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What is corporate assignment of mortgage mean?

In essence, it simply means that your lender has sold your mortgage note to a government-sponsored enterprise (GSE) or a private investor. Having effectively transferred your debt to another servicer, it likewise means that going forward from a set date, youll be making payments to the new loan holder.

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.

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.

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.

Why would a lender want to assign a mortgage loan?

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.

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