Finance
In Hawaii, what does 'assumption of mortgage' mean?
AA. The buyer takes title subject to the existing mortgage but is not personally liable
BB. The buyer takes over personal responsibility for the existing mortgage with lender approval✓ Correct
CC. The lender assumes the property in lieu of foreclosure
DD. The seller guarantees the buyer's mortgage payments
Explanation
Assumption means the buyer takes over personal liability for the existing mortgage. Subject-to means taking title with the mortgage in place but without personal liability.
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