Mortgage Assignment

A mortgage assignment isn’t really a new concept but it is starting to become more and more popular.    Essentially a mortgage assignment is exactly how it sounds, you are “assigning” your mortgage payments over to a buyer.  This should not be confused with an assumption however, which requires bank approval.

This method of selling is becoming more popular because of the number of sellers with little to no equity who HAVE to sell but have no alternatives other than a short sale or foreclosure which both create massive damage to the sellers credit.

Some of the advantages of a mortgage assignment are…

  • Higher asking price
  • Little to no closing costs
  • Typically no realtor commissions
  • Can improve the sellers credit
  • Faster home sale
  • Market to a larger pool of buyers

The main disadvantage to a mortgage assignment is…

  • If the buyer stops making payments, the seller will get the house back by either a foreclosure or a deed-in-lieu.

We may be interested in buying your home using this method or perhaps helping you broker the deal to another buyer.