Delete Pages From Legal Idaho Mortgages Forms For Free

An assignment of mortgage documents the transfer of a mortgage from an original lender or borrower to another person or entity. Lenders regularly sell mortgages to other lenders. Less often, a borrower transfers the mortgage to someone else who assumes the mortgage.

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.

A mortgage note?also known as a promissory note or even a mortgage promissory note?is a legal document that binds you to repay your mortgage within an agreed period.

Definition of 'Master Mortgage' The Master Mortgage is a document created when a property is purchased for the first time. It is filed in the public land records and its purpose is to keep track of the initial mortgage and of any liens that might be associated with the property.

Mortgage Assignment Basics However, by assigning the loan the mortgage company will free up capital. This allows the original lender to make more loans and generate additional origination and other fees. At closing, borrowers sign a document granting the original lender the right to assign the mortgage elsewhere.

Deed of trust / Mortgage An instrument that secures a debt, the repayment of the loan/mortgage encumbered by real property. This is a three party document; the borrower (trustor), the beneficiary (lender), and the trustee who holds title to real property under the terms of a deed of trust.