What is an assignable mortgage?

An assignable mortgage is a type of residential real estate law in South Carolina that allows a mortgage holder to transfer a mortgage to someone else. This means that if the original buyer of a home defaults on a loan, the original lender can transfer the loan to another individual. This helps the lender to avoid foreclosure, which can be costly and time consuming. When assigning the mortgage to someone else, the original lender is replaced by the new lender. The assignable mortgage is still subject to the same terms and conditions as the original mortgage. This means that the new lender must follow the same repayment terms and interest rates as the original mortgage. The original borrower is also still responsible for the loan and must make payments to the new lender. An assignable mortgage is a common tool used by lenders in South Carolina to protect their interests. It allows lenders to transfer the loan to another party in order to avoid foreclosure while keeping the terms of the loan intact. This helps lenders to minimize their financial losses while also giving the new lender the opportunity to collect the payments from the original borrower.

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What is an assignable mortgage?

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