Assignment
The transfer of property to be held in trust or to be used for the benefit of the creditors (lenders).
Legally, an assignment is a transfer of title or ownership interest, as of
a lease, bond, note, or bill of exchange; and in real estate, it is a transfer of
the entirety of some particular estate or ownership interest in real property.
In the case of a mortgage default, it refers to the transfer of
ownership of the property of to certain persons called assignees, who sell the property on behalf
of the lendor and those who may hold liens on the property (creditor), and distribute the proceeds
to the creditor.
FAQ:
What does title refer to?
Foreclosure law in your state
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