Mortgage Assumption Agreement - Original Holder Liable

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. (continued ...)