Washington Assignment of Mortgage Package
What this form package covers
The Washington Assignment of Mortgage Package includes essential forms and letters needed to transfer the ownership of a mortgage or deed of trust to a third party. This package specifically caters to those needing clear and effective documentation to ensure a legally compliant assignment, differing from similar packages by incorporating both individual and corporate assignments, along with necessary notifications and recording tools.
Documents contained in this package
Common use cases
This form package is beneficial in various situations, such as:
- When a mortgage holder wishes to transfer their interest in a deed of trust to another party.
- If a corporation, rather than an individual, holds the mortgage and needs to complete an assignment.
- When the borrower needs to be officially notified of the change in mortgage ownership.
- To ensure compliance by properly recording the assignment with local authorities.
Who this form package is for
- Individuals holding a deed of trust who wish to assign their interest.
- Corporations that are deed holders looking to transfer their interests in mortgage agreements.
- Borrowers needing official communication about mortgage assignments.
- Real estate professionals facilitating mortgage transfers.
Instructions for completing these forms
- Review all included forms and letters to understand their purposes.
- Identify the parties involved, including current mortgage holders and assignees.
- Fill out the Assignment of Deed of Trust forms as applicable to individual or corporate holders.
- Prepare the Letter of Notice to Borrower, informing them of the assignment.
- Complete the Letter to the Recording Office to ensure proper recording of the assignment.
- Sign the documents where required and retain copies for your records.
Notarization details for included forms
Certain documents in this package must be notarized for legal effectiveness. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session, available anytime.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes to avoid
- Failing to notify the borrower about the assignment.
- Not signing the assignment forms where necessary.
- Using the wrong form for individual versus corporate assignments.
- Overlooking local recording requirements that may affect validity.
Benefits of using this package online
- Convenience of accessing and downloading legally vetted forms at any time.
- Editability allows users to customize forms as needed, improving accuracy.
- Reliability from documents drafted by licensed attorneys, reducing legal risks.
Legal use & context
- This package provides necessary documentation for legally assigning mortgages or deeds of trust.
- Completion of these forms ensures formal acknowledgment of the transfer of interest.
- Failure to properly assign or notify can lead to legal complications and disputes.
What to keep in mind
- The Washington Assignment of Mortgage Package includes vital forms to facilitate the assignment process.
- Proper use of this package ensures that all legal requirements are met for both individuals and corporations.
- Reviewing and completing the forms accurately is crucial to avoid common pitfalls.
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FAQ
Deeds of trust are the most common instrument used in the financing of real estate purchases in Alaska, Arizona, California, Colorado, the District of Columbia, Idaho, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, North Carolina, Oregon, Tennessee, Texas, Utah, Virginia, Washington, and West Virginia,
An assignment transfers all of 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 to be recorded in the county land records.
How long does it take to foreclose a property in Washington? Depending on the timing of the various required notices, it usually takes approximately 120 days to effectuate an uncontested non-judicial foreclosure.
It takes several months for a lender to foreclose on a California property. If everything goes according to schedule, the process typically takes approximately 120 days about four months but the process can take as long as 200 or more days to conclude.
What is the foreclosure process in Washington? Washington is a non-judicial foreclosure state, meaning that a lender can foreclose on a property through a third party, the trustee, and not through the court system. The trustee has a duty of good faith towards both the lender and the homeowner.
Phase 1: Payment Default. Phase 2: Notice of Default. Phase 3: Notice of Trustee's Sale. Phase 4: Trustee's Sale. Phase 5: Real Estate Owned (REO) Phase 6: Eviction. The Bottom Line.
Lenders will seize the home, which is typically used as collateral for the loan and will put the property up for sale to try and recoup losses. The foreclosure process from beginning to end typically takes a lender about 18 months to foreclose on a property during normal times.
