HomeSite MapCompareFinanceDebtCasino AssumptionThe mortgage definition for Assumption:When a buyer assumes the loan payments and obligations of the seller. If the buyer defaults, however, both the buyer and seller are responsible for the debt. Similar MatchesAssumption clauseAssumption clauseA clause stating that the seller has passed to the buyer full responsibility for the mortgage on the property. Often, an assumption fee must be paid to the mortgage lender. Click to compare definitions of Assumption Click to view definitions beginning as |