Property sold with a mortgage assumption means that the purchaser does not have personal liability to pay the debt.

Name: Property sold with a mortgage assumption means that the purchaser does not have personal liability to pay the debt.
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Question

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When a property is sold with a mortgage assumption, the purchaser does in fact assume personal liability to pay the debt. They take over the payments and become responsible for the loan just as the original borrower was.

Property Sold with a Mortgage Assumption Means That the Purchaser