Tennessee Notice of Assignment, Sale, or Transfer of Servicing Rights, Mortgage Loans
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How to fill out Notice Of Assignment, Sale, Or Transfer Of Servicing Rights, Mortgage Loans?
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FAQ
The transferee servicer shall provide the notice of transfer to the borrower not more than 15 days after the effective date of the transfer.
Know your rights under the law You have a 60-day grace period after a transfer to a new servicer.
As a borrower, all a servicing transfer means is that you'll send your payments to a different company. That company will now also handle your escrow account, answer questions about your loan, and manage the foreclosure process if you default on the payments.
The only thing that changes with the transfer of servicing rights for your mortgage is who you make your payment to. You'll receive communication from your current servicer with additional information, including contact information for your new servicer.
Mortgages are assigned using a document called an assignment of mortgage. This legally transfers the original lender's interest in the loan to the new company. After doing this, the original lender will no longer receive the payments of principal and interest.
Loan Transfer Grace Period Protection Under federal law, you have a 60-day grace period, starting on the servicing transfer date, during which you will not be charged a late payment fee if you send your mortgage payment by mistake to your previous lender.
Federal law protects borrowers when loans are bought and sold by requiring that both the old and new lenders notify you in writing within 15 days of a sale that a transfer has taken place. The letters should provide the name of the new lender, how and where payments can be made, and when your next payment is due.
The transferor and transferee servicers may provide a single notice, in which case the notice shall be provided not less than 15 days before the effective date of the transfer of the servicing of the mortgage loan.
The difference between assignment and transfer is that assign means it's legal to transfer property or a legal right from one person to another, while transfer means it's legal to arrange for something to be controlled by or officially belong to another person.
Notice of Transfer of Mortgage Loan Ownership If the holder of your mortgage loan sells the debt to a different entity, federal law requires the new owner or assignee to notify you about the change of ownership no later than 30 days after the sale, transfer, or assignment.