Lender-Approval
In most loan agreements, the lender will require that the new debtor is approved under their credit standards. This is to protect lenders from having a loan be transferred to uncreditworthy individuals.
Loan Assignment Agreement
A loan assignment agreement is when another entity agrees to take over the debt of someone else. This is when the debtor has changed for any type of event such as when a business or real estate is purchased. The new owner will agree to assume the debts of the past debtholder and release them from any further obligation under the loan.
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Updated September 30, 2024
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