New Mexico Assignment of Deed of Trust
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Assignment of Deed of Trust for Real Estate Located in New Mexico
A Deed of Trust assignment, also referred to as an "Assignment of Deed of Trust", occurs when the beneficiary/lender of the loan transfers their loan obligations to a third party. The lender will usually assign a Deed of Trust by selling it to a new bank or lender. This form can be used by the current beneficiary/lender even if the Deed of Trust in question states a different beneficiary/lender.
Current Borrowers must be notified of the assignment. Notification consists of contact information of the new creditor, recording dates, recording instrument numbers, changes in loan, etc. Included are "Notice of Assignment of Deed of Trust" forms.
The Truth and lending act requires that borrowers be notified when their Deed of Trust debt has been sold, transferred, or assigned to a new creditor. Generally, within 30 days to avoid up to $2,000.00 in statutory damages, plus reasonable attorney's fees. Systematic violations can reach up $500,000.00.
For use in New Mexico Only.