A note has details like amount owed, term of loan, etc. The mortgage is the means through which a borrower pledges or mortgages property as security for money received.
If you are a new lender and do not have a valid mortgage assignment document, you will be disadvantaged if you have to move for foreclosure.
In the event mortgage payments stop, you may want to move the local court for foreclosure and take ownership of the property mortgaged.
Therefore, assignment of note and mortgage happen simultaneously.
Mortgage assignments are beneficial to both home sellers as well as buyers.
This means that you will still be responsible for your tenancy at the property that you have left.
If the exchanger damages the property and / or the grounds, the responsibility will still be yours.
Although a lender is not required to inform a borrower prior to mortgage assignment, s/he must send a notification after a mortgage sale has taken place informing the borrower how to make mortgage payments in the future.
The borrower can negotiate mortgage terms with the new lender and seek mortgage modification.
There are many real estate companies offering attractive assignment programs that benefit sellers and buyers alike.
Using the benefits of such a home mortgage assignment program will help you sell your home quickly or buy a home without dealing with bank formalities.