This form gives rights which a party may have had in a promissory note, over to another individual. The Assignment is only partial. It pertains to only specific monthly payments. All Assignors sign this document in front of a Notary Public.
Keep an eye on who you're dealing with and make sure the terms are crystal clear—better safe than sorry!
Nope, a Partial Assignment only transfers part of the rights; the original lender still retains some claim.
The original borrower still makes payments to the lender, but the new party gets a slice of the pie, and everyone stays in the loop.
While it’s not a must, having a lawyer can help smooth out the bumps and make sure everything’s in order.
Yep, it's a common practice in real estate, especially when investors want to keep things flexible.
People might use it to share the investment risks or to allow another party to step in without fully taking over the mortgage.
A Partial Assignment of Note and Mortgage lets the original lender pass on only part of their rights to another party, while still keeping some of it for themselves.