What is an assignable mortgage?

An assignable mortgage is a legal document that outlines an agreement between a mortgage lender and a borrower. In Delaware, an assignable mortgage is a form of loan security taken by the lender from the borrower. The assignable mortgage gives the lender a right to collect payment from the borrower if the borrower fails to make payments on the loan. An assignable mortgage is a form of security that allows the lender to collect payment from a third-party when the borrower is unable to make payment. This means that the lender can assign the mortgage to another party, thus transferring the debt to a new entity. If the borrower defaults, the lender can collect payment from the third-party, while the original borrower is still responsible for the debt. In Delaware, an assignable mortgage must be properly recorded with the county recorder of deeds to be enforceable. An assignable mortgage in Delaware must also include detailed information about the costs associated with the loan and the interest that will be charged on the loan. In sum, an assignable mortgage is a legal agreement between a mortgage lender and a borrower. This form of loan security allows the lender to collect payment from a third-party when the borrower is unable to make payment. An assignable mortgage must be properly recorded with the county recorder of deeds to be enforceable.

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