Get AVID Assignment Log 2015-2024

In a deed of trust, the borrower is called the trustor and the lender is the beneficiary. The trustee holds title to the property until the trustor has fully repaid the loan to the beneficiary, at which time the lender notifies the trustee, who then transfers full title of the property to the trustor.

Depending on where you live, you likely either signed a mortgage or a deed of trust, which is similar to a mortgage, when you took out a loan to buy your home. With a mortgage, the two parties to the contract are: the mortgagor (the borrower) and. the mortgagee (the lender).

Mortgage loans are a type of secured loan therefore one commonality among all mortgage loans is the pledging of real estate collateral. In a mortgage loan the mortgagor is the party receiving the loan and the mortgagee is the party offering the loan.

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.

The three players involved in a deed of trust are: The “trustor,” also known as the borrower. The “trustee,” typically a title company with the power of sale, legal title to the real property, and the ability to hold a nonjudicial foreclosure. The “beneficiary,” also known as the lender.

When your mortgage lender decides he wants to sell your mortgage loan to another lender, your mortgage lender will sign an assignment of deed of trust in favor of the new lender. This assignment gives the new lender the same lien on your property that your original lender had under the mortgage loan.

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.

A deed of assignment refers to a legal document that records the transfer of ownership of a real estate property from one party to another. It states that a specific piece of property will belong to the assignee and no longer belong to the assignor starting from a specified date.

The mortgagor, typically the homeowner in a home-mortgage situation, is the entity receiving or asking for a loan. The mortgagee is the bank or lending institution issuing the mortgage loan.

Tennessee real estate owners can transfer ownership or change how property is titled by recording a signed, written deed. Tennessee recognizes three primary types of deeds. The distinguishing feature of each type is the warranty of title it provides the new owner.