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If an assignment is made with the fraudulent intent to delay, hinder, and defraud creditors, then it is void as fraudulent in fact.
Deeds of trust transfer the legal title of a property to a third party?such as a bank, escrow company, or title company?to hold until the borrower repays their debt to the lender.
Mortgages are interests in property, and so can and should be recorded as soon as possible after the closing. Most states have recording statutes that impose restrictions on when and how a document conveying property rights can be legally created. Recording statutes are important for several purposes.
That a mortgage is not recorded does not prohibit the commencement of a mortgage foreclosure action. The mortgage contract between the borrower and the lender is no more binding when it is recorded and so legal action can be taken.
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.
?Collateral Assignment? means the Collateral Assignment of Mortgages, Loan Documents and Security Agreements executed by the Eligible CDFI for the benefit of the Qualified Issuer dated as of [CLOSING DATE], as may be amended, modified, supplemented or restated from time to time.
Civil Code section 2932.5, which mandates that an assignee of a mortgagee must record the assignment before exercising a power to sell the real property, only applies to mortgages and does not apply to deeds of trust. (Haynes v. EMC Mortgage Corporation (? Cal.
If it does not have an assignment or failed to record it as required by state law, this may result in the dismissal of the foreclosure action. Recording rules may require that the foreclosing party record the assignment before starting the foreclosure.