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Are Assumption Agreements Recorded

In the case of a VA loan, an exemption from liability can be obtained after taking over, even if the lender`s agreement has not been granted before the end of the assumption process. To take over an existing mortgage, it is usually necessary to obtain the agreement of the lender before the acquisition process. The transfer of real estate with an existing mortgage, which is done without the agreement of the lender, is sometimes called a sale “subject to” the existing loan. In most cases, this type of transfer does not circumvent the lender`s right to mature the loan due under the sales provision due in the loan….

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