Get the free Form 41-1, LOAN ASSUMPTION ADDENDUM - trec state tx
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Print Form Texas Real Estate Commission P.O. Box 12188 Austin, Texas 78711-2188 512-936-3000 www.trec.texas.gov Mandatory Continuing Education MCE CREDIT REQUEST FOR AN Out-of-STATE COURSE File this
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What is form 41-1 loan assumption?
Form 41-1 loan assumption is a document that allows a borrower to transfer their loan obligations to a new borrower, also known as the assuming borrower. This form is typically used in mortgage or real estate transactions where the original borrower wants to transfer their loan to someone else.
Who is required to file form 41-1 loan assumption?
The original borrower who wants to transfer their loan obligations to a new borrower is typically required to file form 41-1 loan assumption. Both parties involved in the transfer may need to complete and file this form with the lender.
How to fill out form 41-1 loan assumption?
To fill out form 41-1 loan assumption, you will need to provide information about the original borrower, the assuming borrower, and the details of the loan being assumed. This may include personal information, loan terms, and any other relevant details requested on the form. It's important to read and follow the instructions provided with the form to ensure accurate completion.
What is the purpose of form 41-1 loan assumption?
The purpose of form 41-1 loan assumption is to facilitate the transfer of loan obligations from one borrower to another. By completing and filing this form, the original borrower can legally transfer their loan to a new borrower who becomes responsible for making repayments.
What information must be reported on form 41-1 loan assumption?
Form 41-1 loan assumption typically requires information such as the names and contact details of both the original borrower and the assuming borrower, loan account number, loan terms, current loan balance, and any applicable fees or penalties associated with the loan assumption. The exact information required may vary depending on the specific lender and loan agreement.
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