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Prepared by U.S. Legal Forms, Inc. Copyright 2016 U.S. Legal Forms, Inc. STATE OF MICHIGANASSUMPTION AGREEMENT MORTGAGEControl Number MI ED1014NOTES ON COMPLETING THESE Forsythe form(s) in this packet
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How to fill out assumption agreement of mortgage

01
To fill out an assumption agreement of mortgage, follow these steps: 1. Obtain the assumption agreement form from your lender or mortgage company.
02
Fill in the borrower's information, including their name, address, and contact details.
03
Provide the information of the person assuming the mortgage, including their name, address, and contact details.
04
Include the details of the property being mortgaged, such as its address, legal description, and any pertinent information.
05
Specify the terms of the assumption agreement, including the assumption fee, interest rate, repayment schedule, and any other relevant terms.
06
Review the agreement carefully to ensure all information is accurate and complete.
07
Sign the assumption agreement in the presence of a notary public or witness, as required by your jurisdiction.
08
Submit the completed assumption agreement to your lender or mortgage company for review and approval.
09
Keep a copy of the assumption agreement for your records.

Who needs assumption agreement of mortgage?

01
An assumption agreement of mortgage is typically needed in the following situations:
02
- When a borrower wants to transfer their mortgage to another person or entity
03
- When a property is being sold, and the buyer wishes to assume the existing mortgage rather than obtaining a new one
04
- In the case of divorce or separation where one party wishes to assume the mortgage
05
- When there is a change of ownership in a property, such as when a property is transferred between family members or business entities

What is Assumption Agreement of Mortgage and Release of Original Mortgagors - Michigan Form?

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An assumption agreement of mortgage is a legal document that allows a buyer to take over the seller's mortgage and assume responsibility for the remaining balance and terms of the loan.
Typically, both the buyer who is assuming the mortgage and the lender or mortgagee must be involved in filing the assumption agreement.
To fill out an assumption agreement, you need to provide details such as the property address, names of the parties involved, loan information, and any specific terms of the assumption.
The purpose of the assumption agreement is to legally transfer the mortgage obligation from the seller to the buyer, ensuring that both parties and the lender are aware of the change in responsibility.
The assumption agreement should include information such as the borrower's personal details, the terms of the existing mortgage, remaining balance, property description, and signatures of all parties involved.
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