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<br />NOTICE TO HOMEOWNER <br /> <br />88-101632 <br /> <br />Assumption of HUD/FHA-Insured Mortgages <br /> <br />You are legally obligated to make the monthly payments required by your mortgage (deed of trust) and <br />promissory note. <br /> <br />If you sell your home by letting a purchaser assume your mortgage, you are still liable for the mortgage <br />unless you obtain a release of liability from your mortgage lender. You may obtain a release of liability <br />by having the credit of your purchaser approved by HUDtFHA or your lender and having your lender <br />complete FHA Form 2210.1 - ; 'Approval of Purchaser and Release of Seller." <br /> <br />If you sell your property but do not obtain a release of liability and if the purchaser assumes responsibility <br />fOt the debt rather than merely taking title subject to the mortgage, then both you snd the purchaser of <br />your property will be liable, both individually and jointly. for any default for a period of 5 years following <br />the date of assumption. After 5 years, only the purchaser will remain liable unless Ihe mortgage is in default <br />al the time the 5 year period expires. If the purchaser takes tlUe subject to the mortgage without assuming <br />personal liability for the debt. you will remain liable for the full term of the loan. <br /> <br />If you wish to pursue being released from liability, you should get in touch with your mortgage lender. <br /> <br />Questions concerning your release of liability should be directed to your mortgage lender or you should <br />get in touch with the Housing Management Staff of your local HUD office. Your lender can provide you <br />with the address of your local HUD office. <br /> <br />You must sign and date this notice as indicated. return one copy to your lender as proof of notification <br />and keep one copy for your records. <br /> <br />3/3/,/ff <br /> <br />Date <br /> <br />X <br />Morgagor <br /> <br /> <br />, <br />.". <br /> <br />Oato <br /> <br />X <br />Co-Mortgagor <br /> <br />INSTRUCTION ........ <br />TO LENDER ~ <br /> <br />A copy of this Notice must be given to the mortgagor on or before <br />the date of settlement. You should retain signed copy in the <br />origination file. <br /> <br />:r. <br /> <br />Form 4837 {BeOll <br /> <br />~~lC: ~O:(J!:... ':A....i. u.-:t:L~ ,-A'i~ ~.JI.:ss. ~OC""'I!';, '4_ <br />~l~ '.f.l::.l~?:;'1.n.~.1-A' f1-Ii:l'..l~;"U.:1}'(LI &'[.;'4.).01::1'" <br /> <br />L <br /> <br />~ <br /> <br />L <br />