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Transfer of property with an existing mortgage loan that is made without the lender's consent is sometimes referred to as a sale "subject to" the existing loan. In most cases, this type of transfer does not avoid the lender's right to call the loan due under the due-on-sale provision in the loan.
Virtually all mortgage loans made in the United States by institutional lenders in recent years contain a due-on-sale clause. These clauses are meant to require the loan to be paid in full in the case of a sale or conveyance of interest in the subject property. This is in contrast to the wide availability of assumable mortgages in the past ...
An assumable mortgage allows a buyer to assume the rate, repayment period, current principal balance and other terms of the seller’s existing mortgage rather than get a brand-new loan.
An assignment does not necessarily have to be made in writing; however, the assignment agreement must show an intent to transfer rights. The effect of a valid assignment is to extinguish privity (in other words, contractual relationship, including right to sue) between the assignor and the third-party obligor and create privity between the obligor and the assignee. [1]
This option can be attractive because it allows the person keeping the loan to maintain the existing terms. If the mortgage has, say, a 3% interest rate, this option is particularly appealing in ...
The easiest way to cancel your mortgage agreement is to use the notice of rescission that you received from your lender about your right to rescind. “Any titleholder can sign it and send it ...
[19] Under title theory, a mortgage has the effect of a deed passing legal title, though conditionally, of the mortgaged property to the mortgagee (the lender in a loan agreement being secured by the mortgage), with so-called "equitable title" (which is really equity of redemption) being retained by the mortgagor (the borrower in the loan). The ...
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