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LOAN ASSUMPTION ADDENDUM Property: Seller: Buyer: This Addendum is attached to and made a part of the Offer to Purchase and Contract (Contract) between Seller and Buyer for the Property. Type of existing

How to fill out loan assumption addendum

How to fill out loan assumption addendum:

1. Start by obtaining a copy of the loan assumption addendum form from your lender or mortgage company. It is essential to use the correct form provided by the lender to ensure accuracy.
2. Carefully read the instructions and requirements outlined on the form. This will help you understand the information you need to provide and the specific sections you have to fill out.
3. Begin by filling out the borrower's information section. This typically includes your full name, address, contact information, and social security number. Make sure to double-check the accuracy of the details before proceeding.
4. Next, provide the lender's information, including their name, address, and contact details. This information can usually be found on your loan documents or by contacting the lender directly.
5. Identify the specific loan being assumed. Fill in the loan number, original loan amount, interest rate, and any other relevant loan details. This helps the lender accurately identify and track the loan being assumed.
6. Indicate the terms and conditions of the loan assumption. Specify the effective date of the assumption, the new borrower's name and contact information, and any additional terms or agreements associated with the assumption.
7. If applicable, provide any necessary supporting documentation. This may include income verification documents, credit reports, or other paperwork as requested by the lender. Ensure that all required documentation is attached and properly labeled.
8. Review the completed loan assumption addendum form thoroughly. Verify that all the information provided is accurate, and there are no errors or missing data.
9. Sign and date the form at the designated spaces provided. Additionally, ensure that the new borrower signs and dates the form if required by the lender.
10. Finally, submit the completed loan assumption addendum form to the lender. Follow any specific instructions for submission, such as mailing, dropping off in-person, or submitting electronically. Retain a copy of the form for your records.

Who needs a loan assumption addendum:

Individuals or parties who wish to assume an existing loan from the current borrower may require a loan assumption addendum. This could include:

1. Potential homebuyers who want to take over an existing mortgage from the current homeowner.
2. Investors or buyers interested in acquiring a property with an assumable loan.
3. Individuals looking to refinance an existing loan under their own name, effectively assuming the loan.
4. Parties involved in a divorce or separation where one spouse wants to assume the mortgage held jointly.
5. Co-borrowers or cosigners who want to have their name removed from a loan by transferring the responsibility to the primary borrower.

It is important to note that not all loans or lenders allow assumption, and there may be specific eligibility criteria and requirements that need to be met. It's advisable to consult with your lender or mortgage professional to determine if a loan assumption addendum is necessary or possible in your situation.

For pdfFiller’s FAQs

What is loan assumption addendum?

The loan assumption addendum is a document that outlines the terms and conditions of transferring an existing loan to a new borrower.

Who is required to file loan assumption addendum?

The new borrower who is taking over the loan is required to file the loan assumption addendum.

How to fill out loan assumption addendum?

To fill out the loan assumption addendum, the new borrower must provide their personal information, financial details, and agree to the terms specified in the document.

What is the purpose of loan assumption addendum?

The purpose of the loan assumption addendum is to legally transfer the responsibility of the loan from the original borrower to the new borrower.

What information must be reported on loan assumption addendum?

The loan assumption addendum must include details of the original loan, the new borrower's information, and any additional terms or conditions agreed upon.

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