Definitions for "assignment of mortgage"
A written document serving as evidence of a transfer of a loan obligation from the original borrower to a third party.
A document that evidences the transfer of a mortgage from one party to another.
When one party transfers its interest in the mortgage to a third party such that the third party stands in it place. Generally, the lender reserves the right to assign a mortgage to another lender without the consent of the borrower while the mortgage agreement specifically forbids the borrower from assigning the mortgage to another borrower without the consent of the lender.