Complete Legal Alaska Mortgage Assignment Forms For Free

Both the Courts and several years of case law hold that the actual mortgage is a nullity. It is the note that controls the ownership of the loan, and by operation of fiction, whoever holds the note will hold an equity right to foreclosure irrespective of who holds or has the 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.

Mortgages are assigned using a document called an assignment of mortgage. This legally transfers the original lender's interest in the loan to the new company. After doing this, the original lender will no longer receive the payments of principal and interest.

An "assignment" is the document that is the legal record of this transfer from one mortgagee to another. In a typical transaction, when the mortgagee sells the debt to another bank, an assignment is recorded, and the promissory note is endorsed (signed over) to the new bank.

A disadvantage of a mortgage assignment is the consequences of failing to record it. Under most state laws, an entity seeking to institute foreclosure proceedings must record the assignment before it can do so. If a mortgage is not recorded, the judge will dismiss the foreclosure proceeding.

An assignment transfers all the original mortgagee's 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.

The release assignment must be recorded at the local land office in order to be valid. It contains a legal description of the property, the borrower's name, the title company's contact info and the date the release takes effect. A copy of the release is sent to the borrower and should be kept for future reference.