Assignment of Mortgage

Document Sample
Assignment of Mortgage Powered By Docstoc
					This is a document that transfers the mortgage from the original lender to a third party.
This document can be modified to fit the particular needs of the contracting parties.
This agreement identifies that the lender has been changed and the new lender will
assume all rights and responsibilities under the mortgage. Additionally, the document
includes brief definitions of a mortgage, foreclosure, and a mortgage assignment. This
agreement is ideal for lenders that want to buy or sell a mortgage on a specific piece of
property.
      AGREEMENT TO ASSIGN AND ASSUME MORTGAGE
      THIS AGREEMENT TO ASSIGN AND ASSUME MORTGAGE (the “Agreement”)
is made this _____ day of __________, 20___ [Instruction: Insert date, month and year
document signed] by __________ [Instruction: Insert name of person holding mortgage
(Lender)] ("Assignor") and __________ [Instruction: Insert name of new person to hold
mortgage (new Lender)] ("Assignee.")

                                           RECITALS

        WHEREAS, _____________ [Instruction: Insert name of Borrower] (the “Borrower”)
executed a mortgage on________ [Instruction: Insert original mortgage date] in the principal
amount of _______ dollars ($__) [Instruction: Insert original principal amount] and recorded
same on _____ [Instruction: Insert date of original mortgage recording] in _____
[Instruction: Insert original mortgage recording information (e.g., Book number and
related information)] of Section __ [Instruction: Insert Section of original recorded
mortgage], page ___ [Instruction: Insert page number of original recorded mortgage] in the
office of ______ [Instruction: Insert original office of recordation], covering the premises
described as: ______ [Instruction: Insert legal description of property], in favor of Assignor
(the “Mortgage”) [Option: If additional mortgages have been executed, repeat same
information for each one. If mortgage has been previously assigned, modified or
consolidated and modified, include information regarding same here also];

        WHEREAS, Assignor desires to assign, transfer, sell, and convey to Assignee all of
Assignor's right, title, and interest in, to, and under said Mortgage, any bond(s), note(s), or
obligation(s) described in said Mortgage, and any moneys due and to become due thereon with
the interest, to have and hold the same unto Assignee and to its successors, legal representatives,
and assigns forever;

       WHEREAS, Assignee desires to receive all of Assignor's right, title, and interest in, to,
and under said Mortgage, any bond(s), note(s), or obligation(s) described in said Mortgage, and
any moneys due and to become due thereon with the interest, to have and hold the same unto
Assignee and its successors, legal representatives, and forever;

       WHEREAS, Assignor covenants that there is now due and owing upon such Mortgage,
without offset or defense of any kind, the principal sum of _______ dollars ($___) [Instruction:
Current mortgage holder to insert current principal amount due] with interest thereon at
_____ percent (%__) [Instruction: Current mortgage holder to insert Mortgage interest
rate] percent per annum. [Comment: If Mortgage carries variable interest rate, state dates of
current interest rate and in additional sentence, state date(s) when such change in interest
rate will take place, and new interest rate(s) to be in effect]

       NOW THEREFORE, the parties wish to execute this Agreement on the terms and
conditions set forth below:

                                            TERMS
1. ASSIGNMENT

    For and in consideration of _______ dollars ($__) [Instruction: Insert amount paid under
agreement], the receipt and sufficiency of which is hereby acknowledged, Assignor hereby
grants, assigns, and transfers to Assignee that certain Mortgage executed by ______
[Instruction: Insert Borrower name], on ________ [Instruction: Insert original mortgage
date] in the principal amount of ______ dollars ($___) [Instruction: Insert original principal
amount] and recorded on _____ [Instruction: Insert date of original mortgage recording] in
_____ [Instruction: Insert original mortgage recording information (e.g., Book number and
related information)] of Section __ [Instruction: Insert Section of original recorded
mortgage], page ___ [Instruction: Insert page number of original recorded mortgage], in the
office of ______ [Instruction: Insert original office of recordation] covering premises
described as: ______ [Instruction: Insert legal description of property] in favor of Assignor
(the “Mortgage”) [Option: If additional mortgages have been executed, repeat same
information for each one. If mortgage has been previously assigned, modified, or
consolidated and modified, include information regarding same here also], together with any
bond(s), note(s), or obligation(s) described in said Mortgage, and any moneys due and to become
due thereon with interest.

2. APPLICABLE LAW

    This Agreement shall, in all respects, be governed by the laws of the State of _____
[Instruction: Insert State] applicable to agreements executed and is to be wholly performed
within the State of ______ [Instruction: Insert state].

3. SEVERABILITY

    Nothing contained herein shall be construed so as to require the commission of any act
contrary to law, and, wherever there is any conflict between any provision herein and any present
or future statute, law, ordinance, or regulation contrary to which the parties have no legal right to
contract, the latter shall prevail but the affected provision of this Agreement shall be curtailed
and limited only to the extent necessary to bring it within the requirements of the law. If any
provision of this Agreement or application thereof shall, for any reason and to any extent, be
invalid or unenforceable, neither the remainder of this Agreement nor the application of the
provision to other persons, entities, or circumstances shall be affected thereby, but instead shall
be enforced to the maximum extent permitted by law.

4. ENTIRE AGREEMENT

    This Agreement constitutes the entire agreement of the parties with respect to the subject
matter hereof, supersedes any and all other written or oral negotiations, understandings, or
agreements between the parties with respect to the rights and obligations assumed herein, and
contains all of the covenants and agreements between the parties with respect to such rights and
obligations.




© Copyright 2013 Docstoc Inc.                                                              3
5. HEADINGS

    The captions appearing at the commencement of the paragraphs herein are descriptive only
and for convenience in reference. Should there be any conflict between any such caption and the
paragraph above which it appears, the paragraph, and not the caption, shall control and govern
the construction of this Agreement.

6. SINGULAR OR PLURAL

    The words “Assignor” and “Assignee” shall be construed as “Assignors” and “Assignees,” as
the case may be, whenever the sense of this Agreement so requires.

7. COUNTERPARTS

    This Agreement may be executed in two (2) or more separate counterparts, each of which,
when so executed, shall be deemed to be originals. Such counterparts shall together constitute
and be one (1) and the same instrument. This document or any subsequent amendment thereto
may be executed by facsimile and/or in one or more counterparts, each of which when so
executed and delivered shall be deemed an original, but all of which taken together shall
constitute but one and the same original. Each party shall accept any such signed faxed
counterpart as full execution of this document or any subsequent amendment thereto. [Option:
Last two sentences can be removed if parties do not wish to accept facsimile counterpart
signatures]

      IN WITNESS WHEREOF, the parties have executed this Agreement on the date first
above-written.


ASSIGNOR                                           ASSIGNEE


________________________                           ________________________
[NAME]                                             [NAME]




© Copyright 2013 Docstoc Inc.                                                         4
                             NOTARY ACKNOWLEDGMENT

STATE OF _____                )
                              ) ss.:
COUNTY OF _____________)
    On the ________ day of _________, in the year _______, before me, the undersigned, a
Notary      Public    in    and     for   the   State    of    ____,    personally     appeared
__________________________________, personally known to me or proved to me on the basis
of satisfactory evidence to be the person whose name is subscribed to the within instrument and
acknowledged to me that he/she executed the same in his/her capacity, and that by his/her
signature on the instrument, the person or the entity upon behalf of which the person acted,
executed the instrument.

_________________________________
Notary Public
[Comment: Notary will fill this section out]




© Copyright 2013 Docstoc Inc.                                                         5

				
DOCUMENT INFO
Description: This is a document that transfers the mortgage from the original lender to a third party. This document can be modified to fit the particular needs of the contracting parties. This agreement identifies that the lender has been changed and the new lender will assume all rights and responsibilities under the mortgage. Additionally, the document includes brief definitions of a mortgage, foreclosure, and a mortgage assignment. This agreement is ideal for lenders that want to buy or sell a mortgage on a specific piece of property.
This document is also part of a package Purchase of Real Estate Starter Kit 15 Documents Included