A New Mexico Deed of Trust — Assignment is a legal document that transfers the ownership of a property from one party to another. This type of assignment is commonly used in real estate transactions to transfer the rights, interests, and obligations of a mortgage or deed of trust from the original lender (assignor) to a third party (assignee). In New Mexico, there are primarily two types of Deed of Trust — Assignment: 1. Absolute Assignment: This type of assignment transfers all the rights, title, and interest of the original lender to the assignee. The assignee becomes the new beneficiary of the deed of trust and assumes all the legal rights and responsibilities associated with it. The original lender, known as the assignor, is no longer involved in the property's mortgage process. 2. Collateral Assignment: In this type of assignment, the assignor transfers only a portion of their rights, title, and interest to the assignee. The assignee assumes responsibility for specific obligations or benefits associated with the deed of trust, while the assignor retains some control or interest. Collateral assignments are often used in cases where the assignor wants to secure a loan or use the deed of trust as collateral for another transaction. The New Mexico Deed of Trust — Assignment serves as a crucial legal document that ensures the transfer of property rights is properly recorded and recognized. It provides clarity and transparency regarding the new beneficiary or lender who will enforce the mortgage terms. Additionally, it allows the assignee to take appropriate legal actions if the borrower defaults on their mortgage payments or fails to fulfill their obligations under the deed of trust. Keywords: New Mexico, Deed of Trust, Assignment, real estate, property, ownership transfer, mortgage, lender, beneficiary, assignor, assignee, absolute assignment, collateral assignment, legal document, rights, obligations, benefits, default, borrower, lender.
New Mexico Deed of Trust - Assignment
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