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Clear FormASSUMPTION OF EXISTING MORTGAGE ADDENDUM COPYRIGHTED BY AND SUGGESTED FOR USE BY THE MEMBERS OF THE NORTHEAST FLORIDA ASSOCIATION OF REALTORS, INC.REALTORREALTORThis Addendum is made by

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What is assumption of existing mortgage?

Assumption of existing mortgage is when a new borrower takes over an existing mortgage from the original borrower, becoming responsible for the remaining payments and terms of the loan.

Who is required to file assumption of existing mortgage?

The new borrower who is taking over the existing mortgage is required to file the assumption of existing mortgage.

How to fill out assumption of existing mortgage?

The assumption of existing mortgage can be filled out by contacting the lender and following their specific instructions for transferring the loan to a new borrower.

What is the purpose of assumption of existing mortgage?

The purpose of assumption of existing mortgage is to legally transfer the responsibility of the mortgage from the original borrower to a new borrower.

What information must be reported on assumption of existing mortgage?

The assumption of existing mortgage must include information about the original borrower, the new borrower, the property being mortgaged, and any terms or conditions of the loan.

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