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Assumption Agreement of Deed of Trust and Release of Original Mortgagors - Mississippi 2025

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The document is a legal form for the Assumption of Mortgage/Deed of Trust in Mississippi, provided by U.S. Legal Forms, Inc. It includes instructions for completing the forms, a disclaimer regarding the use of the materials, and a detailed agreement where a purchaser assumes the mortgage obligations from the original borrower with the lender's consent. The document outlines necessary information such as loan amounts, interest rates, and payment details, along with sections for signatures and notarization.

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What is the assumption of the deed of trust?

An Assumption Deed is a document used to transfer ownership of real estate property when the new owner assumes an existing mortgage on the property being transferred. Additionally, the new owner agrees to comply with all provisions of the existing mortgage, including making payments to the mortgage company.

What is the difference between a trust deed and a deed of trust?

A deed of trust, also called a trust deed, is the functional equivalent of a mortgage. It does not transfer the ownership of real property, as the typical deed does. Like a mortgage, a trust deed makes a piece of real property security (collateral) for a loan.

Is Mississippi a mortgage or deed of trust state?

Mississippi is a Deed of Trust state.

What is the disadvantage of a deed of trust?

As a private financing agreement, a trust deed requires loan servicing and cant be liquidated like stock. When necessary, the promissory note can be sold to regain capital and reinvest elsewhere, but liquidity is not instantaneous.

What is a deed of trust in Mississippi?

A deed of trust that pledges the borrowers residence as security for the mortgage loan, and describes the consequences if the borrower fails to make their mortgage loan payments on time.

What is the purpose of a deed of trust?

A deed of trust is an agreement between a home buyer and a lender at the closing of real property. The deed of trust, sometimes called a trust deed, states that the home buyer will repay the home loan and the mortgage lender will hold the propertys legal title until the loan is paid in full.

Assumption Agreement of Deed of Trust and Release of Original Mortgagors - Mississippi 2025

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