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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.

How does an assignment of mortgage 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.

Why would a borrower want to assign a mortgage loan?

The assignment of mortgage occurs because without a security instrument attached to the sale (aka the mortgage), this purchasing investor could, in theory, receive monthly mortgage payments, but hold no legal right to take action if you defaulted on making timely payments.

Who signs a mortgage assignment?

Home buyers will sign many papers as part of the closing process on the purchase of a piece of property. However, the two most important include the mortgage note (which includes all of the terms regarding the repayment of the debt) and a mortgage.

What does it mean when a mortgage is assigned?

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.

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