An assignment of mortgage is a document which indicates that a mortgage has been transferred from the original lender or borrower to a third party. Homeowners who are facing foreclosure may want to investigate the history of their mortgage. Of the assignment to the foreclosing party is invalid, this may be a good defense to a foreclosure. In some cases, you can request for the lender to produce a mortgage assignment. If the lender does not have a mortgage assignment of dint record it as required by the law, this may result to dismissal of the foreclosure process. Recording rules necessitates that the lenders record the assignment before commencing the process of foreclosure.
This are two most essential documents that are attached to a loan for buying a house. While a mortgage gives the lender the right to foreclose a property, the promissory note is a guarantee that you can repay the loan. The mortgage also identifies the property that will serve as security for the loan. Therefore, this two documents are important in establishing the rights of the lender.
Courts have dismissed foreclosure cases when the foreclosing party cannot produce a written assignment of mortgage. Depending on state law, if the lender cannot produce a proper assignment or did not record it at the proper time, you might be able to challenge the foreclosure on the grounds that the foreclosing party does not have the right to foreclose.
If you’re facing a foreclosure and think that there’s a problem with the assignment of mortgage in your case, you should speak to a qualified attorney who can advise you about what to do in your circumstances.
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