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Do you have to record an assignment of mortgage?

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.

Can a mortgagor assign a mortgage?

In most circumstances, a mortgage cant be transferred from one borrower to another. Thats because most lenders and loan types dont allow another borrower to take over payment of an existing mortgage.

Is an assignment of mortgage a foreclosure?

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.

What does assigning a mortgage mean?

An assignment of mortgage is a legal term that refers to the transfer of the security instrument that underlies your mortgage loan aka your home. When a lender sells the mortgage on, an investor effectively buys the note, and the mortgage is assigned to them at this time.

Who completes an assignment of mortgage?

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.

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