Billy Bob briefly considered and then rejected a deal because of the “obvious” undesirable (to the borrower) terms embedded in the assumable mortgage on the property. That undesirable nature of the mortgage was a direct function of two options exchanged at closing between a prior buyer of the property and the existing mortgage holder. What are those two options? Be precise. (Answer?)?
We have formed a society in our college council where we provide e-resources to our subscribers related to exam material. I personally thought of including this question in it as well, because it is often tested in our exams. Please elaborate it.