Download Legal South Carolina Assignment Mortgage Forms For Free

Before a bank can institute a foreclosure proceeding, the bank must record the assignment of the note. The bank must also be in actual possession of the note. If the bank fails to ?produce the note,? that is, cannot demonstrate that the note was assigned to it, the bank cannot demonstrate it owns the note.

The assignment transfers all of the interest the original lender had under the mortgage to the new bank. By tracking loan transfers electronically, MERS eliminates the long-standing practice that the lender must record an assignment with the county recorder every time the loan is sold from one bank to another.

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.

A typical assignment amounts to the transfer of the rights of the lender (assignor) under the loan documentation to another lender (assignee), whereby the assignee takes on the assignor's rights, such as the right to receive payment of principal and interest on the loan.

Assignment refers to the transfer of some or all property rights and obligations associated with an asset, property, contract, etc. to another entity through a written agreement. For example, a payee assigns rights for collecting note payments to a bank.

The assignee is the one who ultimately completes the deal with the seller. In other words, an assignment clause allows the buyer of a home to sell the place before they take possession of it. Although an assignment sale is possible for both home and condos, it's much more popular among condo pre-construction buyers.