Finance
What is 'mortgage assumption' in Delaware?
AThe lender takes over the property after foreclosure
BA buyer takes over the seller's existing mortgage obligation with lender approval✓ Correct
CThe seller assumes personal liability for the buyer's new mortgage
DA co-signer assumes part of the mortgage obligation
Explanation
Mortgage assumption occurs when a buyer takes over the seller's existing mortgage loan (with the lender's approval, unless it is an assumable loan), agreeing to be personally liable for the debt.
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