A Mortgage Assumption Letter is utilized when a party wishes to take over an existing mortgage from the current borrower, potentially saving on closing costs and maintaining favorable interest rates. This document is particularly relevant in the United States where mortgage assumptions must comply with federal regulations and lender requirements. The letter typically includes details about the existing loan, property information, and the assuming party's qualifications. It serves as the initial formal request to the lender and forms the basis for the assumption process.
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1. Loan Information: Details of the existing mortgage including loan number, original loan amount, current balance, and lender information
2. Property Details: Legal description and address of the mortgaged property, including property type and current value
3. Current Owner Information: Complete details of current mortgage holder including contact information and relationship to the property
4. Assumption Request: Formal request statement to assume the existing mortgage with proposed terms
5. Assuming Party Information: Comprehensive information about the party seeking to assume the mortgage, including contact details and relationship to current owner
1. Purchase Agreement Reference: Reference to associated property purchase agreement when the assumption is part of a property sale
2. Credit Authorization: Authorization for lender to perform credit checks and financial verification on assuming party
3. Financial Statement Summary: Brief overview of assuming party's financial position and ability to repay
1. Schedule A - Financial Documentation: Income verification, tax returns, and bank statements of assuming party
2. Schedule B - Property Documentation: Current deed, property tax information, and insurance documentation
3. Schedule C - Credit Report: Credit history and score of assuming party (when required by lender)
4. Schedule D - Current Loan Statement: Recent mortgage statement showing current balance and payment history
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