Split Legal Delaware Assignment Mortgage Forms For Free

Again, the loan transaction consists of two main documents: the mortgage (or deed of trust) and a promissory note. The mortgage or deed of trust is the document that pledges the property as security for the debt and permits a lender to foreclosure if you fail to make the monthly payments.

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. The note also outlines the terms of your lending agreement with your mortgage provider.

A transfer of mortgage is the reassignment of an existing mortgage, usually on a home, from the current holder to another person or entity. Not all mortgages can be transferred; if they are, the lender has the right to approve the person assuming the loan.

The Mortgage or Deed of Trust Creates the Security Interest in the Property. With a mortgage or deed of trust, you give the lender a security interest in the home?that is, the home becomes collateral for the loan. The lender records the mortgage or deed of trust in the land records to create a lien on the property.

The assignment of mortgage is the document that transfers ownership of the mortgage. The purchaser will receive both the assignment of mortgage and the estoppel certificate.

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.