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Source Real Property Real Property Matched to this deck.

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Borrower sells mortgaged land to Buyer. The deed states that Buyer "assumes and agrees to pay" the mortgage debt. The lender does not release Borrower.
Which statement is most accurate?

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Assumption releases the original borrower even if the lender objects. Assumption turns the mortgage into a lease. The assuming buyer may be personally liable on the mortgage debt, and the original borrower remains liable unless released by the lender. The assuming buyer is never personally liable because only the original borrower signed the note.

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