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In real estate law, "assignment" is simply the transfer of a deed of trust from one party to another. This usually happens when the beneficiary of a trust deed sells their loan to another lender.
The assignment of mortgage needs to include the following: The original information regarding the mortgage. ... The borrower's name. The mortgage loan's original amount. The date of the mortgage and when it was recorded.
Collateral Assignment of Deeds of Trust means that agreement executed by Borrower in favor of Lender in which Borrower collaterally assigns to Lender all of the Borrower's rights, title and interest in and to those deeds of trust which secure repayment of the Pledged Accounts.
A deed of trust is an agreement between a home buyer and a lender at the closing of a property. The agreement states that the home buyer will repay the home loan and the mortgage lender will hold the property's legal title until the loan is paid in full.
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.