What is an assignment of mortgage?
Lenders, or holders of mortgages or deeds of trust, often assign mortgages or deeds of trust to other lenders, or third parties. When this is done, the assignee (person who received the assignment) steps into the place of the original lender or assignor. To effectuate an assignment, the general rule is that the assignment must be in proper written format and recorded to provide notice of the assignment.
Assignment of Mortgage Packages:
Frequently Asked Questions
What is the proper format for an assignment?
USLF's Assignment forms are researched on a state-by-state basis, and tailored to reflect the statutory requirements of each state. Proper court names and filing terminology are included for each state. A "preview" is available for these forms in order to allow you to view it before deciding whether or not to purchase the form.
Are witness and acknowledgment requirements addressed?
If a state's statutes require a witness or witnesses to the execution (signing) of the Assignment document, witness blanks are provided on the form. If the Assignment form must be signed in the presence of a Notary Public (a requirement in many states) the proper statutory acknowledgment form and/or appropriate blanks for the Notary's signature and stamp are provided.
Are assignment forms for both corporate and individual assignors available?
Yes. Both types of forms are available from USLF. The corporate variety meets statutory requirements for an assignment by a corporation, while the individual version of the form is for use by individual mortgagees/ deed holders who wish to assign the mortgage/deed of trust to another individual or entity. A "preview" is available for these forms in order to allow you to view it before making your decision to purchase.
What other considerations are important?
When a mortgage or deed of trust is assigned to a new owner/creditor, the transaction must be accompanied by written notice of the change to the debtor. The debtor will now be making payments to the new creditor, and it is vital that the new payment address and other details be known to the debtor. Failure to notify the debtor of the new payment details may result in delays and other problems including lost revenue.
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