Number Pages In Legal Alabama Mortgage Assignment Forms For Free

This document was created when a mortgagee wished to recover his money, but the mortgagor could not pay it back. The mortgagee would assign the mortgage to another person, who would pay him the money he was owed.

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.

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.

An assignment of mortgage gives the loan seller's rights under the mortgage, including the right to foreclose if the borrower doesn't make payments, to the new owner of the loan.

Here are some of the major elements you can expect to see in the agreement. Loan amount. Down payment amount. Your interest rate. Type of interest rate you have, whether fixed or adjustable. If you're using an adjustable rate, the terms under which your rate will adjust. Duration of the loan. Payment amounts and due dates.

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.