Assignment Mortgage

Mortgage assignment is a common practice among lenders.A mortgage deed, also called a deed of trust or trustee's deed or deed of trustee, gives a lender a security interest in the property mortgaged in return for money received.A note has details like amount owed, term of loan, etc. The mortgage is the means through which a borrower pledges or mortgages property as security for money received.

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Once an assignment is recorded, a new lender stands in the shoes of the original lender.An assignment of mortgage is a written document which serves as proof of transfer of a loan obligation from the original borrower to a third party.When a loan is sold in the secondary market, the bank is no longer the owner of the note and mortgage.The investor third party is only concerned about reaping mortgage assignment profit from the mortgage assignment investing deal s/he has entered into and has no regard for the financial well being of the parties involved.Mortgage assignment, also called assignment of trustee's deed or assignment of deed of trustee, is the process of selling an existing mortgage to a third party.Click here to view our sample mortgage assignment form, also referred to as an assignment of mortgage form or mortgage assignment letter.One drawback of mortgage assignment is that it all depends on a third party.Generally, a title search of the property is conducted to determine whether an assignment of mortgage has been recorded.If an assignment does exist, it may be a defense to delay your case and/or prevent foreclosure of your property.Although a lender is not required to inform a borrower prior to mortgage assignment, s/he must send a notification after a mortgage sale has taken place informing the borrower how to make mortgage payments in the future.The borrower can negotiate mortgage terms with the new lender and seek mortgage modification.


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