what is the meaning of “deed of sale with assumption of mortgage”?
my parents had these house&lot loaned for many years now, until i learned that these property’s are not being paid regulary, supposed to be on monthly basis, and now on the foreclosure situation by the bank and/or the company who handles the property. i made some inquiries on how to be save these house&lot and i learned that they can still continue to pay it thru me and of course,also on monthly basis.if, for example,
I completely paid these house&lot, does the land title can be tansfered to my name. i made an inquiry on a lawyer and she told me that my parents should execute this ” deed of sale with assumption of mortage”. whats the use of these “deed of sale with assumption of mortgage”. does these “papers” automatically transfers their name to my name on the land title. if not, can i use these “papers” to transfer it from their name to my name.