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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 116154
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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Kindly explain this to me in laymans terms: "A deed of assignment

Resolved Question:

Kindly explain this to me in layman's terms:
"A deed of assignment to trustees for creditors does not pass the legal title to bills and notes, so as to enable the trustees to sue thereon in their own names."
Submitted: 3 years ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 3 years ago.

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes.

Simply explained, you are the mortgage company who holds the mortgage, you cannot be bothered pursuing everyone who is delinquent, so you come to me and give me the deed of assignment as trustee for that deed and I get the same rights you have to sue for the delinquent debt and seek to foreclose on the house. You still own the house, I get to manage it and get the rights to sue over the debt.

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Customer: replied 3 years ago.
OK, thanks. SO - if party 1 records an assignment of mortgage granting all interest and rights, for purposes of foreclosure to party 2, and party 2 forecloses in their own name for themselves, is that fraud?
Expert:  Law Educator, Esq. replied 3 years ago.
Thank you for your response.

No, the party with the assignment can sue in their own name as they have all of the rights to do so. It is not fraud because they have received the rights from party 1.
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