asked 62.3k views
2 votes
A mortgage assumption on a settlement statement would appear as a?

1) Credit to the seller
2) Balance factor
3) Debit to the buyer
4) Credit to the buyer

asked
User ICaramba
by
7.8k points

1 Answer

1 vote

A mortgage assumption on a settlement statement would appear as a credit to the seller.

A mortgage assumption on a settlement statement would appear as a credit to the seller.

When a mortgage is assumed, the buyer takes over the existing mortgage loan from the seller. The seller is credited for the amount of the mortgage loan on the settlement statement, as the buyer will be responsible for making future mortgage payments.

answered
User Kiran Sk
by
8.3k points
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