Finance
An 'assumption' of a Mississippi mortgage requires:
ANo documentation; the buyer simply takes over payments
BLender approval (unless the loan is assumable without qualification) and the buyer qualifying to take over the loan✓ Correct
CMREC approval
DA new appraisal only
Explanation
Most modern mortgages contain due-on-sale clauses requiring lender approval before assumption. The lender typically requires the buyer to qualify for the loan. FHA and VA loans may be assumable with or without full qualification depending on the loan date.
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