded and properly discharged of record at closing.


The mortgage will be paid off from the proceeds of the sale. The buyer's attorney will make certain the mortgage is paid off before the buyer takes title.



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