Are you in the process of assuming a mortgage but feeling unsure about how to communicate with the lender, seller, or other parties involved?
Crafting effective letters is crucial to ensuring a smooth and successful mortgage assumption.
Sample Letters of Assumption Mortgage
In this article, we have compiled 15 sample letters that cover various scenarios you may encounter during the assumption process.
From requesting the lender’s consent to notifying the seller of your intent to assume, these templates will provide you with the guidance and inspiration needed to create your compelling letters.
Let’s dive in and explore these essential communication tools!
Letter 1: Request for Lender’s Consent to Assume Mortgage
Subject: Request for Consent to Assume Mortgage – [Property Address]
Dear [Lender],
I am writing to formally request your consent to assume the mortgage on the property located at [Property Address]. The current mortgage holder, [Seller’s Name], has agreed to allow me to assume the existing mortgage, subject to your approval.
I have thoroughly reviewed the terms and conditions of the mortgage and am prepared to undertake the financial responsibilities associated with assuming the loan. Please find attached my completed application for assumption, along with the required documentation supporting my financial ability to fulfill the mortgage obligations.
I kindly request your prompt review of my application and look forward to receiving your written consent to proceed with the assumption process. Should you require any additional information or have any questions, please do not hesitate to contact me at [Your Contact Information].
Thank you for your attention to this matter.
Sincerely,
[Your Name]
Letter 2: Notification to Seller of Intent to Assume Mortgage
Subject: Notification of Intent to Assume Mortgage – [Property Address]
Dear [Seller],
I am writing to formally notify you of my intent to assume the mortgage on the property located at [Property Address], as per our previous discussions and agreements. I have thoroughly reviewed the terms and conditions of the existing mortgage and am prepared to undertake the financial responsibilities associated with assuming the loan.
I have submitted my application for assumption to the lender, [Lender’s Name], along with the required documentation supporting my financial ability to fulfill the mortgage obligations. I anticipate receiving their written consent to proceed with the assumption process shortly.
As we move forward with the assumption, I kindly request your cooperation in providing any necessary documentation or information required by the lender to facilitate a smooth transfer of the mortgage. Please keep me informed of any updates or correspondence you receive from the lender regarding the assumption process.
Thank you for your assistance in this matter. I look forward to completing the mortgage assumption and beginning this new chapter as the owner of [Property Address].
Sincerely,
[Your Name]
Letter 3: Request for Mortgage Assumption Package from Lender
Subject: Request for Mortgage Assumption Package – [Property Address]
Dear [Lender],
I am writing to request a complete mortgage assumption package for the property located at [Property Address]. I have reached an agreement with the current mortgage holder, [Seller’s Name], to assume the existing mortgage, subject to your approval.
To proceed with the assumption process, I kindly request that you provide me with all the necessary forms, documents, and instructions required to complete the application for assumption. Please include information regarding any fees associated with the assumption process and an estimated timeline for review and approval.
I am eager to begin the assumption process and look forward to receiving the mortgage assumption package at your earliest convenience. Should you require any additional information from me at this stage, please do not hesitate to contact me at [Your Contact Information].
Thank you for your assistance in this matter.
Sincerely,
[Your Name]
Letter 4: Explanation of Assumption Terms to Seller
Subject: Explanation of Assumption Terms – [Property Address]
Dear [Seller],
As we progress towards the assumption of the mortgage on the property located at [Property Address], I wanted to take a moment to clarify the terms and conditions of the assumption process to ensure we are both on the same page.
Per our agreement, I will be assuming the existing mortgage on the property, which currently has an outstanding balance of [Mortgage Balance] with an interest rate of [Interest Rate]% and a remaining term of [Remaining Term]. I will be responsible for making the monthly mortgage payments directly to the lender, [Lender’s Name], starting from the date of assumption.
In addition to assuming the mortgage, I will also be assuming responsibility for any outstanding property taxes, insurance premiums, and other related expenses associated with the property from the date of assumption onwards.
As the seller, you will remain liable for any mortgage payments, property taxes, insurance premiums, and other related expenses up until the date of assumption. It is important to ensure that all payments are up to date and that the mortgage account is in good standing before the assumption.
If you have any questions or concerns regarding the assumption terms, please do not hesitate to reach out to me. I am committed to ensuring a smooth and transparent assumption process for both parties involved.
Thank you for your cooperation in this matter.
Sincerely,
[Your Name]
Letter 5: Request for Extension of Assumption Approval from Lender
Subject: Request for Extension of Assumption Approval – [Property Address]
Dear [Lender],
I am writing to request an extension of the assumption approval for the mortgage on the property located at [Property Address]. Your institution previously granted conditional approval for me to assume the mortgage, with an expiration date of [Original Expiration Date].
Due to unforeseen circumstances, the assumption process has been delayed, and I am now seeking a 30-day extension of the approval to allow sufficient time for the completion of all necessary steps and documentation.
I remain fully committed to assuming the mortgage and have been diligently working towards fulfilling all the conditions outlined in the original approval. I have attached an updated timeline outlining the steps I have taken thus far and the anticipated completion dates for the remaining requirements.
I greatly appreciate your consideration of this request for an extension. Should you require any additional information or have any questions, please do not hesitate to contact me at [Your Contact Information].
Thank you for your continued assistance and cooperation in this matter.
Sincerely,
[Your Name]
Letter 6: Notification to Homeowners Association of Mortgage Assumption
Subject: Notification of Mortgage Assumption – [Property Address]
Dear [Homeowners Association],
I am writing to formally notify you that I will be assuming the mortgage on the property located at [Property Address], effective [Assumption Date]. The current mortgage holder, [Seller’s Name], has agreed to allow me to assume the existing mortgage, and the lender, [Lender’s Name], has granted their approval for the assumption.
As the new mortgage holder, I will be responsible for making the monthly mortgage payments directly to the lender starting from the date of assumption. I have reviewed the terms and conditions of the mortgage and am fully prepared to undertake the financial responsibilities associated with assuming the loan.
Please update your records to reflect this change in mortgage ownership and direct any future correspondence or notices related to the property to my attention at [Your Contact Information].
I look forward to being a part of the [Homeowners Association] community and working together to maintain the value and integrity of our neighborhood.
Should you have any questions or require any additional information, please do not hesitate to contact me.
Sincerely,
[Your Name]
Letter 7: Notification to Insurance Provider of Mortgage Assumption
Subject: Notification of Mortgage Assumption – [Property Address]
Dear [Insurance Provider],
I am writing to inform you that I will be assuming the mortgage on the property located at [Property Address], effective [Assumption Date]. The current mortgage holder, [Seller’s Name], has agreed to allow me to assume the existing mortgage, and the lender, [Lender’s Name], has granted their approval for the assumption.
As the new mortgage holder, I will be responsible for maintaining adequate insurance coverage on the property and making the necessary premium payments. I kindly request that you update your records to reflect this change in mortgage ownership and transfer the existing insurance policy to my name.
Please find attached a copy of the lender’s approval for the mortgage assumption, along with my completed application for insurance coverage. I would appreciate your prompt attention to this matter to ensure continuous insurance protection for the property.
Should you require any additional information or have any questions, please do not hesitate to contact me at [Your Contact Information].
Thank you for your assistance in this matter.
Sincerely,
[Your Name]
Letter 8: Request for Escrow Account Transfer to Assuming Borrower
Subject: Request for Escrow Account Transfer – [Property Address]
Dear [Lender],
I am writing to request the transfer of the escrow account associated with the mortgage on the property located at [Property Address]. As you are aware, I have recently assumed the mortgage from the previous owner, [Seller’s Name], with your institution’s approval.
To ensure a smooth transition and the continued payment of property taxes and insurance premiums, I kindly request that you transfer the existing escrow account to my name and update your records accordingly. Please provide me with the necessary documentation and instructions to facilitate this transfer.
I understand that there may be a review process to determine the appropriate escrow account balance based on the current property tax and insurance obligations. I would appreciate your prompt attention to this matter to avoid any disruptions in the payment of these essential expenses.
Should you require any additional information or have any questions, please do not hesitate to contact me at [Your Contact Information].
Thank you for your assistance in this matter.
Sincerely,
[Your Name]
Letter 9: Request for Confirmation of Mortgage Assumption Completion
Subject: Request for Confirmation of Mortgage Assumption Completion – [Property Address]
Dear [Lender],
I am writing to request confirmation that the mortgage assumption process for the property located at [Property Address] has been completed. As per our previous correspondence and the lender’s approval, I have fulfilled all the requirements and conditions for assuming the mortgage from the previous owner, [Seller’s Name].
To finalize the assumption process and for my records, I kindly request that you provide me with a written confirmation stating that the mortgage has been officially transferred to my name and that I am now recognized as the primary borrower on the loan.
Please include the following information in the confirmation letter:
– The original mortgage loan number and the new loan number (if applicable)
– The date of the official transfer of the mortgage
– The current outstanding balance of the mortgage
– The interest rate and the remaining term of the mortgage
– Any other relevant details on the assumed mortgage
I would appreciate your prompt attention to this request, as having a written confirmation of the completed mortgage assumption is essential for my financial records and future reference.
Thank you for your assistance throughout the assumption process. Should you have any questions or require any additional information, please do not hesitate to contact me at [Your Contact Information].
Sincerely,
[Your Name]
Letter 10: Introduction Letter to New Mortgage Servicer After Assumption
Subject: Introduction as New Borrower After Mortgage Assumption – [Property Address]
Dear [New Mortgage Servicer],
I am writing to introduce myself as the new borrower for the mortgage on the property located at [Property Address]. I recently completed the assumption of this mortgage from the previous owner, [Seller’s Name], with the approval of the original lender, [Original Lender].
As per the notice I received, the servicing of this mortgage has been transferred to your institution, effective [Transfer Date]. I want to take this opportunity to establish communication with you and ensure a smooth transition of the mortgage servicing.
Please find attached a copy of the lender’s approval for the mortgage assumption, along with the confirmation of the completed assumption process. I kindly request that you update your records to reflect my information as the new borrower on this mortgage.
I would also appreciate if you could provide me with the following information:
– The new loan number assigned to my mortgage
– The due date and amount of my first mortgage payment to your institution
– Instructions on how to set up automatic payments or online access to my mortgage account
– Contact information for your customer service department
I look forward to working with you and ensuring the timely payment of my mortgage obligations. Should you require any additional information or have any questions, please do not hesitate to contact me at [Your Contact Information].
Thank you for your attention to this matter.
Sincerely,
[Your Name]
Letter 11: Notification to Credit Reporting Agencies of Mortgage Assumption
Subject: Notification of Mortgage Assumption – [Property Address]
Dear [Credit Reporting Agency],
I am writing to notify you that I have recently assumed the mortgage on the property located at [Property Address]. The assumption was completed on [Assumption Date] with the approval of the lender, [Lender’s Name].
As the new primary borrower on this mortgage, I request that you update your records to reflect this change in responsibility. Please find attached a copy of the lender’s approval for the mortgage assumption and the confirmation of the completed assumption process.
It is important to me that my credit report accurately reflects my mortgage obligations. Therefore, I kindly ask that you:
– Remove the assumed mortgage from the previous owner’s credit report, as they are no longer responsible for the loan
– Add the assumed mortgage to my credit report, showing the date of assumption and the current outstanding balance
– Ensure that any future payments made on this mortgage are reported under my name and credit profile
Should you require any additional information or documentation to process this request, please do not hesitate to contact me at [Your Contact Information]. I would appreciate your prompt attention to this matter to maintain the accuracy of my credit report.
Thank you for your assistance.
Sincerely,
[Your Name]
Letter 12: Request for Release of Liability for Previous Borrower
Subject: Request for Release of Liability – [Property Address]
Dear [Lender],
I am writing to request a release of liability for [Seller’s Name], the previous borrower on the mortgage for the property located at [Property Address]. As you are aware, I recently assumed this mortgage with your institution’s approval, and the assumption process was completed on [Assumption Date].
As part of the assumption agreement, [Seller’s Name] has fulfilled its obligations and is no longer responsible for the mortgage payments or any other liabilities associated with the loan. Therefore, I kindly request that you issue a formal release of liability for [Seller’s Name], absolving them of any further responsibilities related to this mortgage.
Please provide a written confirmation of the release of liability, which should include:
– The original mortgage loan number
– The date of the mortgage assumption
– A statement confirming that [Seller’s Name] is released from all liabilities and obligations related to the mortgage as of the assumption date
I would appreciate your prompt attention to this request, as it is essential for [Seller’s Name] to have documented proof of their release of liability for their personal records and future reference.
Should you require any additional information or have any questions, please do not hesitate to contact me at [Your Contact Information].
Thank you for your assistance in this matter.
Sincerely,
[Your Name]
Letter 13: Request for Loan Modification After Mortgage Assumption
Subject: Request for Loan Modification After Mortgage Assumption – [Property Address]
Dear [Lender],
I am writing to request a loan modification for the mortgage on the property located at [Property Address], which I recently assumed from the previous owner, [Seller’s Name], with your institution’s approval.
After reviewing my financial situation and the current terms of the mortgage, I believe that a loan modification would be beneficial to ensure the long-term sustainability of my homeownership. I am proposing the following modifications:
– [Proposed Modification 1] – [Proposed Modification 2] – [Proposed Modification 3]
I understand that a loan modification requires a thorough review of my financial circumstances and is subject to your institution’s approval. To support my request, I have attached the following documentation:
– Proof of income
– Bank statements
– Tax returns for the past two years
– A hardship letter explaining my current financial situation
I am committed to finding a mutually beneficial solution that allows me to continue making timely mortgage payments while ensuring the stability of my financial future. I am open to discussing alternative modification options and working closely with your institution to find the best path forward.
Please review my request and the attached documentation at your earliest convenience. I am eager to engage in a dialogue with you to address any questions or concerns you may have.
Thank you for your consideration of my loan modification request. I look forward to hearing back from you soon.
Sincerely,
[Your Name]
Letter 14: Request for Assumption Fee Waiver
Subject: Request for Assumption Fee Waiver – [Property Address]
Dear [Lender],
I am writing to request a waiver of the assumption fee for the mortgage on the property located at [Property Address]. As you are aware, I am in the process of assuming this mortgage from the current owner, [Seller’s Name], and have submitted all the necessary documentation for your review and approval.
After carefully reviewing my financial situation and the costs associated with the assumption process, I have determined that the assumption fee of [Assumption Fee Amount] would pose a significant financial burden. I kindly request that you consider waiving this fee to facilitate the successful completion of the mortgage assumption.
I understand that granting a fee waiver is at your institution’s discretion. However, I believe that my strong credit history, stable income, and commitment to assuming the responsibilities of the mortgage warrant consideration for this request.
To support my request, I have attached the following additional documentation:
– Detailed explanation of my financial hardship
– Evidence of my consistent payment history on other financial obligations
– Letters of recommendation from professional references attesting to my financial responsibility
I assure you that if the assumption fee is waived, I will remain dedicated to fulfilling all the obligations associated with the assumed mortgage and will make timely payments to ensure the continued good standing of the loan.
Please review my request and the attached documentation. I am happy to provide any additional information you may require to make an informed decision regarding the fee waiver.
Thank you for your consideration and your continued support throughout the mortgage assumption process.
Sincerely,
[Your Name]
Letter 15: Notification of Assumption Cancellation
Subject: Notification of Assumption Cancellation – [Property Address]
Dear [Lender],
I regret to inform you that I have decided to cancel my application to assume the mortgage on the property located at [Property Address]. After careful consideration of my personal and financial circumstances, I have determined that proceeding with the assumption at this time is not in my best interest.
Please accept this letter as formal notification of my intention to withdraw from the mortgage assumption process. I understand that any fees paid up to this point may be non-refundable, as per your institution’s policies.
I want to express my gratitude for your assistance and guidance throughout the assumption process. Your professionalism and support have been greatly appreciated.
Please confirm receipt of this notification and provide me with any necessary instructions to complete the cancellation process. If there are any outstanding documents or actions required from my end, kindly advise me accordingly.
Once again, thank you for your understanding and cooperation in this matter.
Sincerely,
[Your Name]
Conclusion
The mortgage assumption process involves various stages of communication with lenders, sellers, and other relevant parties.
By utilizing these 15 sample letters as a starting point, you can effectively navigate the assumption process and ensure that all stakeholders are well-informed and aligned.
Remember to customize these templates to your specific situation and always maintain a professional and courteous tone in your correspondence.
With clear and timely communication, you can successfully assume a mortgage and take a significant step towards homeownership.