A mortgage assignment is exactly how it sounds, you are “assigning” your mortgage payments over to a buyer and releasing your ownership. However, this IS NOT a mortgage assumption.

This method of selling is a popular option when the seller has to sell quickly, but does not have enough equity to sell their home on the market.

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

A 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. Therefore putting the seller back where they started.

Markette Properties buys homes using this method or assists you in the transaction with a buyer.

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