Home > Personal > Personal Lending > Mortgage > Mortgage Resources > Glossary > Assumption Clause Assumption Clause November 9, 2021 A provision in an assumable mortgage that allows a buyer to assume responsibility for the mortgage from the seller. The loan does not need to be paid in full by the original borrower upon sale or transfer of the property.You Might Also Like: Living QuartersFirst-Time Homebuyer’s Playbook: 4 Steps to a Successful Offer Everyday MoneyBank Holidays: Understanding Their Impact on Deposits and Transactions Living QuartersMortgage Lending for Veterans at Bank Five Nine All Things CommunityReviewing Random Acts of Kindness 2023 Everyday MoneyWhat are ACH Payments and How Do They Work?
