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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.

Who assigns a mortgage?

Banks use assignments and endorsements to transfer mortgages, deeds of trust, and promissory notes to other banks. When you take out a loan to buy a home, youre usually required to sign two documents: a mortgage (or deed of trust) and a promissory note.

Can a mortgage be assigned to another person?

You can transfer a mortgage to someone else as long as the loan is assumable. The new borrowers will be treated as if they were initiating a new loan for themselves. If your mortgage is not assumable, you still have options even if your lender says no.

Does an assignment of mortgage get recorded?

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.

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.

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