Mortgage Assignment Notice
Mortgage is type of loan that individuals and companies take from banks and loan firms. In this process, some kind of real estate property is pledged or given to the creditor by the borrower or debtor as insurance or guaranty of the safe return of the loan amount. This also explains that if a person can’t return his debt, the creditor has the right to foreclose the property and sell it to collect the debt.
Introduction to the Mortgage Assignment Notice:
Usually when an individual or a company gets loan from a bank or loan firm, they sign loan agreement with the creditor. In this agreement, the name of the creditor is clearly mentioned and this is the same person who will collect the debt from the debtor. There are some situations in which the original creditor meets with the debtor and informs him that from now on, the debtor has to make the loan payments to a new creditor i.e. bank or loan firm. When the debt collection rights are transferred from one creditor to another, this is known as the process of assignment of mortgage.
Brief Description of Mortgage Assignment Notice:
You may think that it’s not possible that a creditor transfers his credit to another person but it happens. You can understand this process by assuming that you lent money to someone and the borrower promised you to return the loan in short installments for the next 5 years. Now if you need that money on urgent basis, you can’t ask the debtor to return it as you have signed agreement with him. The thing you can do is to give the mortgage to another person and ask him to give you some of the portion that the debtor still owes to the creditor. This means that the creditor can have his remaining debt collected once for all for his urgent needs where the other creditor or new creditor gets to receive the loan payments from the debtor until all the debt is paid off.
Key elements to include in the Assignment of Mortgage:
- Name of the person who got loan from the bank or loan firm i.e. debtor, with complete address
- Name of the person who lent money to the debtor i.e. creditor with complete address
- Name of the person, bank or loan person who will collect the debt from now on
- Date when the assignment document is being signed by the parties
- Details of the property being pledged with the loan firm including particulars i.e. area, location, market value etc.
- Amount of mortgage that the debtor took from the creditor
- Amount of debt that the debtor has returned to the creditor up until now along with the remaining amount
- Details of monthly installments of loan payments i.e.$5000, $10000 or any other figure
- Reasons of transferring or assigning the mortgage to a new creditor (not necessary)
- Signature of all parties included in the assignment process i.e. debtor, previous creditor, new creditor and witnesses
Here is preview of a Free Sample Mortgage Assignment Notice created as fillable PDF Form,
Here is download link for this Mortgage Assignment Notice,
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