Assignment

[topsidder]

What is the name of your state? GA

Curious, what is an Assignement - the grantor's on this assignment are a bank (lien holder) and the party who first purchased the property. The assignement was signed by the lien holder (homeBanc) to MERS. Is this a foreclosure? and if so, a deed in lieu? Will the original owner be sued if the property does not sell for mortgage balance? Also, I did not think a ded in lieu was possible if there was a first and second on the home.

thanks

[Ohiogal]

Originally Posted by topsidder

What is the name of your state? GA

Curious, what is an Assignement - the grantor's on this assignment are a bank (lien holder) and the party who first purchased the property. The assignement was signed by the lien holder (homeBanc) to MERS. Is this a foreclosure? and if so, a deed in lieu? Will the original owner be sued if the property does not sell for mortgage balance? Also, I did not think a ded in lieu was possible if there was a first and second on the home.

thanks

All the lien holder did was assign its rights under the contract to MERS. Meaning MERS can collect the mortgage and do foreclosure and whatever other rights the lien holder had. MERS now has them. If the party who first purchased the property assigned its rights, then MERS has all the rights of the property purchaser as well. At least that is my understanding but I am rather new to all this.