Transfer Servicing Mortgage Without Refinance
Description
How to fill out Notice Of Assignment, Sale, Or Transfer Of Servicing Rights, Mortgage Loans?
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FAQ
The only thing that changes with the transfer of servicing rights for your mortgage is who you make your payment to. You'll receive communication from your current servicer with additional information, including contact information for your new servicer.
As a borrower, all a servicing transfer means is that you'll send your payments to a different company. That company will now also handle your escrow account, answer questions about your loan, and manage the foreclosure process if you default on the payments.
You can transfer a mortgage to another person if the terms of your mortgage say that it is ?assumable.? If you have an assumable mortgage, the new borrower can pay a flat fee to take over the existing mortgage and become responsible for payment. But they'll still typically need to qualify for the loan with your lender.
Assume the mortgage In the case of divorcing spouses or co-borrowers who are already on the mortgage together, assumption can release one person from the loan so that the other becomes the sole owner of the home.
It may be possible to take a person's name off your mortgage documents without refinancing. Ask your mortgage lender about loan assumption and loan modification. Either strategy can remove a former co-owner's name from the mortgage.