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How to use or fill out Assignment of Mortgage Package - Washington
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Click ‘Get Form’ to open the Assignment of Mortgage Package in our editor.
Begin with the 'Assignment of Deed of Trust by Individual Mortgage Holder' form. Fill in the name and address of the individual mortgage holder, followed by the details of the deed of trust being assigned.
If applicable, proceed to the 'Assignment of Deed of Trust by Corporate Mortgage Holder.' Enter the corporation's name and relevant details regarding the deed.
Next, complete the 'Letter of Notice to Borrower of Assignment of Mortgage.' This letter should include a clear notification to the borrower about the assignment, ensuring all necessary information is accurately filled.
Finally, use the 'Letter to Recording Office for Recording Assignment of Mortgage' form. Provide all required information for submission to your local recording office.
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The assignment fee refers to the payment made to an individual, generally known as an assignor, for transferring their rights and obligations under a pre-existing real estate assignment contract to another party, known as the assignee.
Why is an assignment of a mortgage needed?
An assignment of mortgage transfers all the original mortgagees interest under the mortgage, including the lien and the right to foreclose if the borrower defaults, to the new bank. It is supposed to be recorded with the county to reflect who holds the mortgage interest.
How does a mortgage assignment work?
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.
Does an assignment of a mortgage need to be recorded?
Therefore, for a transfer of a mortgagees interest to be effective, it is necessary to record an assignment of a mortgage in the land records. In the Real Property Article, deed of trust and mortgage are defined separately.
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