Lima Arizona Assignment of Mortgage is a legal document used in Pima County, Arizona, that allows the transfer of a mortgage from one party to another. It is an important part of the real estate industry as it enables the buying and selling of mortgages between lenders. When a homeowner obtains a mortgage loan, the lender holds a promissory note and a security interest in the property, which is known as the mortgage. However, the lender may choose to transfer the mortgage to another entity, typically due to financial reasons or to facilitate the pooling of mortgages for investment purposes. This is when an Assignment of Mortgage comes into play. The Assignment of Mortgage is a written agreement that outlines the transfer of the mortgage from the original lender, often referred to as the assignor, to a new lender, known as the assignee. The document must be properly executed, notarized, and recorded with the County Recorder's Office to make it legally binding and publicly available. Creating an Assignment of Mortgage requires certain information to be included, such as the names of the parties involved, the original mortgage date, the property description, loan amount, and any specific terms of the assignment. It is crucial for all details to be accurate to avoid any complications or disputes in the future. In Pima County, Arizona, there are no specific types of Assignment of Mortgage based on location, but different variations may exist depending on the specific terms and conditions agreed upon between the assignor and assignee. Some common types of Assignment of Mortgage include: 1. Simple Assignment: This type involves the straightforward transfer of the mortgage from one lender to another, with no additional terms or conditions. 2. Assignment with Assumption: In this type, the assignee assumes the responsibility for the mortgage and agrees to pay off the remaining loan balance. 3. Consolidation and Assignment: This type involves the consolidation of multiple mortgages into a single loan, which is then assigned to a new lender. 4. Partial Assignment: Sometimes, the assignor may assign only a portion of the original mortgage to the assignee, usually done as a risk diversification strategy. It is important to note that the Assignment of Mortgage does not affect the terms and conditions of the original mortgage. The assignee steps into the shoes of the assignor, acquiring all rights and obligations associated with the mortgage. Overall, the Lima Arizona Assignment of Mortgage is a significant legal document that enables the transfer of mortgages between lenders. It plays a crucial role in the real estate market by facilitating the buying and selling of mortgage loans, providing flexibility and opportunities for both lenders and borrowers.
Pima Arizona Assignment of Mortgage
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The fee to record a document in County Recorder offices throughout Arizona will become $30.00 for each complete document. Documents received on or after July 1st will be returned if accompanied by insufficient payment. Postmarked recordings submitted without the $30.00 flat recording fee will be rejected.
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The Pima County Recorder is the trustee of the official Pima County Voter Roll. Our office promotes voter registration, processes voter registration forms, and facilitates Early Voting and Ballot by Mail voting during Elections.
The Pima County Recorder is the trustee of the official Pima County Voter Roll. Our office promotes voter registration, processes voter registration forms, and facilitates Early Voting and Ballot by Mail voting during Elections.
Pima County Recorder Gabriella Cazares-Kelly Joins AZ Representatives for Week of Action in Support of Voting Rights in Washington D.C.
The County Recorder maintains public records so the public can access public records and government information as needed for personal and/or business purposes.
The recorder makes a digital image of the deed before returning it to you. It then becomes a matter of public record. After 10 to 15 days, the information from your deed will be searchable using the recorder's online database.
Gabriella Cazares-Kelly (she/her) was elected Pima County Recorder in November 2020 and began her administration in January 2021. She leads an office that oversees voter registration, early voting and document recording for Pima County.
Duties of Recorder Maintains a complete and accurate record of every document pertaining to the conveyance and encumbrance of land within the county. Retains such records in archival form and makes them constantly accessible to the public.
A title search in Arizona must be done by going to the recorder in the county in which the property is located. Some counties have parcel information online, while others require you to physically go to the office. Step 1 Go to This Website and locate the county in which the property is located.
