They're leaving you nothing and nowhere to go
Just put you in the corner like an old banjo
The strings are breakin' but you can't say no
You're runnin' with the devil and it's touch and go
The strings are breakin' but you can't say no
You're runnin' with the devil and it's touch and go
Emerson Lake and Powel (Running with the Devil)
Question: I Have an Assignment of Mortgage (or Deed of Trust) Recorded Against My Home. Does Carpenter Carpenter vs Longan Forbid Assignment of A Mortgage or Deed of Trust??
No, Carpenter v. Longan does not forbid the assignment of a mortgage; rather, it establishes that the mortgage follows the note. The Supreme Court held that the note and mortgage are inseparable, with the note being the principal and the mortgage an accessory.
The Court ruled that an assignment of the note carries the mortgage with it, while an assignment of the mortgage alone is a nullity. Therefore, a recorded assignment of a mortgage is legally valid only if it is accompanied by the assignment of the underlying promissory note. If you hold the note, the mortgage automatically transfers to you as an incident of the debt, regardless of whether a separate mortgage assignment is recorded or not.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.