"Loan assumption" refers to a situation where someone takes over and promises to repay an existing loan that was originally taken out by someone else. Full definition
The laws on loan assumption vary from state to state. (creditabsolute.com)
If loan assumption isn't an option through your lender the next step is trying to refinance with another mortgage company. (creditabsolute.com)
Her experience includes representation of lenders in connection with loan assumptions, workouts, and modifications, foreclosure proceedings, and REO sales. (tklaw.com)