Use this form to assign a previously recorded mortgage to another party.

Vt. Statute 1158 Assignment or discharge of mortgage or judgment lien

An assignment or discharge of a mortgage or judgment lien shall be duly recorded in the records of the town. A mortgage or judgment lien may be discharged by the mortgagee, judgment creditor, or assignee of such mortgage or judgment lien in writing on the margin of the mortgage record or judgment lien notice. A satisfaction or assignment of the mortgage or judgment lien recorded elsewhere shall bear a marginal notation of the book and page of the mortgage or judgment lien record and a corresponding cross-reference shall be made on the margin of the mortgage or judgment lien notice record.

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 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.

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

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