Download Rhode Island Statutory Assignment of Mortgage Legal Forms

Use this form to transfer an existing mortgage. This is commonly executed when a mortgage is sold/transferred. This is a recordable Rhode Island (statutory form) and (may be altered as circumstances require). [The statutory forms referred to in R.I. 34-11-11 are as follows:

ASSIGNMENT OF MORTGAGE
Holder of a mortgage by
to
dated
recorded in the records of deeds in
in book no., / at page,
for consideration paid, assign the mortgage and the note and claim secured thereby
to
Witness hand this day of (Here add
acknowledgment.)] (R.I Statute 34-11-11). [RI Statute 34-11-12(6)]

(6) ASSIGNMENT OF MORTGAGE.
34-11-24. Effect of assignment of mortgage. An assignment of mortgage substantially following the form entitled "Assignment of Mortgage" shall, when duly executed, have the force and effect of granting, bargaining, transferring and making over to the assignee, his or her heirs, executors, administrators, and assigns, the mortgage deed with the note and debt thereby secured, and all the right, title and interest of the mortgagee by virtue thereof in and to the estate described therein, to have and to hold the mortgage deed with the privileges and appurtenances thereof to the assignee, his or her heirs, executors, administrators and assigns in as ample manner as the assignor then holds the same, thereby substituting and appointing the assignee and his or her heirs, executors, administrators and assigns as the attorney or attorneys irrevocable of the mortgagor under and with all the powers in the mortgage deed granted and contained.

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 Mortgage" forms.

The Truth and lending act requires that borrowers be notified when their Mortgage 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.

(Rhode Island AOM Package includes form, guidelines, and completed example) For use in Rhode Island only.