Understanding the Assignment of Mortgages: What You Need To Know
When you're taking out a mortgage, it's important to understand the assignment of that mortgage. The assignment is basically the transfer of the mortgage from one party to another. Here's what you need to know about this process.
When you take out a mortgage, the lender will assign the mortgage to a third party. This third party is usually a bank or other financial institution. The assignment of the mortgage is basically the transfer of the loan from the lender to the third party.
The reason for this transfer is so that the lender can get their money back if you default on your loan. When you default on your loan, the lender can then foreclose on your home and sell it to recoup their losses.
However, if you make all of your payments on time, then there's no need for the lender to assigned your mortgage to a third party.
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