Alice purchases Bob's house and in so doing assumes the mortgage.Which of the following is/are true?
A) Only Alice is personally liable to pay the mortgage.
B) Bob and Alice are both personally liable to pay the mortgage.
C) Only Bob is liable to pay the mortgage.
D) Bob is only liable if Alice defaults.

Question

Quizplus · Accepted Answer

When Alice assumes the mortgage, she becomes responsible for making the payments and any default may result in Bob also being held responsible for the balance. Therefore, both Alice and Bob are personally liable for paying the mortgage.

Alice Purchases Bob's House and in So Doing Assumes the Mortgage.Which