If you are a mortgage holder looking to have someone assume your mortgage, you’ll want to know the following. The ‘assuming’ party MUST qualify using the current lending criteria and the mortgage lender must approve of the transfer. All your responsibility must be removed from the original mortgage agreement If the mortgage was insured, the primary borrower would be held responsible in the event that the secondary borrower defaults and the primary owner did not receive a full release; If the mortgage was uninsured the lender can go after the security TAKING OVER AN ASSUMABLE MORTGAGE As someone looking to assume a mortgage you’ll want to know: The mortgage lender will need to approve your qualifications. You are responsible for the difference between the purchase price and the mortgage balance (for example, purchase price of $375,000 , current mortgage balance $300,000 you are responsible for the $75,000 difference)

   

      

     

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