Q: What is an assumption deed and how is it used in a divorce?
So does that give the disposed spouse full ownership of the property?
A: You are most likely talking about a Deed of Trust to Secure Assumption. In a divorce proceeding, if a residence has a mortgage and is awarded to one spouse, that spouse typically signs a Deed of Trust to Secure Assumption in favor of the dispossessed spouse to secure the payment or refinance of the mortgage loan. If the spouse to whom the residence has been awarded fails to pay the mortgage, the dispossessed spouse can foreclose on the Deed of Trust to Secure Assumption to satisfy the mortgage loan.
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