Hello,
Can someone please explain what exactly is mortgage assignment and how to do it? Thanks.
Mortgages are not usually “assigned” they are assumed. The problem is that assumable mortgages are like dinosaurs. They are really rare and when you do find one there is a debate as to if they really are what is claimed.
OP: do u mean when a lender sells off a mortgage to another lender?
Mortgage assignment is when you buy a mortgage from another mortgage holder, usually at a discount to get a higher yield on your money invested not to mention that you get paid off at face value when the property sells or is refinanced. Of course you didn’t pay face value! You get the picture. However, an investor would pay face value on a property where the mortgage position indicates a low loan-to-value (LTV). Your title company can prepare an assignment for you if you need one. Let me know if I can be of further help. Good Luck