An assignment of mortgage is a legal document that transfers ownership of a mortgage from one party to another. The original lender (known as the assignor) transfers their interest in the mortgage to the new lender (known as the assignee). This type of transaction is often used when a borrower refinances their home loan with a new lender.

What is an Assignment of Mortgage

An assignment of mortgage is the transfer of the mortgage from the original borrower to a third party. This third party is usually the lender. The assignment of a mortgage can be used to transfer the mortgage to another borrower or to another lender.

The Process of an Assignment of Mortgage

An assignment of mortgage is a legal document that transfers the interest of a mortgage from the original lender to a third party. The third party becomes responsible for making loan payments to the borrower. This type of arrangement is often used when the original lender wants to sell the mortgage to another party, such as an investor.

The assignment of mortgage must be prepared by a licensed attorney or notary public and filed with the county recorder’s office. The document should include the names of the original lender and borrower, as well as the name of the third-party who is assuming responsibility for the loan. The document should also include a description of the property that is being mortgaged and the amount of money that is owed on the loan.

The Benefits of an Assignment of Mortgage

An assignment of mortgage is a legal document that assignments the rights of the mortgage to another party. The new party becomes responsible for making payments on the mortgage. There are many benefits to assigning a mortgage, including:

-The new party may be able to get a lower interest rate on the mortgage.

-The new party may be able to get a longer term for the mortgage.

-The new party may be able to get a lower monthly payment.

-The new party may be able to get better terms and conditions on the mortgage.

Conclusion

An assignment of mortgage is a document that assigns the rights to collect mortgage payments from a borrower to a new lender. This is done when the original lender sells the mortgage loan to another company, or when the borrower refinances their loan with a new lender. The assignment of mortgage must be recorded in public records so that everyone is aware of the change in ownership.