Lender Approval

Assumption of Mortgage
Assumption of mortgage involves assuming the obligations of a mortgagor toward a mortgagee, usually as part of the purchase price of real estate. This entails the purchaser taking personal liability for the debt unless a novation releases the original borrower.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.