Understanding the Assignment of Mortgages: What You Need To Know
Understanding the Assignment of Mortgages: What You Need To Know is a critical topic for any homeowner or potential homeowner. When taking out a mortgage, it’s important to understand what happens when the loan is sold or assigned. The assignment of mortgages is often misunderstood and can cause confusion with homeowners. Here’s what you need to know about understanding the assignment of mortgages:
The assignment of mortgages occurs when a lender transfers ownership rights in your loan to another lender. This may occur if the original lender decides that they no longer wish to service your loan, so they sell it to another lender who will become responsible for making sure payments are made and all other aspects of mortgage servicing are managed properly. In this situation, there should be no disruption in your ability to make payments on your loan - you simply send them directly to the new servicer as directed by either party.
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