Finance
In Massachusetts, the 'assumption' of a mortgage means the buyer:
AApplies for a new mortgage to replace the seller's existing loan
BTakes over the seller's existing mortgage and becomes personally liable for it (with lender approval)✓ Correct
CAssumes the seller's identity for loan purposes
DSimply takes possession of the property
Explanation
Assuming a mortgage means the buyer takes over the seller's existing loan, agrees to its terms, and becomes personally responsible for repayment. Most conventional mortgages require lender approval for assumption.
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