Home Buying in 19147>Question Details

Srblastoff, Home Buyer in 19147

How do you assign a mortgage?

Asked by Srblastoff, 19147 Thu Jul 23, 2009

What's the process for the assignee and assignor? What, if anything, does the lender have to do?

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3
Typically, one doesn't assign mortgages; rather, one can assume or transfer them provided the mortgage agreement contains an appropriate assumption or movement clause respectively.

Having said that, you'll need to check your mortgage agreement for its assumption, movement, and due on sale clauses. Nevertheless, I suspect you asked this question as a prelude to another one on seller financing. Assuming I'm correct, I'll answer a question that you might have, but didn't ask.

Basically, you'd like to sell your property with seller financing, but you're not sure how the process works. The assumption works the way John described. The key to assumption is to ensure that your name gets taken off of the mortgage and title. You also need to determine whether you'll have the buyer to cash out your equity or finance it with you.
0 votes Thank Flag Link Sat Jul 25, 2009
First find out if your morgage is assignable by asking the lender.
If it is, your asignee has to be qualified by your lender..
if it is important to you, make sure your liability is removed . In other words , you will want to be taken off the mortgage.
The lender has to give you the forms for assignment.
Web Reference: http://JohnKaloostian.com
0 votes Thank Flag Link Thu Jul 23, 2009
This is a question that is best answered by your lender. You should contact them to get the paperwork that you will need.
0 votes Thank Flag Link Thu Jul 23, 2009
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