What is a Mortgage Assignment or "Assignment of Mortgage?"

A new form of seller-financing for homeowners, the sale of a home by mortgage assignment can provide benefits to both the buyer and seller...
By: Media Relations - USA Home Buyer
Dec. 27, 2011 - PRLog -- A mortgage assignment (also known as an assignment of mortgage) is a legal instrument that facilitates the transfer of a mortgage from the original lender or borrower to a new lender or borrower.  A mortgage assignment is most commonly seen when a mortgage lender sells and assigns an existing mortgage to another lender.  However, this article deals with the other type of mortgage assignment, where the borrower or homeowner sells the mortgaged property, and assigns the existing mortgage to the new buyer.

Although most mortgage loans originated in recent years are non-assumable loans, an assignment of mortgage, or “mortgage assignment” allows the new buyer to accept assignment of an existing mortgage loan without formal assumption, and to make the monthly payments required after assignment.  As long as the new buyer (the “assignee”) continues to make the monthly payments on the existing mortgage, virtually all mortgage lenders will still consider the loan to be a performing asset, and are generally not concerned with who is making the payment.

This unique form of seller-financing has many benefits to both the buyer and seller.  The buyer is able to purchase a home without having to qualify for traditional financing.  This is especially helpful to buyers who are self-employed or have recently changed employment, or have other defects in their credit history that may prevent them from qualifying for traditional financing, such as a recent late payment, recent divorce, etc.  Likewise, the seller benefits from the ability to sell an otherwise hard-to-sell home, due to a slow real estate market, tightened lending guidelines, or a number of other reasons a home may be difficult to sell.  Additionally, mortgage assignment transactions are not complicated, and can be accomplished by homeowners who are offering their properties “For Sale By Owner” (FSBO), thus saving the seller thousands of dollars in real estate commissions.

Assistance is available to both buyers and sellers who wish to take advantage of the benefits offered through a mortgage assignment when buying or selling a home.  There are a number of companies and private individuals who advertise mortgage assignment assistance.  One such company is USA Home Buyer in Apple Valley, California.  USA Home Buyer is a national real estate investment firm, which buys and sells homes nationwide.  The company has recently announced a new program known as the Home Mortgage Loan Assignment Program (HMLAP), available to home buyers and sellers in all 50 states.

The new, national program allows a homeowner to sell a house fast (usually within 30 to 60 days), by assigning the existing mortgage on the home to a new buyer.  The company maintains an active nationwide list of income-qualified buyers, and assists both the seller and the buyer in the purchase and sale of the home utilizing the Home Mortgage Loan Assignment Program (HMLAP).  The company charges no fees, real estate commissions or closing costs to homeowners who wish to sell their home using the new program.

For more information on mortgage assignments and the Home Mortgage Loan Assignment Program (HMLAP), contact USA Home Buyer using the contact information below:

USA Home Buyer
12277 Apple Valley Rd., Suite 353
Apple Valley, CA 92308
Phone:      (888) 631-2711
Email:      info@USAHomeBuyer.net
Website:   http://www.USAHomeBuyer.net

Specific program information for the Home Mortgage Loan Assignment Program (HMLAP) is also available through the following official program website:

The information provided in this article is for informational and educational purposes only. There is no tax, accounting or legal advice offered. This article is intended to provide accurate and authoritative information with regard to the subject matter covered. It is offered with the understanding that neither the publisher nor the author is engaged in rendering legal, tax or other professional services. Should you require legal or tax or other professional advice, please contact a competent professional in those fields to assist you.

The HMLAP may not be appropriate in every individual situation. The author and publisher disclaim any liability, loss or risk, personal or otherwise, which may occur as a consequence of the application of any contents of this article or the HMLAP.  Before acting upon any suggestions in this article, use your own judgment.  And again, please consult with your own professional advisors.

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John Tebbetts founded USA Home Buyer's parent company in 2001 with creative real estate strategies and innovations that have transformed how people buy and sell real estate. A respected and inspiring leader in the real estate industry, Tebbetts was instrumental in developing some of the industry’s most pioneering strategies.

Through his vision and passion, Tebbetts built USA Home Buyer from a start up into America’s leading national buyer of homes. Today, Tebbetts still plays an active role in the day to day operations of the company. USA Home Buyer is changing the national real estate market through Tebbetts' insightful and innovative strategies. For more information, visit http://www.USAHomeBuyer.net
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