This Mortgage Assumption Agreement - Original Holder Liable is a mortgage agreement in which the original mortgage borrower remains obligated to pay the debt. This agreement sets out the date of the original mortgage and the names of the original borrower and purchaser who is assuming the mortgage loan. It also sets forth that the mortgagee is willing to permit the purchaser to assume the mortgage obligation if the original owner also agrees to remain responsible for the mortgage debt. It is imperative that this type of assumption agreement be clearly set out in writing. A written Mortgage Assumption Agreement in which the original holder is liable will prove invaluable in the event of default by the purchaser who assumes the mortgage debt.

This Mortgage Assumption Agreement - Original Holder Liable includes the following:

• Parties: Name of the original borrower, mortgage lender and purchaser who is assuming the mortgage;
• Mortgage Information: Sets out the property address, date of mortgage and amount of principal sum;
• Assumption Information: Sets out that mortgagee will permit the purchaser to assume the mortgage obligations under the same conditions as the original borrower as long as original borrower remains responsible for the indebtedness;
• Signatures: This assumption agreement must be signed by original mortgage borrower, mortgage lender and purchaser in the presence of witnesses.

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This attorney-prepared packet contains:

1. General Instructions
2. Mortgage Assumption Agreement - Original Mortgage Borrower Remains Obligated

State Law Compliance: This form complies with the laws of all states