What is the difference mortgage assignment and assignment of contract?

It had some great info, but it felt like it was a waste of my time.

Mortgage Assignment is another way to do a deal, subject to the existing mortgage and allowing someone else to take over the mortgage payments, with it all being legal. Duncan Weirman (another re guru), thinks that program is a scam, along with karen hanover.

Assignment of Contract is what you use to wholesale a home to a cash buyer or to a retail buyer. It's HOW you get paid from a deal you have under contract. you could also use it other re stratagies.

I hope this helps you.

some gurus have latched onto "mortgage assignment" to make it seem like a proprietary system and charge for it. It is nothing different than buying a home "subject to" and that has been taught for over 30 years.

Google "subject to" and you should find lots of free information.

regarding mortgage assignment being the same as buying subject to the existing mortgage. As for assignment of contract, that is basically just selling a contract you have locked up to another party, usually a cash investor when wholesaling.

Thanks for the feedback, I kinda figured that was the case but I wasn't too confident. The only other question I have is differentiating between an assignment of contract and assigning the mortgage. Are they interchangable or should they be used simultaneously with-in a single transaction(Seller-Investor-Buyer).

they are two separate things as Dallas has stated above. To do an assignment of contract, you purchase a home through a normal real estate contract (with the right to assign)and then assign the contract for cash to your end buyer. They then have to perform under the terms of the contract you wrote and buy/pay for the house.

A mortgage assignment is where you buy a property subject to the existing mortgage. In other words, you are assuming the seller's obligation that is on the house usually WITHOUT the lender's knowledge and/or permission. The home is then transferred into your name as owner.

Of course, you can combine them by purchasing a home "subject to" and then assigning it to someone else, but doing so raises a number of other issues that are too lengthy to explain here. Sorry.

Hope this info helps.

Makes more sense now. I appreciate the feedback