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An Assignment of Mortgage is a legal document that transfers the ownership of a mortgage loan from one party to another. This document is commonly used in the context of real estate and mortgages when a mortgage lender or holder of a mortgage wants to transfer their interest in the mortgage to another entity, such as a bank, financial institution, or mortgage servicing company. The Assignment of Mortgage is typically recorded in the public land records to provide notice of the change in ownership.
Here are the key elements typically included in an Assignment of Mortgage:
- Parties Involved: The document identifies the parties involved in the transfer of the mortgage. These parties are usually the "assignor" (the current holder of the mortgage) and the "assignee" (the entity receiving the mortgage).
- Property Information: The legal description of the property for which the mortgage is held is provided, including details such as the property's address and parcel number.
- Original Mortgage Information: The document includes information about the original mortgage, including the names of the borrower(s), the original loan amount, the date of the mortgage, and any relevant loan or account numbers.
- Transfer of Ownership: The Assignment of Mortgage explicitly states that the assignor is transferring all rights, title, and interest in the mortgage to the assignee. This transfer signifies the assignee's legal ownership of the mortgage.
- Effective Date: The date on which the assignment becomes effective is specified in the document. This date is important for establishing when the assignee assumes ownership of the mortgage.
- Recording Information: The Assignment of Mortgage is often notarized and recorded in the county or jurisdiction where the property is located. This recording serves as public notice of the change in mortgage ownership.
- Witnesses and Signatures: The document may require signatures from both parties, as well as the notary public's acknowledgment. Witness signatures may also be required in some jurisdictions.
- Seal or Stamp: In some cases, a corporate seal or stamp of the assignor may be affixed to the document to verify its authenticity.
Assignment of Mortgage documents is a critical part of the mortgage industry, especially when mortgage loans are bought and sold among financial institutions or when mortgage servicing rights are transferred. It ensures that the legal rights to collect payments and enforce the terms of the mortgage are properly transferred to the new owner.
It's important to note that the terms and conditions of the mortgage loan itself typically do not change with the Assignment of Mortgage. Borrowers are generally required to continue making mortgage payments to the new mortgage holder, following the terms outlined in the original mortgage agreement. If there are any changes to the terms or conditions, they would typically be communicated separately to the borrower.
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