A Corrective Assignment of Mortgage is essential for maintaining the integrity of mortgage records when errors occur in the original Assignment of Mortgage documents. An Assignment of Mortgage is a formal document filed with the county recorder that legally transfers a mortgage from one lender to another. However, if this document contains errors—such as typos, incorrect loan numbers, wrong dates, or misidentified parties—a Corrective Assignment is filed to amend these mistakes and clarify the legal chain of title.
The process typically involves drafting a new document that references the original faulty assignment and explicitly states the corrected information. This document is then signed by an authorized representative of the involved lender(s) and filed with the same county recorder’s office to update the public record. This correction ensures clear ownership transfer, which is critical during property sales or refinancing.
Corrective Assignments are commonly needed due to human error, inaccurate legal property descriptions, missing or outdated information, or adjustments needed for clearer future transactions. Without these corrections, unclear mortgage records can impede real estate transactions and title insurance issuance.
For borrowers, a Corrective Assignment means their mortgage lien is properly recorded under the correct lender, preventing ownership disputes or delays. The lenders and title companies initiate and rely on these corrections to maintain clear, legally compliant property records.
If you want to learn more about the Assignment of Mortgage itself, you can visit our detailed article on Assignment of Mortgage.
To check if a corrective assignment has been filed on your property, search your county recorder or clerk’s online public records by your property address or parcel number.
FAQs:
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Will a corrective assignment delay my refinance or sale? Possibly, as title companies require clear records before closing. The timeline depends on lender response and local filing processes.
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Do I need to sign a corrective assignment? Generally, no. It is signed by lender representatives, not borrowers.
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Who pays for the corrective assignment? Typically, the lender responsible for the error covers the cost.
For official guidance on property records and assignments, refer to your county recorder’s office or authoritative sites like Nolo.com.
