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Assignment of Deed of Trust

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Assignment of Deed of Trust Powered By Docstoc
					This is an agreement between mortgage lenders to sell and buy mortgage loans. A
deed of trust, or a mortgage, gives the mortgage lender the power to foreclose if a
borrower defaults on mortgage payments. Under this agreement, the borrower does not
change, only the lender does. The borrower will continue making payments to the new
lender under the same terms and conditions of the original mortgage. This document is
ideal for mortgage lenders that want to buy or sell mortgage loans on a specific piece of
property.
                     ASSIGNMENT OF DEED OF TRUST
        THIS ASSIGNMENT OF DEED OF TRUST (the “Assignment”) is hereby entered
into this ______ day of ________________, 20______ [Instruction: Insert date, month, and
year assignment entered into], by and between ___________________________ [Instruction:
Insert original holder name] (“Assignor”) and ____________________ [Instruction: Insert
new holder name] (“Assignee”).

        WHEREAS, Assignor desires to grant, assign, and transfer to Assignee the beneficial
interest in the property (described in Schedule “A” attached hereto), the beneficial interest under
the Deed of Trust dated ____________ [Instruction: Insert date of trust], executed by
_________________________, [Instruction: Insert name of Trustor as set forth in original
instrument], as Trustor to ________________________________, [Instruction: Insert name
of Trustee as set forth in original instrument], Trustee, and recorded as Instrument No._____
on ______________ in book _______ page ________, of the Official Records in the County
Recorder’s Office of ___________________ County, as ________, [Instruction: Insert
appropriate recording information from original instrument] describing the land therein as:
________________________________ [Instruction: Insert description of land] (hereinafter
the “Assigned Deed”), together with the note or notes therein described or referred to, the money
due or to become due thereon with interest, and all rights accrued or to accrue under said
Assigned Deed.

       AND WHEREAS, as continuing security for payment of all of existing and future
indebtedness and liability of Assignor to Assignee, Assignor and Assignee hereby agree as
follows:

1.     Assignee may collect or sell the Assigned Deed or any part thereof in any manner and
       upon any such terms and conditions as Assignee deems advisable without any prior
       notice to Assignor.

2.     Assignee may collect or sell the Assigned Deed in accordance with all applicable laws of
       the governing jurisdiction where such Assigned Deed or Assigned Deeds may be
       collected or sold.

3.     Assignee may, at its sole discretion, pay any amounts to any third parties for all expenses
       incurred by Assignee and for services rendered by any third parties in connection with the
       collection and selling of, or obtaining payment for, the Assigned Deed and may, at its
       sole discretion, add any amounts collected for the Assigned Deed to the indebtedness
       owing of Assignor to Assignee.

4.     Assignee shall not, at any time or times, be liable or responsible for its failure to collect,
       sell, or obtain payment for the Assigned Deed and shall not be required to commence any
       proceedings to collect or obtaining payment for the Assigned Deed to preserve any rights
       of Assignee, Assignor, or any other third person or party. Any waiver of or failure to
       collect, sell, obtain payment for, or commence any proceeding to collect or obtain
       payment of the Assigned Deed, at any one time, shall not act as a waiver of Assignee’s


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      rights to collect, sell, obtain payment for, or commence any proceeding to collect or
      obtain payment, at any other time.

5.    Assignee may, at its sole discretion, grant to any debtors under the Assigned Deed,
      releases or discharges of their debt in whole or in part, and may deal with any and all
      such debtors and their indebtedness in any manner that Assignee deems fit. The release
      or discharge granted to any debtor, in whole or in part, of any of the debt due under the
      Assigned Deed shall not act as a release or discharge of any other debtor or other part of
      the debt due under the Assigned Deed unless so specifically stated by Assignee.

6.    Any and all amounts collected by Assignor in respect of the Assigned Deed shall be held
      in trust for the sole benefit of Assignee and shall be paid to Assignee upon request.

7.    Any and all amounts collected by Assignee or Assignor in respect of the Assigned Deed
      may, at the sole discretion of the Assignee, be applied to the indebtedness owing to
      Assignee by Assignor.

8.    Assignor shall, upon request by Assignee, whether written or otherwise, immediately
      provide any and all information in respect to the Assigned Accounts directly to the
      Assignee, including but not limit
				
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posted:10/19/2007
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Description: This is an agreement between mortgage lenders to sell and buy mortgage loans. A deed of trust, or a mortgage, gives the mortgage lender the power to foreclose if a borrower defaults on mortgage payments. Under this agreement, the borrower does not change, only the lender does. The borrower will continue making payments to the new lender under the same terms and conditions of the original mortgage. This document is ideal for mortgage lenders that want to buy or sell mortgage loans on a specific piece of property.
This document is also part of a package Estate Planning Starter Kit 20 Documents Included