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The Assumption of Loan Mortgage: The Ultimate Injurious Definition
Imagine a scenario where a borrower assumes an obligation to repay a loan, even though they are unable to pay the full amount on time and owing interest. This scenario is akin to borrowing money with a promise that you can't pay it back. Let's say there was a loan outstanding at a high rate of interest, so the lender felt that borrowing enough money was within their grasp. However, due to unforeseen circumstances, such as job loss or medical emergencies, the borrower found themselves in a financial rut where they were unable to make timely payments and pay for the entire debt. This scenario is called an "Assumption of Loan Mortgage," which is often associated with a person who simply decides to borrow more than they can afford to pay back. The borrower assumes that they will always be able to keep up with their new obligations, much like they would assume a loan from a bank and expect to pay off the debt in full. An Example Sentence: "Hey there! I'm really sorry about all this, but it looks like I've been taking on too many loans. To make matters worse, I can't seem to keep up with my payments," said the borrower as they confessed their dilemma to a friend. In this scenario, "assumption of loan mortgage" is used in an edgy and unsettling manner, suggesting that while the borrower may have a desire to pay back the loan, they're unable to
