Under the contract between Kramer and Sweeney, the deep pocket mortgage does not consent to the assumption of Kramer's loan. Kramer may terminate but Sweeney is refunded the earnest money.
<h3>What is a mortgage?</h3>
A mortgage is a contract between you and a lender that provides the lender the right to repossess your property if you don't pay back the loaned funds for the purchase or refinance of a house.
A mortgage is a form of loan, much like an auto loan or financing for jewelry, to put it simply. In particular, it is a loan taken out to purchase or refinance a home.
Numerous distinct sorts of financial transactions might be referred to as loans.
The principle loan amount is $250,000, for instance, if a person obtains a mortgage to buy a house for $250,000. A 20% down payment is usually preferred by lenders when financing the purchase of a property.
The deep pocket mortgage does not agree to the assumption of Kramer's loan in accordance with the terms of the agreement between Kramer and Sweeney. Kramer may resign, but Sweeney will get her earnest money back.
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