Assignment of Mortgage

What is Assignment of Mortgage?
In Missouri, can a mortgage be signed over to another without the permission of the mortgage company?
Can a home be signed, "gifted", to another without the mortgage company being involved?

[HomeGuru]

1. It pertains to the lender who can assign or sell the mortgage to another lender, the government or private investor.
2. No
3. Yes

In Missouri, can a mortgage be signed over to another without the permission of the mortgage company?
Can a home be signed, "gifted", to another without the mortgage company being involved?

Thanks for your reply, but why is the first question NO and the second question YES?
Doen't a mortgage company have a say in whose name is on the deed?

And I do intend to see an attorney eventually. Even if this is settled between us, this 'ownership' question needs to be addressed.

[HomeGuru]

Originally posted by radeck
In Missouri, can a mortgage be signed over to another without the permission of the mortgage company?
**My response: the mortgage is secured by collateral, which is real estate. In addition, the mortgagors were approved for the mortgage under strict underwriting guidelines such length on employment, income, credit check/history etc. Therefore one cannot just transfer the mortgage from one person to another without the approval from the lender. The borrower cannot "sign over" the mortgage without the lender approving but the lender is free to assign, sell etc. the mortgage without the borrower's approval.
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Can a home be signed, "gifted", to another without the mortgage company being involved?
**My response: you are confusing a mortgage with a deed. If you have property with a mortgage, you can easily deed the property to someone else without involving the lender.
If you do this, you are still on the hook with the lender as far as the mortgage is concerned.
If there is a due on sale/transfer clause, the lender could call the loan due in certain circumstances.
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Thanks for your reply, but why is the first question NO and the second question YES?
Doen't a mortgage company have a say in whose name is on the deed?
**My response: yes, you are correct but there are cases where the lender feels the new names on the deed are of no consequence ie. spouse deeds to spouse, or property deeded from parents to siblings etc.
The original borrowers are still on the deed and remain liable for the mortgage.
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And I do intend to see an attorney eventually. Even if this is settled between us, this 'ownership' question needs to be addressed.

Eventually is now.

[HomeGuru]

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