Taking over an existing mortgage: who can, how, and what it takes
Release of liability
Desk answer
Without a written release, the original borrower can remain liable if the new owner stops paying. Servicers grant releases after approving a creditworthy buyer. Sellers should not close an assumption without confirming the release in writing.
Last reviewed against the primary sources listed below.
Get in writing
- Release of liability.
- Approval of the buyer.
Assumption questions
Am I liable after someone assumes my loan?
You can be unless the servicer releases you in writing.