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Simple English definitions for legal terms

assumable mortgage

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A quick definition of assumable mortgage:

Assumable mortgage: A type of mortgage that can be transferred from the seller to the buyer when a property is sold. This means that the buyer takes over the existing mortgage instead of getting a new one. It can save the buyer money on fees and interest if the mortgage has a lower interest rate than the market. However, the transfer can only happen if the mortgage is assumable, the creditors agree to the transfer, and the buyer meets the financial requirements. Sellers need to be careful because they may still be responsible for the mortgage even after the sale, unless the creditors release them. Buyers should also consider if it's worth getting their own mortgage to cover the rest of the purchase price.

A more thorough explanation:

An assumable mortgage is a type of mortgage that can be transferred from the seller to the buyer when a property is sold. Instead of the buyer getting a new mortgage, they take over the existing mortgage. This can save the buyer money on fees and interest if the mortgage has a lower interest rate than the current market rate.

However, not all mortgages are assumable, and the transfer can only happen if the creditors agree to it and the buyer meets the financial requirements of the mortgage. The seller may still be liable for the mortgage even after the sale, unless the creditors release them from it.

For example, if John sells his house to Jane for $200,000 and the existing mortgage is $150,000, Jane can take over the mortgage instead of getting a new one. However, if the mortgage is not assumable, Jane will have to get a new mortgage for the full purchase price.

It's important for both the buyer and seller to carefully consider the benefits and risks of an assumable mortgage before agreeing to it.

association | assume

General

General chat about the legal profession.

General >T14 Off Topic

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texaslawhopefully

22:30

@KnowledgeableRitzyWasp: That all sounds great. It sounds like it has fairly diverse cuisine for a smaller city

KnowledgeableRitzyWasp

22:31

yeah there are so many good cuisines in ithaca

renard99

22:31

@lilypadfrog: that’s a pity I’da be liking them all

texaslawhopefully

22:31

Only food I’m going to miss for sure if I leave Texas is texmex

Eggan

22:31

waspy hasnt had thai food in ithaca yet. ithaca thai is so good

KnowledgeableRitzyWasp

22:32

^^^^ truuuuuu

Eggan

22:32

there are two major thai places and they have very similar names bc a divorced husband and wife own them lol

Eggan

22:32

personally i think taste of thai is better than taste of thai express but thats just me

KnowledgeableRitzyWasp

22:32

i had pho tho and it was really good and huge portions

texaslawhopefully

22:32

Glad they have good Thai food, I love Thai food! Can’t wait to visit :)

Eggan

22:33

when tex goes to ithaca i want to come

Dkk

22:34

Crying Tiger, best Thai dish.

KnowledgeableRitzyWasp

22:35

damn im so hungry all i had today was a curry tonkatsu and buldak

KnowledgeableRitzyWasp

22:35

and it was a lil baby noodle cup

KnowledgeableRitzyWasp

22:35

vvv hungry

Eggan

22:36

curry tonkatsu so yummeh

Eggan

22:36

whats even open rn? pizza?

KnowledgeableRitzyWasp

22:36

CTB is it i think

Eggan

22:37

is collegetown pizza not open

Eggan

22:37

i used to get a slice from there or wings over at like 1am after my shift at the restaurant

Dkk

22:48

Ross Ulbricht free. God Bless Trump. Huge win.

JeremyFragrance

22:54

agreed

texaslawhopefully

22:55

This is an interesting read: https://thedispatch.com/article/birthright-citizenship-trump-implications/

Dkk

23:01

I mean, idk how it's possible to end birth right citizenship without amending the constitution because to me the 14th amendment is pretty clear about it.

KnowledgeableRitzyWasp

23:02

ross ulbricht tried to hire a hitman to kill 5 people

KnowledgeableRitzyWasp

23:02

i am not that sympathetic to him

Dkk

23:04

@KnowledgeableRitzyWasp: That might have been an FBI agent. It was most likely him and he was most likely doing it to retrieve stolen funds that corrupt FBI agents stole, but yeah moral gray area but me personally, cool with hitmen. It's not like it is uncommon to hire hitmen. I don't think the action itself is necessarily wrong but the intent behind it can be.

Dkk

23:05

Like, Boeing whistblowers being killed by hitmen = wrong but a guy hiring hitmen to retrieve stolen funds = good to me.

texaslawhopefully

23:05

@Dkk: Yeah, for sure. My guess is it'll go to SCOTUS and it'll be 8-1 or 7-2, saying that EO was unconstitutional.

Dkk

23:06

Indeed. I need a count for how many exectuive orders he has signed and how many already have pending lawsuits.

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