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Houston Texas Assignment of Mortgage Package

Category:
Real Estate - Mortgages and Deeds of Trust
State:
Texas
City:
Houston
Control #:
TX-P031-PKG
Format:
Word; 
Rich Text
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Description

With this Assignment of Mortgage Package,you will find the forms and letters that are necessary for the owner of a deed of trust/mortgage to convey the owner's interest in the deed of trust/mortgage to a third party.


Included in your package are the following forms:



1. Assignment of Deed of Trust by Individual Mortgage Holder;

2. Assignment of Deed of Trust by Corporate Mortgage Holder;

3. Letter of Notice to Borrower of Assignment of Mortgage;

4. Letter to Recording Office for Recording Assignment of Mortgage;
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  • Preview Texas Assignment of Mortgage Package
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How to fill out Texas Assignment Of Mortgage Package?

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FAQ

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.

An assignment of mortgage is a legal term that refers to the transfer of the security instrument that underlies your mortgage loan ? aka your home. When a lender sells the mortgage on, an investor effectively buys the note, and the mortgage is assigned to them at this time.

In real estate wholesaling, an assignment fee is a financial obligation from one party (the ?assignor?) who agrees to transfer their contractual obligations to another party (the ?assignee.?)

If you receive a document from the lender or the county that is a ?release of mortgage? (or the like) and the document indicates it has been recorded by the county, that document is enough to know the county shows your mortgage lien as released.

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.

So whoever is a borrower on the Note is personally liable for paying back the debt to the lender. The Note is not recorded in the Courthouse, so the original Note is returned to the lender upon closing.

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.

An assignment of mortgage gives the loan seller's rights under the mortgage, including the right to foreclose if the borrower doesn't make payments, to the new owner of the loan.

A disadvantage of a mortgage assignment is the consequences of failing to record it. Under most state laws, an entity seeking to institute foreclosure proceedings must record the assignment before it can do so. If a mortgage is not recorded, the judge will dismiss the foreclosure proceeding.

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