Mortgage Assignment Notice

Download this Free Mortgage Assignment Notice Form in PDF Format as well as in Text Version for your own situation.

A mortgage is a type of loan that individuals and companies take from banks and loan firms, where real estate property is pledged as collateral. This means that if the borrower cannot repay the loan, the creditor has the right to foreclose the property and sell it to recover the debt.

Introduction to the Mortgage Assignment Notice

When an individual or a company takes out a loan from a bank or loan firm, they sign a loan agreement with the creditor. This agreement clearly states the name of the creditor, who is responsible for collecting the debt from the borrower. There are situations where the original creditor informs the borrower that future loan payments should be made to a new creditor, such as a different bank or loan firm. This transfer of debt collection rights from one creditor to another is known as the assignment of mortgage.

Free Mortgage Assignment Notice {PDF Form}

Here is a preview of a Free Sample Mortgage Assignment Notice created as fillable PDF Form,

Here is the download link for this Mortgage Assignment Notice,

Key Elements to Include in the Assignment of Mortgage

1. Debtor’s Information:
   • Name of the person or company who received the loan (debtor)
   • Complete address of the debtor
2. Original Creditor’s Information:
   • Name of the person, bank, or loan firm who lent the money (original creditor)
   • Complete address of the original creditor
3. New Creditor’s Information:
   • Name of the new person, bank, or loan firm who will now collect the debt
   • Complete address of the new creditor
4. Date of Assignment:
   • The date when the assignment document is signed by all parties
5. Property Details:
   • Detailed information about the property being pledged, including area, location, market value, etc.
6. Loan Amount:
   • The total amount of the mortgage taken by the debtor
7. Debt Repayment Details:
   • Amount of debt repaid by the debtor to date
   • Remaining amount of debt
8. Installment Details:
   • Monthly installment amounts for loan repayments (e.g., $5,000, $10,000)
9. Reason for Assignment (optional):
   • Explanation for transferring the mortgage to a new creditor
10. Signatures:
    • Signatures of all parties involved in the assignment process (debtor, original creditor, new creditor, and witnesses)

Sample Mortgage Assignment Notice

Here’s a sample template to help you draft a mortgage assignment notice:

Assignment of Mortgage

Debtor Information:
Name: [Debtor’s Full Name]
Address: [Debtor’s Address]
City, State, ZIP Code: [City, State, ZIP Code]
Phone Number: [Debtor’s Phone Number]
Email: [Debtor’s Email]

Original Creditor Information:
Name: [Original Creditor’s Full Name/Bank Name]
Address: [Original Creditor’s Address]
City, State, ZIP Code: [City, State, ZIP Code]
Phone Number: [Original Creditor’s Phone Number]
Email: [Original Creditor’s Email]

New Creditor Information:
Name: [New Creditor’s Full Name/Bank Name]
Address: [New Creditor’s Address]
City, State, ZIP Code: [City, State, ZIP Code]
Phone Number: [New Creditor’s Phone Number]
Email: [New Creditor’s Email]

Date of Assignment:
[Date]

Property Details:

• Area: [Property Area]
• Location: [Property Location]
• Market Value: [Property Market Value]

Loan Details:

• Total Mortgage Amount: [Total Loan Amount]
• Amount Repaid: [Amount Repaid]
• Remaining Amount: [Remaining Loan Amount]

Installment Details:

• Monthly Installments: [Monthly Installment Amount]

Reason for Assignment (if applicable):
[Reason for Assignment]

Signatures:

Debtor: _______________________
Date: _______________________

Original Creditor: _______________________
Date: _______________________

New Creditor: _______________________
Date: _______________________

Witness 1: _______________________
Date: _______________________

Witness 2: _______________________
Date: _______________________

By including these elements and following the sample template, you can create a comprehensive mortgage assignment notice. This document ensures a clear and legally binding transfer of debt collection rights from the original creditor to the new creditor, protecting the interests of all parties involved.