Indiana Assignment of Mortgage

• Category: Real Estate - Assignments
• State: Multi-State
• Control #: US-02837BG
• Format: Word; Rich Text

Description

A Mortgage is a pledge of real property to a creditor as security for the repayment of a debt involving the property. For example, if you have borrowed money to purchase a house, the entity that you borrowed the money from can take ownership of the home should you default on payments. The promissory note executed along with the mortgage creates an obligation to repay the debt. The Statute of Frauds requires that a mortgage must be in writing. Mortgages must be registered with the County Recorder or Recorder of Deeds. An assignment of mortgage is a transfer of the mortgage to another party.

Indiana Assignment of Mortgage is a legal document used in real estate transactions in the state of Indiana. This document is related to the transfer of a mortgage from one party to another. The assignment of mortgage serves as proof that the original mortgage holder has transferred their rights and interests in the mortgage to a new party. In Indiana, there are two different types of Assignment of Mortgage: voluntary and involuntary. 1. Voluntary Assignment of Mortgage: This type of assignment occurs when the mortgage holder willingly transfers their mortgage to another party. It is a voluntary agreement between the current mortgage holder (assignor) and the new party (assignee). The assignor drafts and signs an assignment of mortgage form, which legally transfers the mortgage rights to the assignee. This is a common practice when a mortgage is sold to a new lender or when the ownership of the property is transferred. 2. Involuntary Assignment of Mortgage: In some cases, the assignment of mortgage may occur involuntarily, often due to legal proceedings. It happens when a mortgage is transferred to a new party without the consent of the original mortgage holder. This can happen as a result of foreclosure, bankruptcy, or when the mortgage holder fails to make payments on the loan. The involuntary assignment of mortgage is typically carried out through a court order or as a result of a legal judgment. Both types of Assignment of Mortgage are governed by Indiana state laws and follow specific guidelines to ensure proper transfer of mortgage rights. It is crucial to record the assignment of mortgage with the county recorder's office to make it publicly available and avoid any confusion regarding the new mortgage holder. In summary, an Indiana Assignment of Mortgage is a legal document used to transfer mortgage rights from one party to another. It plays a vital role in real estate transactions, allowing for the proper transfer of ownership and financial obligations. Whether voluntary or involuntary, the assignment of mortgage protects the rights and interests of all parties involved in the property transaction.