What is the definition of Assumption of mortgage? | Dictionary.net

ASSUMPTION OF MORTGAGE

\ɐsˈʌmpʃən ɒv mˈɔːɡɪd͡ʒ], \ɐsˈʌmpʃən ɒv mˈɔːɡɪd‍ʒ], \ɐ_s_ˈʌ_m_p_ʃ_ə_n ɒ_v m_ˈɔː_ɡ_ɪ_dʒ]\

Definitions of ASSUMPTION OF MORTGAGE

1910 - Black's Law Dictionary (2nd edition)

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A contract when a buyer takes responsibilty for payments to save closing costs or interest rates. The original party is secondarily responsible unless released.

1910 - Black's Law Dictionary (2nd edition)
By Henry Campbell Black

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