Mortgage Assignment and Assumption Agreement

Summary

This precedent is an assignment and assumption agreement for the transfer of a mortgage from one Lender/Creditor to another new creditor party. The assignment/assumption may be for one creditor to help satisfy a separate debt to the new creditor or simply to transfer the burdens and benefits of that mortgage/charge to another party. This precedent contains practical guidance and drafting notes. Mortgages, like other such agreements, can often be passed on or assumed by other parties for many different reasons. “Selling a Mortgage” could be triggered by many different factors. The mortgage could be transferred to satisfy a debt, relieve one party of the need to wait for repayment, or any number of other reasons. Regardless of the reason, as with other assignments and assumptions, both a benefit and a burden are being handed over to a new party. Therefore, it cannot be a unilateral transfer since both sides must be in agreement to take the “good with the bad.” For more information, see: ...