Assignment of Mortgage
(IL)

Summary

This assignment of mortgage may be used in Illinois to transfer a mortgage on real property from the existing mortgage lender to a new lender. This template includes practical guidance and drafting notes. An assignment of mortgage is commonly used in Illinois when the existing lender sells a loan to a new lender. In Illinois, the underlying debt to a mortgage is assignable, but the mortgage itself is deemed a mere incident to the debt. Any attempt to assign the mortgage without transfer of the debt does not pass the mortgagee's interest to the assignee but is a nullity. See Commercial Products Corporation v. Briegel, 242 N.E.2d 317, 321 (1968). Thus, the assignment of mortgage should reference the promissory note for the debt and the existing lender should transfer and endorse the promissory note to the new lender. For related templates, see Allonge to Mortgage Note (IL), Mortgage Note (Acquisition Loan) (IL), Mortgage (Acquisition Loan, Short Form) (IL) and Mortgage (Acquisition Loan, Long Form) (IL). For information on financing commercial real estate in Illinois, see Commercial Real Estate Acquisition Loan Resource Kit (IL).