Florida Assignment of Mortgage is a legal document that transfers the rights and interests of a mortgage from one party to another. It is a commonly used mechanism in real estate transactions when a mortgage lender wants to transfer their mortgage obligations and rights to a new entity, typically another lending institution or investor. The process of an Assignment of Mortgage involves the original mortgage lender (assignor) transferring its interests and rights to a third party (assignee). The assignor is relinquishing all claims, legal rights, and interests associated with the original mortgage to the assignee, who then becomes the new mortgagee. The mortgage itself, however, remains unchanged, and the borrower's obligations and terms remain the same. Florida Assignment of Mortgage is regulated by Florida state laws, which require certain legal formalities and procedures to be followed during the assignment process. These include the preparation and execution of a written assignment document that clearly outlines the parties involved, mortgage details, and the terms of the assignment. This document must be notarized and recorded with the county clerk's office where the property is located. There are a few different types of Florida Assignment of Mortgage, each serving various purposes: 1. Full Assignment: This type of assignment transfers the entire mortgage, including all rights, interests, and obligations, from the assignor to the assignee. The assignee becomes the new mortgage holder and assumes all rights and responsibilities associated with the mortgage. 2. Partial Assignment: In a partial assignment, only a portion of the mortgage rights and interests are transferred from the assignor to the assignee. This can occur when the original mortgage lender wants to transfer a portion of the mortgage payments, such as selling a fractional interest to another entity. 3. Collateral Assignment: A collateral assignment involves assigning the mortgage as collateral for a debt or obligation. This type of assignment is often seen in commercial transactions, where the assignor offers the mortgage rights and interests as security for a loan or other financial arrangement. 4. Assignment of Rents: This form of assignment allows the assignee to collect the rental income generated by the property securing the mortgage. It provides the assignee with a supplementary source of income as repayment for the mortgage. It's important to note that both the assignor and assignee must consent to the Assignment of Mortgage, and the borrower is typically notified of this transfer. The assignment does not impact the borrower's obligations or terms of the mortgage unless otherwise specified in the assignment document. Overall, Florida Assignment of Mortgage plays a vital role in real estate finance, facilitating the transfer of mortgage rights and interests between parties and ensuring the smooth execution of property transactions. It provides legal protection for both assignor and assignee and is regulated by Florida state laws to ensure transparency and validity.