Assignment of Mortgage Package - Michigan 2025

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An assignment transfers all the original mortgagees interest under the mortgage or deed of trust to the new bank. Generally, the mortgage or deed of trust is recorded shortly after the mortgagors sign it, and, if the mortgage is subsequently transferred, each assignment is recorded in the county land records.
In a mortgage assignment, your original lender or servicer transfers your mortgage account to another loan servicer. When this occurs, the original mortgagee or lenders interests go to the next lender. Even if your mortgage gets transferred or assigned, your mortgages terms should remain the same.
An award-winning writer with more than two decades of experience in real estate. The bank or other mortgage lender that provides a borrower with the funds to purchase a home often later transfers or assigns its interest in the mortgage to another firm.
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An assignment transfers all the original mortgagees interest under the mortgage or deed of trust to the new bank. Generally, the mortgage or deed of trust is recorded shortly after the mortgagors sign it, and, if the mortgage is subsequently transferred, each assignment is recorded in the county land records.
At closing, borrowers sign a document granting the original lender the right to assign the mortgage elsewhere. This means the original lender doesnt have to ask for permission to assign the mortgage but can do so whenever it wants to.
The most common example of an Assignment of Mortgage is when a mortgage lender transfers/sells the mortgage to another lender. This can be done more than once until the balance is paid. The lender does not have to inform the borrower that the mortgage is being assigned to another party.
An assignment of mortgage gives the loan sellers rights under the mortgage, including the right to foreclose if the borrower doesnt make payments, to the new owner of the loan.
Assignment of Mortgage The Basics. When your original lender transfers your mortgage account and their interests in it to a new lender, thats called an assignment of mortgage. To do this, your lender must use an assignment of mortgage document. This document ensures the loan is legally transferred to the new owner.

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