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Assignment of Mortgage by Corporate Mortgage Holder Illinois Form

Assignment of Mortgage by Corporate Mortgage Holder Illinois Form

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so what is an assignment of a mortgage and how does it affect a property title this is Dave at tile search.com a mortgage assignment is a contract where the lender of that mortgage is assigning their rights to the property to another party maybe another lender maybe a Servicing Company maybe even an investor what happens is the mortgage itself is a pledge of that property pledge of that collateral to guarantee an underlying loan so if you borrow 200,000 on a mortgage the property is guaranteeing that you're going to pay that back if you don't pay it back they're going to grab the property so if another lender comes in and buys that mortgage from a bank they're going to want that same guarantee so that property claim is going to be transferred to them that's where the assignment comes in it's filed in the land records it says that this property claim is going from lender a to lender B and they have all the same full rights as another lende

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