Assignment Lien Statement For Mortgage

State:
Multi-State
Control #:
US-02836BG
Format:
Word; 
Rich Text
Instant download

Description

The Assignment Lien Statement for Mortgage is a legal document that enables a general contractor (referred to as Assignor) to assign their mechanic's lien to another party (the Assignee). This form outlines key details such as the date of assignment, the parties involved, and the acknowledgment of payment for the assignment. It specifies the lien against real property for labor and materials provided and includes references to a related contract and a recorded Notice of Lien. The Assignor grants the Assignee full power to collect the secured amount and acts as their attorney in fact for enforcing the lien. Filling out this form requires accurate completion of the designated sections, including property details and amounts owed. It is crucial for legal professionals involved in construction disputes or debt recovery. The utility of this form extends to attorneys, partners, owners, associates, paralegals, and legal assistants who may assist in lien management, negotiation, or litigation regarding construction projects.
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FAQ

Once you pay off your mortgage, you will receive documentation from your lender or broker. You will then need to notify your local records office in order to receive your deed of trust.

Whether you get a deed of reconveyance, a full reconveyance or a satisfaction of mortgage document, it means the same thing: your loan has been repaid in full and the lender no longer has an interest in your property. In short, your home is finally all yours!

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.

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.

In a mortgage assignment, your original lender or servicer transfers your mortgage account to another loan servicer. When this occurs, the original mortgagee or lender's interests go to the next lender. Even if your mortgage gets transferred or assigned, your mortgage's terms should remain the same.

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Assignment Lien Statement For Mortgage