assumption of mortgage

The purchaser of property may promise the vendor that he will assume the obligation to keep up the mortgage payments. In such event, the mortgagee may generally enforce this promise against the purchaser, and in addition to his right to foreclose in the event of nonpayment the mortgagee may also recover from the purchaser (or from the vendor) any deficiency between the proceeds of the foreclosure sale and the amount still owing on the mortgage. Also see subject to mortgage.

单词	assumption of mortgage
释义	assumption of mortgage assumption of mortgage The purchaser of property may promise the vendor that he will assume the obligation to keep up the mortgage payments. In such event, the mortgagee may generally enforce this promise against the purchaser, and in addition to his right to foreclose in the event of nonpayment the mortgagee may also recover from the purchaser (or from the vendor) any deficiency between the proceeds of the foreclosure sale and the amount still owing on the mortgage. Also see subject to mortgage.
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