Finance
When a buyer assumes an existing mortgage, they:
ATake over the loan obligations and the seller is fully released from liability
BTake over payment obligations but the seller may remain secondarily liable✓ Correct
CMust refinance the loan into their own name
DAutomatically receive a lower interest rate
Explanation
When a buyer assumes a mortgage, they take over the payment obligations. However, the original seller may remain secondarily liable unless the lender specifically releases them through a novation agreement.
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