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Understanding the Assignment of Mortgages: What You Need To Know

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A mortgage is a legally binding agreement between a home buyer and a lender that dictates a borrower's ability to pay off a loan. Every mortgage has an interest rate, a term length, and specific fees attached to it.

Attorney Todd Carney

Written by Attorney Todd Carney .  Updated November 26, 2021

If you’re like most people who want to purchase a home, you’ll start by going to a bank or other lender to get a mortgage loan. Though you can choose your lender, after the mortgage loan is processed, your mortgage may be transferred to a different mortgage servicer . A transfer is also called an assignment of the mortgage. 

No matter what it’s called, this change of hands may also change who you’re supposed to make your house payments to and how the foreclosure process works if you default on your loan. That’s why if you’re a homeowner, it’s important to know how this process works. This article will provide an in-depth look at what an assignment of a mortgage entails and what impact it can have on homeownership.

Assignment of Mortgage – The Basics

When your original lender transfers your mortgage account and their interests in it to a new lender, that’s called an assignment of mortgage. To do this, your lender must use an assignment of mortgage document. This document ensures the loan is legally transferred to the new owner. It’s common for mortgage lenders to sell the mortgages to other lenders. Most lenders assign the mortgages they originate to other lenders or mortgage buyers.

Home Loan Documents

When you get a loan for a home or real estate, there will usually be two mortgage documents. The first is a mortgage or, less commonly, a deed of trust . The other is a promissory note. The mortgage or deed of trust will state that the mortgaged property provides the security interest for the loan. This basically means that your home is serving as collateral for the loan. It also gives the loan servicer the right to foreclose if you don’t make your monthly payments. The promissory note provides proof of the debt and your promise to pay it.

When a lender assigns your mortgage, your interests as the mortgagor are given to another mortgagee or servicer. Mortgages and deeds of trust are usually recorded in the county recorder’s office. This office also keeps a record of any transfers. When a mortgage is transferred so is the promissory note. The note will be endorsed or signed over to the loan’s new owner. In some situations, a note will be endorsed in blank, which turns it into a bearer instrument. This means whoever holds the note is the presumed owner.

Using MERS To Track Transfers

Banks have collectively established the Mortgage Electronic Registration System , Inc. (MERS), which keeps track of who owns which loans. With MERS, lenders are no longer required to do a separate assignment every time a loan is transferred. That’s because MERS keeps track of the transfers. It’s crucial for MERS to maintain a record of assignments and endorsements because these land records can tell who actually owns the debt and has a legal right to start the foreclosure process.

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Assignment of Mortgage Requirements and Effects

The assignment of mortgage needs to include the following:

The original information regarding the mortgage. Alternatively, it can include the county recorder office’s identification numbers. 

The borrower’s name.

The mortgage loan’s original amount.

The date of the mortgage and when it was recorded.

Usually, there will also need to be a legal description of the real property the mortgage secures, but this is determined by state law and differs by state.

Notice Requirements

The original lender doesn’t need to provide notice to or get permission from the homeowner prior to assigning the mortgage. But the new lender (sometimes called the assignee) has to send the homeowner some form of notice of the loan assignment. The document will typically provide a disclaimer about who the new lender is, the lender’s contact information, and information about how to make your mortgage payment. You should make sure you have this information so you can avoid foreclosure.

Mortgage Terms

When an assignment occurs your loan is transferred, but the initial terms of your mortgage will stay the same. This means you’ll have the same interest rate, overall loan amount, monthly payment, and payment due date. If there are changes or adjustments to the escrow account, the new lender must do them under the terms of the original escrow agreement. The new lender can make some changes if you request them and the lender approves. For example, you may request your new lender to provide more payment methods.

Taxes and Insurance

If you have an escrow account and your mortgage is transferred, you may be worried about making sure your property taxes and homeowners insurance get paid. Though you can always verify the information, the original loan servicer is responsible for giving your local tax authority the new loan servicer’s address for tax billing purposes. The original lender is required to do this after the assignment is recorded. The servicer will also reach out to your property insurance company for this reason.  

If you’ve received notice that your mortgage loan has been assigned, it’s a good idea to reach out to your loan servicer and verify this information. Verifying that all your mortgage information is correct, that you know who to contact if you have questions about your mortgage, and that you know how to make payments to the new servicer will help you avoid being scammed or making payments incorrectly.

Let's Summarize…

In a mortgage assignment, your original lender or servicer transfers your mortgage account to another loan servicer. When this occurs, the original mortgagee or lender’s interests go to the next lender. Even if your mortgage gets transferred or assigned, your mortgage’s terms should remain the same. Your interest rate, loan amount, monthly payment, and payment schedule shouldn’t change. 

Your original lender isn’t required to notify you or get your permission prior to assigning your mortgage. But you should receive correspondence from the new lender after the assignment. It’s important to verify any change in assignment with your original loan servicer before you make your next mortgage payment, so you don’t fall victim to a scam.

Attorney Todd Carney

Attorney Todd Carney is a writer and graduate of Harvard Law School. While in law school, Todd worked in a clinic that helped pro-bono clients file for bankruptcy. Todd also studied several aspects of how the law impacts consumers. Todd has written over 40 articles for sites such... read more about Attorney Todd Carney

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Mortgage Assignment Laws and Definition

(This may not be the same place you live)

  What is a Mortgage Assignment?

A mortgage is a legal agreement. Under this agreement, a bank or other lending institution provides a loan to an individual seeking to finance a home purchase. The lender is referred to as a creditor. The person who finances the home owes money to the bank, and is referred to as the debtor.

To make money, the bank charges interest on the loan. To ensure the debtor pays the loan, the bank takes a security interest in what the loan is financing — the home itself. If the buyer fails to pay the loan, the bank can take the property through a foreclosure proceeding.

There are two main documents involved in a mortgage agreement. The document setting the financial terms and conditions of repayment is known as the mortgage note. The bank is the owner of the note. The note is secured by the mortgage. This means if the debtor does not make payment on the note, the bank may foreclose on the home. 

The document describing the mortgaged property is called the mortgage agreement. In the mortgage agreement, the debtor agrees to make payments under the note, and agrees that if payment is not made, the bank may institute foreclosure proceedings and take the home as collateral .

An assignment of a mortgage refers to an assignment of the note and assignment of the mortgage agreement. Both the note and the mortgage can be assigned. To assign the note and mortgage is to transfer ownership of the note and mortgage. Once the note is assigned, the person to whom it is assigned, the assignee, can collect payment under the note. 

Assignment of the mortgage agreement occurs when the mortgagee (the bank or lender) transfers its rights under the agreement to another party. That party is referred to as the assignee, and receives the right to enforce the agreement’s terms against the assignor, or debtor (also called the “mortgagor”). 

What are the Requirements for Executing a Mortgage Assignment?

What are some of the benefits and drawbacks of mortgage assignments, are there any defenses to mortgage assignments, do i need to hire an attorney for help with a mortgage assignment.

For a mortgage to be validly assigned, the assignment document (the document formally assigning ownership from one person to another) must contain:

  • The current assignor name.
  • The name of the assignee.
  • The current borrower or borrowers’ names. 
  • A description of the mortgage, including date of execution of the mortgage agreement, the amount of the loan that remains, and a reference to where the mortgage was initially recorded. A mortgage is recorded in the office of a county clerk, in an index, typically bearing a volume or page number. The reference to where the mortgage was recorded should include the date of recording, volume, page number, and county of recording.
  • A description of the property. The description must be a legal description that unambiguously and completely describes the boundaries of the property.

There are several types of assignments of mortgage. These include a corrective assignment of mortgage, a corporate assignment of mortgage, and a mers assignment of mortgage. A corrective assignment corrects or amends a defect or mistake in the original assignment. A corporate assignment is an assignment of the mortgage from one corporation to another. 

A mers assignment involves the Mortgage Electronic Registration System (MERS). Mortgages often designate MERS as a nominee (agent for) the lender. When the lender assigns a mortgage to MERS, MERS does not actually receive ownership of the note or mortgage agreement. Instead, MERS tracks the mortgage as the mortgage is assigned from bank to bank. 

An advantage of a mortgage assignment is that the assignment permits buyers interested in purchasing a home, to do so without having to obtain a loan from a financial institution. The buyer, through an assignment from the current homeowner, assumes the rights and responsibilities under the mortgage. 

A disadvantage of a mortgage assignment is the consequences of failing to record it. Under most state laws, an entity seeking to institute foreclosure proceedings must record the assignment before it can do so. If a mortgage is not recorded, the judge will dismiss the foreclosure proceeding. 

Failure to observe mortgage assignment procedure can be used as a defense by a homeowner in a foreclosure proceeding. Before a bank can institute a foreclosure proceeding, the bank must record the assignment of the note. The bank must also be in actual possession of the note. 

If the bank fails to “produce the note,” that is, cannot demonstrate that the note was assigned to it, the bank cannot demonstrate it owns the note. Therefore, it lacks legal standing to commence a foreclosure proceeding.

If you need help with preparing an assignment of mortgage, you should contact a mortgage lawyer . An experienced mortgage lawyer near you can assist you with preparing and recording the document.

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BankLabs

Loan Participation Vs Assignment

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Sub-participation

Sub-participation is a form of loan participation in which a lender shares its risk with a second party. This type of loan participation does not change the documentation of the loan. This type of loan participation can also include future amounts for loans that have not yet been fully disbursed, such as a revolving credit facility.

The legality of sub-participation is dependent on the conditions of the loan agreement. In general, a loan participant cannot enforce the loan or proceed against the collateral on their own. Furthermore, the borrower may not even be aware that the loan participant is involved. However, the seller of the participation retains the right to enforce or compromise the loan, as well as to amend it without the consent of the participant.

As for drafting sub-participation agreements, there are many ways to do so. But it is important to include at least the following provisions: The term of the agreement, the rate of interest, and the repurchase provisions. These provisions should be included in the sub-participation or assignment agreement.

Assignment and sub-participation are standard terms in inter-bank transactions. We will examine the purposes of the loan participation and assignment agreements, as well as the terms of the transaction. While they are essentially interchangeable, they are fundamentally different.

Loan participation and assignment are both ways to transfer ownership of a loan. Assigning a loan to a third party or sub-assigning it to yourself is a common way to transfer the loan.

The terms “loan participation” and “assignment” are often used in the banking industry. Both terms refer to the transfer of a loan’s rights and payments between two financial institutions. We’ll look at what each term means and how they differ from each other.

Loan participation has long been a common form of loan transfer. Its advantages over other loan transfer methods include the ability to diversify a portfolio and limit risk. It also eliminates the need for loan servicing. However, this option can be problematic when it differs from underlying loans. For this reason, it’s important to structure loan participation carefully.

Whether a loan is a participation or an assignment depends on a variety of factors. The percentage of loan ownership, relationship with the other financial institution, and confidence in the other party are all important considerations. However, the basic difference between participation and assignment is that the former involves the original lender continuing to manage the loan while the latter takes on the responsibility of doing so.

As a rule, loan participation is a good option if the original lender does not want to keep the title of the loan. It allows the borrower to avoid the costs associated with the loan and is more attractive for borrowers. In addition, loan participation arrangements can be more flexible than outright assignments. However, it’s important to make sure that the arrangement you enter into is formal. This will prevent any confusion or conflict down the road.

Syndication

Understanding the differences between loan participation and syndication is important for lenders. Understanding these two options can help them find the best solutions for their lending needs. Syndication is a common type of lending program where lenders pool their loans together to reduce the risks of defaults. Loan participation programs can be more complex and require due diligence to be effective.

Syndicated lending allows lenders to access the expertise and business relationships of their fellow lenders while maximizing their exposure to deal flow. However, lenders who join a syndicated lending arrangement often give up some of their independence and flexibility to take unilateral action. In addition, these arrangements often involve the involvement of legal counsel, which can also be important.

A loan participation arrangement is a group of lenders coming together to fund a large loan. A lead bank underwrites the loan and sells portions of it to other financial institutions. Loan syndication, on the other hand, is an arrangement whereby multiple financial institutions pool their money together and make one large loan. In this type of arrangement, the original lender transfers the rights and obligations to the purchasing financial institution. The risk is then shared among the participating lenders, allowing them to share in the interest and the risks of the loan’s default.

A syndication contract can be structured in as many tranches as necessary to meet the borrowing needs of a customer. The underlying contract will contain a commitment contract that specifies the ratio of participation among the participants. Each tranche will have a borrower, which will be a common participant or may be different. The contract will require that each participant fulfill their commitments before the scheduled due dates.

Loan participation and assignment are standard transactions between banks. They are similar in some respects but have different purposes. 

There are many types of loan participation agreements. Some involve a full assignment, while others are a sub-participation. If you are involved in loan participation or assignment, you need to understand which type of agreement applies to your situation. There are several types of loan participation agreements, including sub-participation agreements, undisclosed agencies, and assignments.

Sub-participation agreements are typically used to assign part of the loan amount to a new lender, and the loan documentation remains unchanged. In addition, these types of agreements include future amounts, which may be provided as part of a revolving credit facility or a portion of a loan that hasn’t been fully disbursed.

Loan participation is a popular option for lenders to limit their exposure to borrowers. Lenders may sell a portion of the loan to an investor or sell a portion of their interest to another party. While the transfer of a loan portion does not always require the consent of the transferor, lenders must consider participating interest guidelines and the applicable rules.

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Are loans normally assigned or novated? Does it matter?

Both assignments and novations of loan contracts are common. As they have different effects, limitations and risks, whichever mechanism is suitable depends on the purpose and requirements of the transaction. The fundamental difference is that assignment allows the transfer of rights (but not obligations) from one party to another without the consent of the borrower, whereas novation is the extinction and replacement of rights and obligations under a contract with a new agreement and with different parties. It does therefore require the agreement of the borrower.

A detailed discussion of assignment is beyond the scope of this note. However, for the purposes of contrasting assignment and novation, the following are the key points.

Types of assignment

There are two types of assignment: (i) legal assignment under s. 136 of the Law of Property Act 1925 ( LPA ), which imposes formal requirements; and (ii) equitable assignment which is not subject to these requirements.

What rights may be assigned?

The general rule is that a presently owned right (eg

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Albert Sampson

Albert is a barrister at 4 Stone Buildings practising mainly in the fields of commercial law, banking and financial services law, company and insolvency law and civil fraud. Albert's work often has an international or cross-border element, and his experience includes advising in relation to matters arising in offshore financial centres. Albert's financial services experience includes disputes over: complex structured financial products; capital markets transactions; FX and CFD trading; and the mis-selling of financial products.

Albert was recently seconded to the FCA where he advised on a range of regulated activities, including electronic peer-to-peer lending platforms and collective investment schemes. He is currently a consultant barrister with the National Crime Agency, where he deals with civil asset recovery matters under the Proceeds of Crime Act 2002.

Key definition:

Loan definition, what does loan mean.

An advance of funds from one party (the creditor ) to another party (the debtor ) for a period of time. The funds can be advanced for an agreed period or be repayable upon demand. Interest is usually paid on the advance which can be secured or unsecured

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Assignment of loan

Practical law uk standard document 9-500-4767  (approx. 31 pages).

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  • Life Insurance

What Is Collateral Assignment (of a Life Insurance Policy)?

Meredith Mangan is a senior editor for The Balance, focusing on insurance product reviews. She brings to the job 15 years of experience in finance, media, and financial markets. Prior to her editing career, Meredith was a licensed financial advisor and a licensed insurance agent in accident and health, variable, and life contracts. Meredith also spent five years as the managing editor for Money Crashers.

what does loan assignment mean

Definition and Examples of Collateral Assignment

How collateral assignment works, alternatives to collateral assignment.

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If you assign your life insurance contract as collateral for a loan, you give the lender the right to collect from the policy’s cash value or death benefit in two circumstances. One is if you stop making payments; the other is if you die before the loan is repaid. Securing a loan with life insurance reduces the lender’s risk, which improves your chances of qualifying for the loan.

Before moving forward with a collateral assignment, learn how the process works, how it impacts your policy, and possible alternatives.

Collateral assignment is the practice of using a life insurance policy as collateral for a loan . Collateral is any asset that your lender can take if you default on the loan.

For example, you might apply for a $25,000 loan to start a business. But your lender is unwilling to approve the loan without sufficient collateral. If you have a permanent life insurance policy with a cash value of $40,000 and a death benefit of $300,000, you could use that life insurance policy to collateralize the loan. Via collateral assignment of your policy, you authorize the insurance company to give the lender the amount you owe if you’re unable to keep up with payments (or if you die before repaying the loan).

Lenders have two ways to collect under a collateral assignment arrangement:

  • If you die, the lender gets a portion of the death benefit—up to your remaining loan balance.
  • With permanent insurance policies, the lender can surrender your life insurance policy in order to access the cash value if you stop making payments.

Lenders are only entitled to the amount you owe, and are not generally named as beneficiaries on the policy. If your cash value or the death benefit exceeds your outstanding loan balance, the remaining money belongs to you or your beneficiaries.

Whenever lenders approve a loan, they can’t be certain that you’ll repay. Your credit history is an indicator, but sometimes lenders want additional security. Plus, surprises happen, and even those with the strongest credit profiles can die unexpectedly.

Assigning a life insurance policy as collateral gives lenders yet another way to secure their interests and can make approval easier for borrowers.

Types of Life Insurance Collateral

Life insurance falls into two broad categories: permanent insurance and term insurance . You can use both types of insurance for a collateral assignment, but lenders may prefer that you use permanent insurance.

  • Permanent insurance : Permanent insurance, such as universal and whole life insurance, is lifelong insurance coverage that contains a cash value. If you default on the loan, lenders can surrender your policy and use that cash value to pay down the balance. If you die, the lender has a right to the death benefit, up to the amount you still owe.
  • Term insurance : Term insurance provides a death benefit, but coverage is limited to a certain number of years (20 or 30, for example). Since there’s no cash value in these policies, they only protect your lender if you die before the debt is repaid. The duration of a term policy used as collateral needs to be at least as long as your loan term.

A Note on Annuities

You may also be able to use an annuity as collateral for a bank loan. The process is similar to using a life insurance policy, but there is one key difference to be aware of. Any amount assigned as collateral in an annuity is treated as a distribution for tax purposes. In other words, the amount assigned will be taxed as income up to the amount of any gain in the contract, and may be subject to an additional 10% tax if you’re under 59 ½.

A collateral assignment is similar to a lien on your home . Somebody else has a financial interest in your property, but you keep ownership of it.

The Process

To use life insurance as collateral, the lender must be willing to accept a collateral assignment. When that’s the case, the policy owner, or “assignor,” submits a form to the insurance company to establish the arrangement. That form includes information about the lender, or “assignee,” and details about the lender’s and borrower’s rights.

Policy owners generally have control over policies. They may cancel or surrender coverage, change beneficiaries, or assign the contract as collateral. But if the policy has an irrevocable beneficiary, that beneficiary will need to approve any collateral assignment.

State laws typically require you to notify the insurer that you intend to pledge your insurance policy as collateral, and you must do so in writing. In practice, most insurers have specific forms that detail the terms of your assignment.

Some lenders might require you to get a new policy to secure a loan, but others allow you to add a collateral assignment to an existing policy. After submitting your form, it can take 24 to 48 hours for the assignment to go into effect.

Lenders Get Paid First

If you die and the policy pays a death benefit , the lender receives the amount you owe first. Your beneficiaries get any remaining funds once the lender is paid. In other words, your lender takes priority over your beneficiaries when you use this strategy. Be sure to consider the impact on your beneficiaries before you complete a collateral assignment.

After you repay your loan, your lender does not have any right to your life insurance policy, and you can request that the lender release the assignment. Your life insurance company should have a form for that. However, if a lender pays premiums to keep your policy in force, the lender may add those premium payments (plus interest) to your total debt—and collect that extra money.

There may be several other ways for you to get approved for a loan—with or without life insurance:

  • Surrender a policy : If you have a cash value life insurance policy that you no longer need, you could potentially surrender the policy and use the cash value. Doing so might prevent the need to borrow, or you might borrow substantially less. However, surrendering a policy ends your coverage, meaning your beneficiaries will not get a death benefit. Also, you’ll likely owe taxes on any gains.
  • Borrow from your policy : You may be able to borrow against the cash value in your permanent life insurance policy to get the funds you need. This approach could eliminate the need to work with a traditional lender, and creditworthiness would not be an issue. But borrowing can be risky, as any unpaid loan balance reduces the amount your beneficiaries receive. Plus, over time, deductions for the cost of insurance and compounding loan interest may negate your cash value and the policy could lapse, so it’s critical to monitor.
  • Consider other solutions : You may have other options unrelated to a life insurance policy. For example, you could use the equity in your home as collateral for a loan, but you could lose your home in foreclosure if you can’t make the payments. A co-signer could also help you qualify, although the co-signer takes a significant risk by guaranteeing your loan.

Key Takeaways

  • Life insurance can help you get approved for a loan when you use a collateral assignment.
  • If you die, your lender receives the amount you owe, and your beneficiaries get any remaining death benefit.
  • With permanent insurance, your lender can cash out your policy to pay down your loan balance.
  • An annuity can be used as collateral for a loan but may not be a good idea because of tax consequences.
  • Other strategies can help you get approved without putting your life insurance coverage at risk.

NYSBA. " Life Insurance and Annuity Contracts Within and Without Tax Qualified Retirement Plans and Life Insurance Trusts ." Accessed April 12, 2021.

IRS. " Publication 575 (2020), Pension and Annuity Income ." Accessed April 12, 2021.

Practical Law. " Security Interests: Life Insurance Policies ." Accessed April 12, 2021.

What Does Student Loan Permanently Assigned to Government Mean?

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what does loan assignment mean

#1 Student loan lawyer

Updated on February 16, 2024

Fixing your credit can be daunting. Credit reports have a lot of information and use  different codes  to tell a story about your financial responsibility. In regularly reviewing your report, you may encounter an entry that says, “collection account student loan permanently assigned to government.”

This status indicates that you’ve defaulted on a federal student loan, and it was paid through insurance and closed. But it doesn’t mean you no longer owe the debt. Here’s what you need to know when your credit report shows “student loan permanently assigned to government.”

Related: How to Get Student Loans Out of Default

What does student loan permanently assigned to the government mean?

A student loan with the status of “government claim/insurance claim” means three things:

You defaulted on a federal student loan owned by a guaranty agency.

The government insured the loan.

The insurance paid off your loan, and it was sent to the government for collection.

Related: Can Students Loans Be Sold to Collections?

Most likely, the loan was placed with the Department of Education’s  Default Resolution Group . The DRG may have kept your loan or sent it to one of the  private debt collectors  the government hires to help borrowers in default.

Is my student loan held by the government?

Most student loans are made under programs administered by the federal government. You can discover if your loan is held by the government by contacting the Federal Student Aid Center at 800-433-3243. If loans on your credit report aren’t with the Department of Education, those debts are private student loans owned by a bank or other lender.

Related: What Are Ed-Owned Student Loans?

What does default on a student loan insured by the US government mean?

The US government insures (guarantees) student loans made by private lenders under the now-terminated Federal Family Education Loan Program. When borrowers default on  FFEL Loans , the lender can file an insurance claim with the government to recover the amount due. If that happens, the account will show on your credit report as paid and closed. But the government paid off the loan and not you, which means you still owe the debt. Typically, the Department of Education will add the loan back to your credit report as a new student loan debt.

What does PIF BY CLAIM mean ?

PIF BY CLAIM means that your student loan was Paid in Full by an insurance claim filed by the lender or guarantor agency. The PIF notation is used on your student loan account and credit report to indicate that the loan balance was paid via insurance. The new loan holder will contact you to establish new repayment options. If that hasn’t happened, check StudentAid.gov  to see which company has your loans.

What is US Dept of ED/GSL/ATL?

U.S. Department of Education (U.S. Dept of Ed), Guaranteed Student Loan Program (GSL), and Atlanta Regional Office (ATL) refers to a division within the U.S. Department of Education responsible for the administration of student loans, including the Guaranteed Student Loan Program (e.g., FFEL Loans). It is in Atlanta. If this mark appears on your credit report, it means you have a federal student loan in default.

Related: What is an FFEL Loan?

Can US Dept of ED/GSL/ATL loans be forgiven?

The defaulted US Dept of ED/GSL/ATL loans qualify for various loan forgiveness and relief programs, such as Public Service Loan Forgiveness (PSLF), income-driven repayment plan forgiveness, the IDR Waiver, and President Biden’s debt cancellation plan. But first, they must be brought out of default.

Enter the Education Department’s  Operation Fresh Start student loan program , a lifeline for borrowers struggling with defaulted loans. This program offers a way to bring your account current by enrolling in a payment plan based on your income and family size. No more hassle with nine monthly payments under the loan rehabilitation program or the headache of consolidation.

The Fresh Start initiative not only simplifies the loan repayment process but it also provides a boost to your credit score. Late payments and the default status will be removed from your credit report, freeing you from the burden of these negative marks. And, according to the Education Department, once removed, your federal student loans will no longer appear on your credit report – providing a fresh start for your financial future.

Related:   Can Student Loans in Default Be Forgiven?

How does default affect me?

Consequences of student loans being assigned to the government include:

student loan wage garnishment

tax refund and Social Security Benefit Offset

cannot qualify for an FHA mortgage  from the Federal Housing Administration

ineligible for Title IV Financial Aid (new federal student loans, grants, etc.)

loss of professional license (depending on state law)

loss of eligibility for loan forgiveness or repayment options based on income

What to do if your student loans have been assigned to the government

The Department of Education offers borrowers three options to recover from student loan default: repayment, loan rehabilitation, and loan consolidation. The best option for you depends on your priorities.

To get rid of your loans for good: Repayment

Once student loans default, the full amount owed —principal and interest — is immediately due. You have the choice to pay that amount and be done with your debt. You also will have the option to negotiate a student loan settlement for less than you owe, but don’t expect big savings. Federal student loan settlements typically  remove the collection fees  and save you about 10-15% on the remaining balance.

To fix your credit: Loan Rehabilitation

Student loan rehabilitation  is often the best option to fix your credit because it’s the only one that removes the default from your credit report. However, the late payments will remain for seven years.

You can rehabilitate your loans by contacting the collection agency assigned your debt and asking to enter the program. Under the loan rehabilitation program terms, you must make nine monthly loan payments within 10 consecutive months. Your monthly payments will be 15% of your  discretionary income . If you can’t afford that amount, you can request something more affordable.

You can only rehabilitate a student loan once. If you choose this option, make sure your contact information is up to date and that you can afford your payments once you complete the process. Ask the new loan servicer about enrolling in an  income-driven repayment plan .

To get out of default fast: Consolidation

Borrowers looking to  go back to school  or  clear CAIVRS  to get an FHA mortgage need to get out of default quickly. If you can’t afford a settlement,  student loan consolidation  is the fastest way out of default.

You can do either of the following to get a Direct Consolidation Loan:

Make three full, on-time, consecutive monthly payments on the defaulted loan.

Agree to repay your new loan under an income-driven repayment plan.

You can start the consolidation process by contacting the collection agency that has your loans or visiting StudentAid.gov .

Consolidation does not remove the default line from your credit report.

Note: If you previously consolidated, you may be able to do so again. Borrowers with FFEL Consolidation Loans may  consolidate a second time . The new loan will be made under the Direct Loan Program.

Need help with your loans? Let’s talk.

If this sounds overwhelming, I’m here to help. For years, I’ve worked with people like you to get their federal student loans out of default.

Book a call  with me today. We’ll work together to develop a plan that fits your current financial situation and sets you up to meet your future goals.

UP NEXT: Can You File Student Loan Bankruptcy?

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  • How Does Debt Assignment Work?

Chloe Meltzer | December 07, 2023

what does loan assignment mean

Summary: What are your options when your debt has been assigned to a debt collector? Find out why a creditor might have assigned your debt and how to deal with it.

Debt assignment refers to a transfer of debt. This includes all of the associated rights and obligations, as it goes from a creditor to a third party. Debt assignment is essentially the legal transfer of debt to a debt collector (or debt collection agency). After this agency purchases the debt, they will have the responsibility to collect the debt, meaning you will pay your debt to them.

File a response with SoloSuit to win against debt collectors.

Find Out How Debt Assignment Works

When a creditor or lender no longer wants to be responsible for attempting to collect your debt, they will sell your debt to a third party. When this occurs, a Notice of Assignment (NOA) is sent out to you. This should inform you of who is responsible for collecting the rest of your loan or debt.

Legally you must be notified if your debt is assigned to someone new. This is to ensure that you know where to make payments to. If you are not aware of the new assignment, you may send payments to the wrong location which could force you into unintentional default.

Know How the FDCPA Protects You

Third-party debt collectors must act according to the Fair Debt Collection Practices Act (FDCPA). This federal law restricts the methods by which a debt collector can contact you, and attempt to collect debts. The FDCPA regulates the time of day or night a collector can make contact, how often they can call, as well as what they say and how they say it.

If you believe that a debt collector has violated the FDCPA, then you may be able to file a suit against that company. You may also be able to sue for damages or attorney fees.

Stand up to debt collection agencies with SoloSuit.

Learn Why a Creditor Assigns Debt

There are a few reasons why a creditor may assign your debt. Typically, the most common reason is to reduce their risk. By assigning and selling the debt it is no longer their liability. They can ensure they recoup some of their money, and appease investors as well.

Discover How Purchasing a Debt Differs from Debt Assignment

The purchase of debt occurs before assignment. Before the assignment of delinquent debt, a collection agency will be required to purchase it. This is often done at a far lower price, while they still attempt to recoup the entire debt. Because of this, it allows you to attempt to settle your debt for less.

Understand Why Debt Assignment Is Often Criticized

The process of assigning debt is often seen as unethical. With threats, harassment, and lies of all kinds, many debt buyers have been accused of violating the FDCPA. Because of this, debt assignment has seen a good amount of criticism. Some cases have even seen consumers charged with debts that have already been settled or paid .

Nevertheless, this shows how important it is to be on top of your debts. The number one choice you should make with any debt or debt assignment is to respond to all correspondence. This will ensure that you stay in compliance, and act when you need to.

What is SoloSuit?

SoloSuit makes it easy to respond to a debt collection lawsuit.

How it works: SoloSuit is a step-by-step web-app that asks you all the necessary questions to complete your answer. Upon completion, you can either print the completed forms and mail in the hard copies to the courts or you can pay SoloSuit to file it for you and to have an attorney review the document.

Respond with SoloSuit

"First time getting sued by a debt collector and I was searching all over YouTube and ran across SoloSuit, so I decided to buy their services with their attorney reviewed documentation which cost extra but it was well worth it! SoloSuit sent the documentation to the parties and to the court which saved me time from having to go to court and in a few weeks the case got dismissed!" – James

>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate

>>Read the NPR story on SoloSuit: A Student Solution To Give Utah Debtors A Fighting Chance

How to Answer a Summons for debt collection in all 50 states

Here's a list of guides on how to respond to a debt collection lawsuit in each state:

The Ultimate 50 State Guide

  • Connecticut
  • Massachusetts
  • Mississippi
  • New Hampshire
  • North Carolina
  • North Dakota
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Vermont ; Vermont (Small Claims court)
  • West Virginia

Guides on how to resolve debt with every debt collector

Are you being sued by a debt collector? We’re making guides on how to resolve debt with each one.

  • 11 Charter Communications
  • AAA Collections
  • Aargon Agency Inc
  • Absolute Resolutions Investments LLC
  • ACEI Collections
  • Account Services
  • Accredited Collection Services
  • Advanced Recovery Systems
  • AFNI Collections
  • Alco Capital Group LLC
  • Aldous and Associates
  • Alliance Collections
  • Alliance One
  • Alliant Capital Management
  • Alpha Recovery Corp
  • Alltran Financial
  • Alltran Health
  • Alorica Inc.
  • Amcol Clmbia in Court
  • American Coradius International
  • American Profit Recovery
  • American Recovery Service
  • Americollect
  • AmSher Collection Services
  • Apelles LLC
  • AR Resources
  • ARC Collections
  • ARM Solutions
  • Arrow Financial Services
  • ARS National Services
  • ARSC Debt Collectors
  • AscensionPoint Recovery Services
  • Asset Acceptance LLC
  • Asset Recovery Solutions
  • Associated Credit Services
  • Atlantic Credit and Finance
  • Atradius Collections
  • Automated Collection Services, Inc.
  • Autovest LLC
  • AWA Collections
  • Balekian Hayes
  • Bay Area Receivables
  • BCA Financial Services
  • BC Services
  • Benuck and Rainey
  • Berlin-Wheeler
  • Bluebonnet Financial LLC
  • Bonneville Collections
  • Bull City Financial
  • Bureaus Investment Group
  • Caine and Weiner
  • Capio Partners
  • Capital Accounts
  • Capital Collections
  • Capital Management Services
  • Carmel Financial/New Coast Direct
  • Cavalry SPV I LLC
  • CBCS Collections
  • CBV Collections
  • CCB Credit Services
  • CCS Collections
  • CCS Offices
  • Central Mediation Services
  • Central Portfolio Control
  • Cerastes LLC
  • Choice Recovery
  • Choice Recovery Inc
  • CKS Financial
  • CKMS Financial
  • Client Services
  • CMRE Financial Services
  • Coast Professional
  • Comenity Bank Debt Collection
  • Commonwealth Financial
  • ConServe Debt Collection
  • Consumer Collection Management
  • Contract Callers Inc
  • Convergent Healthcare Recoveries
  • Convergent Outsourcing
  • Couch Conville & Blitt
  • Covington Credit
  • Credco in Court
  • Credence Resource Management
  • Credit Bureau Systems
  • Credit Control Corporation
  • Credit Management Company
  • Credit Management LP
  • Credit Systems
  • CTC Debt Collector
  • CVCS Debt Collection
  • Cypress Financial Recoveries
  • D&A Services
  • Daniels, Norelli, Cecere & Tavel P.C.
  • DCM Services
  • Debt Recovery Solutions
  • Delanor Kemper & Associates
  • Department Stores National Bank
  • Direct Recovery Associates
  • Discover Collections
  • Diversified Adjustment
  • Diversified Consultants
  • Diversified Recovery Bureau
  • DNF Associates, LLC
  • Dynamic Collectors
  • Eagle Accounts Group, Inc.
  • Eastern Account System
  • Ellington and Associates Collections
  • Encore Capital Group
  • Enerson Law
  • Enerson Law LLC
  • Enhanced Recovery Company
  • ERC Collections
  • ERSolutions
  • Estate Information Services
  • Equable Ascent Financial
  • Everest Business Funding
  • Executive Credit Management
  • Faber and Brand
  • Factual Data
  • Falls Collection Service
  • FCO Collections and Outsourcing
  • FIA Card Services
  • fin rec svc (Financial Recovery Services)
  • First Federal Credit Credit Control
  • First Financial Bank
  • First Portfolio Ventures LLC
  • First Progress
  • FirstPoint Collection Resources
  • Firstsource Advantage
  • FMA Alliance
  • Forster & Garbus
  • Franklin Collection Services
  • Freedom Plus
  • Freshview Solutions
  • Frontline Asset
  • Frost Arnett
  • Fulton Friedman & Gullace LLP
  • Galaxy International Purchasing, LLC
  • GC Debt Collection
  • GC Services
  • General Revenue Corporation
  • GLA Collections
  • Glass Mountain Capital
  • Glasser and Glasser
  • Global Credit Collection Corp
  • Global Trust Management
  • GMAC Financing
  • Golden 1 Credit Union
  • Grant and Weber
  • Grant Mercantile Agency
  • Gulf Coast Collection Bureau
  • Halsted Financial Services
  • Harris and Harris
  • Harvard Collection
  • Harvest Credit Management
  • Helvey and Associates
  • Hollis Cobb
  • Holloway Moxley
  • Hosto Buchan
  • Howard Lee Schiff
  • H&R Accounts
  • Hudson & Keyse LLC?
  • Hunter Warfield
  • Impact Receivables Management
  • Innovative Recovery
  • Integras Capital Recovery LLC
  • Javitch Block
  • JHPDE Finance 1 LLC
  • JP Receivables Management Partners
  • Kenneth Eisen and Associates
  • KeyBank student loans
  • Kirschenbaum, Phillips & Levy P.C.
  • KLS Financial Services
  • Kramer & Frank
  • Lakeside Collection
  • Lending Club
  • Lincoln and Morgan Kabbage
  • Linebarger Goggan Blair & Sampson LLP
  • Lockhart Collection Agency
  • LJ Ross Associates
  • LTD Collections
  • Malcolm S. Gerald and Associates
  • Malen & Associates
  • Mandarich Law Group
  • Mannbracken
  • Marcam Associates
  • MARS Inc. Collections
  • MCA Management Company
  • McCarthy, Burgess & Wolff
  • Meade & Associates
  • Mercantile Adjustment Bureau
  • Merchants Credit Association
  • MGM Collections
  • Michael J Adams PC
  • Midland Funding LLC
  • Mid-South Adjustment
  • Monarch Recovery
  • Monterey Financial
  • Moss Law Firm
  • Mountain Land Collections
  • MRS Associates
  • MSW Capital LLC
  • Mullooly, Jeffrey, Rooney & Flynn
  • Nathan and Nathan PC
  • National Collegiate Trust
  • National Credit Adjusters
  • National Credit Care
  • National Credit Systems
  • National Enterprise Systems
  • National Recovery Agency
  • National Recovery Solutions
  • Nationwide Credit
  • Nationwide Recovery Services
  • Nationwide Recovery Systems
  • NCO Financial Systems Incorporated
  • North American Recovery
  • Northland Group
  • Northstar Capital Acquisition
  • Northstar Location Services
  • NRC Collection Agency
  • Oliver Adjustment Company
  • Oliphant Financial, LLC
  • P&B Capital Group
  • PCB Collections Agency
  • Palisades Collection LLC
  • Pallida LLC
  • Paragon Contracting Services
  • Paragon Revenue Group
  • Payday Loan Debt Collectors
  • Pendrick Capital Partners
  • Penn Credit
  • Perdue Brandon
  • Persolve LLC
  • Phillips & Cohen Associates
  • Phoenix Financial Services
  • Pioneer Credit Recovery
  • PRA Group, Inc.
  • Pressler, Felt & Warshaw LLP
  • Prestige Services, Inc.
  • Prince Parker and Associates
  • Professional Finance Company
  • Progressive Management Systems
  • Provest Law
  • Quaternary Collection Agency
  • RAB Collection Agency
  • Rash Curtis and Associates
  • Radius Global SOL
  • Radius Global Solutions
  • Rawlings Company
  • Razor Capital
  • Real Time Resolutions
  • Receivables Performance Management
  • Regents and Associates
  • Reliant Capital Solutions
  • Resurgent Capital Services and LVNV Funding
  • Revco Solutions
  • Revenue Enterprises LLC
  • Revenue Group
  • RGS Financial, Inc.
  • RMP LLC in Court
  • RMP Services
  • RS Clark and Associates
  • RTR Financial Services
  • Rubin & Rothman
  • Salander Enterprises LLC
  • Samara Portfolio Management
  • SCA Collections
  • Scott Parnell and Associates
  • Second Round Collections
  • Second Round Sub LLC
  • Selip & Stylianou LLP
  • Sequium Asset Solutions
  • Sessoms and Rogers
  • Sherman Acquisition
  • Sherman Financial Group
  • SIMM Associates
  • Source Receivables Management
  • Southern Management Systems
  • Southwest Credit Group
  • Spire Recovery Solutions
  • SRS Company
  • Stark Collection Agency
  • State Collection Service
  • Stenger and Stenger
  • Stillman Law Office
  • Summit Account Resolution
  • Sunrise Credit Services
  • Superlative RM Debt Collector
  • Suttell and Hammer
  • Synergetic Communication
  • Synerprise Consulting
  • The Law Office of Michael J Scott
  • Trellis Company
  • Troy Capital
  • TRS Recovery Services
  • Tulsa Teachers Credit Union
  • UCB Collection
  • Unifin Debt Collector
  • Universal Credit Services
  • US Bank Collections
  • USAA collections
  • USCB America
  • Valentine and Kebartas
  • Valley Servicing
  • Vance & Huffman LLC
  • Van Ru Credit Corporation
  • Velo Law Office
  • Velocity Investments
  • Viking Client Services
  • Wakefield and Associates
  • Waypoint Resource Group
  • Weinberg and Associates
  • Weltman, Weinberg & Reis
  • Westwood Funding
  • Williams and Fudge
  • Wilshire Consumer Credit
  • Wolpoff & Abramson
  • Worldwide Asset Purchasing
  • www.AutomotiveCredit.com
  • Zarzaur & Schwartz
  • Zwicker & Associates

Resolve your debt with your creditor

Some creditors, banks, and lenders have an internal collections department. If they come after you for a debt, Solosuit can still help you respond and resolve the debt. Here’s a list of guides on how to resolve debt with different creditors.

  • American Express ; American Express – Debt Collection
  • Bank of America
  • Best Buy Credit Card
  • Capital One
  • Credit One Bank
  • Old Navy Credit Card
  • PayPal Synchrony Card
  • Regional Finance
  • Retailers National Bank
  • Reunion Student Loan Finance Corporation
  • SYNCB/PPEXTR
  • Synchrony Bank
  • Synchrony Walmart Card
  • Target National Bank
  • Wells Fargo
  • Can I Pay My Original Creditor Instead of a Debt Collection Agency?
  • Can I Settle a Debt with the Original Creditor?

Settle your medical debt

Having a health challenge is stressful, but dealing medical debt on top of it is overwhelming. Here are some resources on how to manage medical debt.

  • Am I Responsible for My Spouse's Medical Debt?
  • Do I Need a Lawyer for Medical Bills?
  • Do I Need a Lawyer to Fight Medical Bill Debt?
  • Does Bankruptcy Clear Medical Debt?
  • How Much Do Collection Agencies Pay for Medical Debt?
  • How to Find Medical Debt Forgiveness Programs
  • Is There a Statute of Limitations on Medical Bills?
  • Medical Debt Statute of Limitations by State
  • Summoned to Court for Medical Bills — What Do I Do?
  • Summoned to Court for Medical Bills? What to Do Next

Guides on arbitration

If the thought of going to court stresses you out, you’re not alone. Many Americans who are sued for credit card debt utilize a Motion to Compel Arbitration to push their case out of court and into arbitration.

Below are some resources on how to use an arbitration clause to your advantage and win a debt lawsuit.

  • How Arbitration Works
  • How to Find an Arbitration Clause in Your Credit Agreement
  • How to Make a Motion to Compel Arbitration
  • How to Make a Motion to Compel Arbitration in Florida
  • How to Make a Motion to Compel Arbitration Without an Attorney
  • How Credit Card Arbitration Works
  • Sample Motion to Compel Arbitration

Stop calls from debt collectors

Do you keep getting calls from an unknown number, only to realize that it’s a debt collector on the other line? If you’ve been called by any of the following numbers, chances are you have collectors coming after you, and we’ll tell you how to stop them.

  • 1-800-390-7584
  • 800-289-8004
  • 800-955-6600
  • 877-366-0169
  • 877-591-0747
  • 800-278-2420
  • 800-604-0064
  • 800-846-6406
  • 877-317-0948
  • 888-899-4332
  • 888-912-7925
  • 202-367-9070
  • 502-267-7522

Federal debt collection laws can protect you

Knowing your rights makes it easier to stand up for your rights. Below, we’ve compiled all our articles on federal debt collection laws that protect you from unfair practices.

  • 15 USC 1692 Explained
  • Does the Fair Credit Reporting Act Work in Florida?
  • FDCPA Violations List
  • How to File an FDCPA Complaint Against Your Debt Collector (Ultimate Guide)
  • How to Make a Fair Debt Collection Practices Act Demand Letter
  • How to Submit a Transunion Dispute
  • How to Submit an Equifax Dispute
  • How to Submit an Experian Dispute
  • What Debt Collectors Cannot Do — FDCPA Explained
  • What Does Account Information Disputed by Consumer Meets FCRA Requirements Mean?
  • What does “meets FCRA requirements” mean?
  • What does FCRA stand for?
  • What is the Consumer Credit Protection Act

Get debt relief in your state

We’ve created a specialized guide on how to find debt relief in all 50 states, complete with steps to take to find relief, state-specific resources, and more.

Debt collection laws in all 50 states

Debt collection laws vary by state, so we have compiled a guide to each state’s debt collection laws to make it easier for you to stand up for your rights—no matter where you live.

  • Debt Collection Laws in Alabama
  • Debt Collection Laws in Alaska
  • Debt Collection Laws in Arizona
  • Debt Collection Laws in Arkansas
  • Debt Collection Laws in California
  • Debt Collection Laws in Colorado
  • Debt Collection Laws in Connecticut
  • Debt Collection Laws in Delaware
  • Debt Collection Laws in Florida
  • Debt Collection Laws in Georgia
  • Debt Collection Laws in Hawaii
  • Debt Collection Laws in Kansas
  • Debt Collection Laws in Idaho
  • Debt Collection Laws in Illinois
  • Debt Collection Laws in Indiana
  • Debt Collection Laws in Iowa
  • Debt Collection Laws in Kentucky
  • Debt Collection Laws in Louisiana
  • Debt Collection Laws in Massachusetts
  • Debt Collection Laws in Michigan
  • Debt Collection Laws in Minnesota
  • Debt Collection Laws in Mississippi
  • Debt Collection Laws in Missouri
  • Debt Collection Laws in Montana
  • Debt Collection Laws in Nebraska
  • Debt Collection Laws in Nevada
  • Debt Collection Laws in New Hampshire
  • Debt Collection Laws in New Jersey
  • Debt Collection Laws in New Mexico
  • Debt Collection Laws in New York
  • Debt Collection Laws in North Carolina
  • Debt Collection Laws in North Dakota
  • Debt Collection Laws in Ohio
  • Debt Collection Laws in Oklahoma
  • Debt Collection Laws in Oregon
  • Debt Collection Laws in Pennsylvania
  • Debt Collection Laws in Rhode Island
  • Debt Collection Laws in South Carolina
  • Debt Collection Laws in South Dakota
  • Debt Collection Laws in Tennessee
  • Debt Collection Laws in Texas
  • Debt Collection Laws in Vermont
  • Debt Collection Laws in Virginia
  • Debt Collection Laws in Washington
  • Debt Collection Laws in West Virginia
  • Debt Collection Laws in Wisconsin
  • Debt Collection Laws in Wyoming

Statute of limitations on debt state guides

Like all debt collection laws, the statute of limitations on debt varies by state. So, we wrote a guide on each state’s statutes. Check it out below.

Statute of Limitations on Debt Collection by State (Best Guide)

  • Statute of Limitations on Debt Collection in Alabama
  • Statute of Limitations on Debt Collection in Alaska
  • Statute of Limitations on Debt Collection in Arizona
  • Statute of Limitations on Debt Collection in Arkansas
  • Statute of Limitations on Debt Collection in California
  • Statute of Limitations on Debt Collection in Connecticut
  • Statute of Limitations on Debt Collection in Colorado
  • Statute of Limitations on Debt Collection in Delaware
  • Statute of Limitations on Debt Collection in Florida
  • Statute of Limitations on Debt Collection in Georgia
  • Statute of Limitations on Debt Collection in Hawaii
  • Statute of Limitations on Debt Collection in Illinois
  • Statute of Limitations on Debt Collection in Indiana
  • Statute of Limitations on Debt Collection in Iowa
  • Statute of Limitations on Debt Collection in Kansas
  • Statute of Limitations on Debt Collection in Louisiana
  • Statute of Limitations on Debt Collection in Maine
  • Statute of Limitations on Debt Collection in Maryland
  • Statute of Limitations on Debt Collection in Michigan
  • Statute of Limitations on Debt Collection in Minnesota
  • Statute of Limitations on Debt Collection in Mississippi
  • Statute of Limitations on Debt Collection in Missouri
  • Statute of Limitations on Debt Collection in Montana
  • Statute of Limitations on Debt Collection in Nebraska
  • Statute of Limitations on Debt Collection in Nevada
  • Statute of Limitations on Debt Collection in New Hampshire
  • Statute of Limitations on Debt Collection in New Jersey
  • Statute of Limitations on Debt Collection in New Mexico
  • Statute of Limitations on Debt Collection in New York
  • Statute of Limitations on Debt Collection in North Carolina
  • Statute of Limitations on Debt Collection in North Dakota
  • Statute of Limitations on Debt Collection in Oklahoma
  • Statute of Limitations on Debt Collection in Oregon
  • Statute of Limitations on Debt Collection in Oregon (Complete Guide)
  • Statute of Limitations on Debt Collection in Pennsylvania
  • Statute of Limitations on Debt Collection in Rhode Island
  • Statute of Limitations on Debt Collection in South Carolina
  • Statute of Limitations on Debt Collection in South Dakota
  • Statute of Limitations on Debt Collection in Tennessee
  • Statute of Limitations on Debt Collection in Texas
  • Statute of Limitations on Debt Collection in Utah
  • Statute of Limitations on Debt Collection in Vermont
  • Statute of Limitations on Debt Collection in Virginia
  • Statute of Limitations on Debt Collection in Washington
  • Statute of Limitations on Debt Collection in West Virginia
  • Statute of Limitations on Debt Collection in Wisconsin
  • Statute of Limitations on Debt Collection in Wyoming

Check the status of your court case

Don’t have time to go to your local courthouse to check the status of your case? We’ve created a guide on how to check the status of your case in every state, complete with online search tools and court directories.

  • Alabama Court Case Search—Find Your Lawsuit
  • Alaska Court Case Search — Find Your Lawsuit
  • Arizona Court Case Search - Find Your Lawsuit
  • Arkansas Court Case Search — Find Your Lawsuit
  • California Court Case Search- Find Your Lawsuit
  • Colorado Court Case Search — Find Your Lawsuit
  • Connecticut Case Lookup — Find Your Court Case
  • Delaware Court Case Search — Find Your Lawsuit
  • Florida Court Case Search — Find Your Lawsuit
  • Georgia Court Case Search — Find Your Lawsuit
  • Hawaii Court Case Search — Find Your Lawsuit
  • Idaho Court Case Search – Find Your Lawsuit
  • Illinois Court Case Search — Find Your Lawsuit
  • Indiana Court Case Search — Find Your Lawsuit
  • Iowa Court Case Search — Find Your Lawsuit
  • Kansas Court Case Search — Find Your Lawsuit
  • Kentucky Court Case Search — Find Your Lawsuit
  • Louisiana Court Case Search — Find Your Lawsuit
  • Maine Court Case Search — Find Your Lawsuit
  • Maryland Court Case Search — Find Your Lawsuit
  • Massachusetts Court Case Search — Find Your Lawsuit
  • Michigan Court Case Search — Find Your Lawsuit
  • Minnesota Court Case Search — Find Your Lawsuit
  • Mississippi Court Case Search — Find Your Lawsuit
  • Missouri Court Case Search — Find Your Lawsuit
  • Montana Court Case Search — Find Your Lawsuit
  • Nebraska Court Case Search — Find Your Lawsuit
  • Nevada Court Case Search — Find Your Lawsuit
  • New Hampshire Court Case Search — Find Your Lawsuit
  • New Jersey Court Case Search—Find Your Lawsuit
  • New Mexico Court Case Search - Find Your Lawsuit
  • New York Case Search — Find Your Lawsuit
  • North Carolina Court Case Search — Find Your Lawsuit
  • North Dakota Court Case Search �� Find Your Lawsuit
  • Ohio Court Case Search — Find Your Lawsuit
  • Oklahoma Court Case Search — Find Your Lawsuit
  • Oregon Court Case Search — Find Your Lawsuit
  • Pennsylvania Court Case Search — Find Your Lawsuit
  • Rhode Island Court Case Search — Find Your Lawsuit
  • South Carolina Court Case Search — Find Your Lawsuit
  • South Dakota Court Case Search — Find Your Lawsuit
  • Tennessee Court Case Search — Find Your Lawsuit
  • Texas Court Case Search — Find Your Lawsuit
  • Utah Court Case Search — Find Your Lawsuit
  • Vermont Court Case Search — Find Your Lawsuit
  • Virginia Court Case Search — Find Your Lawsuit
  • Washington Court Case Search — Find Your Lawsuit
  • West Virginia Court Case Search — Find Your Lawsuit
  • Wisconsin Court Case Search — Find Your Lawsuit
  • Wyoming Court Case Search — Find Your Lawsuit

How to stop wage garnishment in your state

Forgot to respond to your debt lawsuit? The judge may have ordered a default judgment against you, and with a default judgment, debt collectors can garnish your wages. Here are our guides on how to stop wage garnishment in all 50 states.

  • Stop Wage Garnishment in Alabama
  • Stop Wage Garnishment in Alaska
  • Stop Wage Garnishment in Arizona
  • Stop Wage Garnishment in Arkansas
  • Stop Wage Garnishment in California
  • Stop Wage Garnishment in Colorado
  • Stop Wage Garnishment in Connecticut
  • Stop Wage Garnishment in Delaware
  • Stop Wage Garnishment in Florida
  • Stop Wage Garnishment in Georgia
  • Stop Wage Garnishment in Hawaii
  • Stop Wage Garnishment in Idaho
  • Stop Wage Garnishment in Illinois
  • Stop Wage Garnishment in Indiana
  • Stop Wage Garnishment in Iowa
  • Stop Wage Garnishment in Kansas
  • Stop Wage Garnishment in Kentucky
  • Stop Wage Garnishment in Louisiana
  • Stop Wage Garnishment in Maine
  • Stop Wage Garnishment in Maryland
  • Stop Wage Garnishment in Massachusetts
  • Stop Wage Garnishment in Michigan
  • Stop Wage Garnishment in Minnesota
  • Stop Wage Garnishment in Mississippi
  • Stop Wage Garnishment in Missouri
  • Stop Wage Garnishment in Montana
  • Stop Wage Garnishment in Nevada
  • Stop Wage Garnishment in New Hampshire
  • Stop Wage Garnishment in New Jersey
  • Stop Wage Garnishment in New Mexico
  • Stop Wage Garnishment in New York
  • Stop Wage Garnishment in North Carolina
  • Stop Wage Garnishment in North Dakota
  • Stop Wage Garnishment in Ohio
  • Stop Wage Garnishment in Oklahoma
  • Stop Wage Garnishment in Oregon
  • Stop Wage Garnishment in Pennsylvania
  • Stop Wage Garnishment in Rhode Island
  • Stop Wage Garnishment in South Carolina
  • Stop Wage Garnishment in South Dakota
  • Stop Wage Garnishment in Tennessee
  • Stop Wage Garnishment In Texas
  • Stop Wage Garnishment In Utah
  • Stop Wage Garnishment in Vermont
  • Stop Wage Garnishment in Virginia
  • Stop Wage Garnishment in Washington
  • Stop Wage Garnishment in West Virginia
  • Stop Wage Garnishment in Wisconsin
  • Stop Wage Garnishment in Wyoming

Other wage garnishment resources

  • Bank Account Garnishment and Liens in Texas
  • Can I Stop Wage Garnishment?
  • Can My Wife's Bank Account Be Garnished for My Debt?
  • Can Payday Loans Garnish Your Wages?
  • Can pensions be garnished?
  • Can Private Disability Payments Be Garnished?
  • Can Social Security Disability Be Garnished?
  • Can They Garnish Your Wages for Credit Card Debt?
  • Can You Stop a Garnishment Once It Starts?
  • Guide to Garnishment Limits by State
  • How Can I Stop Wage Garnishments Immediately?
  • How Long Before a Creditor Can Garnish Wages?
  • How Long Does It Take to Get Garnished Wages Back?
  • How to Fight a Wage Garnishment
  • How to Prevent Wage Garnishment
  • How to Stop a Garnishment
  • How to Stop Social Security Wage Garnishment
  • How to Stop Wage Garnishment — Everything You Need to Know
  • New York Garnishment Laws – Overview
  • Ohio Garnishment Laws — What They Say
  • Wage Garnishment Lawyer
  • What Is Wage Garnishment?

How to settle a debt in your state

Debt settlement is one of the most effective ways to resolve a debt and save money. We’ve created a guide on how to settle your debt in all 50 states. Find out how to settle in your state with a simple click and explore other debt settlement resources below.

  • How to Settle a Debt in Alabama
  • How to Settle a Debt in Alaska
  • How to Settle a Debt in Arizona
  • How to Settle a Debt in Arkansas
  • How to Settle a Debt in California
  • How to Settle a Debt in Colorado
  • How to Settle a Debt in Delaware
  • How to Settle a Debt in Florida
  • How to Settle a Debt in Hawaii
  • How to Settle a Debt in Idaho
  • How to Settle a Debt in Illinois
  • How to Settle a Debt in Indiana
  • How to Settle a Debt in Iowa
  • How to Settle a Debt in Kansas
  • How to Settle a Debt in Kentucky
  • How to Settle a Debt in Louisiana
  • How to Settle a Debt in Maryland
  • How to Settle a Debt in Massachusetts
  • How to Settle a Debt in Michigan
  • How to Settle a Debt in Minnesota
  • How to Settle a Debt in Mississippi
  • How to Settle a Debt in Missouri
  • How to Settle a Debt in Montana
  • How to Settle a Debt in Nebraska
  • How to Settle a Debt in Nevada
  • How to Settle a Debt in New Hampshire
  • How to Settle a Debt in New Jersey
  • How to Settle a Debt in New Mexico
  • How to Settle a Debt in New York
  • How to Settle a Debt in North Carolina
  • How to Settle a Debt in North Dakota
  • How to Settle a Debt in Ohio
  • How to Settle a Debt in Oklahoma
  • How to Settle a Debt in Oregon
  • How to Settle a Debt in Pennsylvania
  • How to Settle a Debt in South Carolina
  • How to Settle a Debt in South Dakota
  • How to Settle a Debt in Tennessee
  • How to Settle a Debt in Texas
  • How to Settle a Debt in Utah
  • How to Settle a Debt in Vermont
  • How to Settle a Debt in Virginia
  • How to Settle a Debt in West Virginia
  • How to Settle a Debt in Wisconsin
  • How to Settle a Debt in Wyoming

How to settle with every debt collector

Not sure how to negotiate a debt settlement with a debt collector? We are creating guides to help you know how to start the settlement conversation and increase your chances of coming to an agreement with every debt collector.

  • American Express
  • Capitol One
  • Cavalry SPV
  • Midland Funding
  • Moore Law Group
  • Navy Federal
  • NCB Management Services
  • Portfolio Recovery

Other debt settlement resources

  • Best Debt Settlement Companies
  • Can I Settle a Debt After Being Served?
  • Can I Still Settle a Debt After Being Served?
  • Can You Settle a Warrant in Debt Before Court?
  • Debt Management vs. Debt Settlement
  • Debt Settlement Pros and Cons
  • Debt Settlement Scam
  • Do I Need to Hire a Debt Settlement Lawyer?
  • Do You Need a Debt Settlement Attorney in Houston Texas?
  • Do You Owe Taxes on Settled Debt?
  • Here’s a Sample Letter to Collection Agencies to Settle Debt
  • How Can I Settle My Credit Card Debt Before Going to Court?
  • How Do I Know if a Debt Settlement Company Is Legitimate?
  • How Long Does a Lawsuit Take to Settle?
  • How Much Do Settlement Companies Charge?
  • How I Settled My Credit Card Debt With Discover
  • How to Make a Debt Settlement Agreement
  • How to Make a Settlement Offer to Navient
  • How to Negotiate a Debt Settlement with a Law Firm
  • How to send Santander a settlement letter
  • How to Settle Debt for Pennies on the Dollar
  • How to Settle Debt in 3 Steps
  • How to Settle Debt with a Reduced Lump Sum Payment
  • How to Settle a Credit Card Debt Lawsuit — Ultimate Guide
  • How to Settle Credit Card Debt When a Lawsuit Has Been Filed
  • If You Are Using a Debt Relief Agency, Can You Settle Yourself with the Creditor?
  • Largest Debt Settlement Companies
  • Should I Settle a Collection or Pay in Full?
  • Summary of the Equifax Data Breach Settlement
  • The Advantages of Pre-Settlement Lawsuit Funding
  • The FTC Regulates Debt Settlement Through the Telemarketing Sales Rule
  • The Pros and Cons of Debt Settlement
  • What Happens if I Reject a Settlement Offer?
  • What Happens if You Don't Pay a Debt Settlement?
  • What Happens When You Settle a Debt?
  • What Is A Debt Settlement Agreement?
  • What is Debt Settlement?
  • What Percentage Should I Offer to Settle Debt?
  • What to Ask for in a Settlement Agreement
  • Who Qualifies for Debt Settlement?
  • Will Collection Agencies Settle for Less?
  • 5 Signs of a Debt Settlement Scam

Personal loan and debt relief reviews

We give a factual review of the following debt consolidation, debt settlement, and loan organizations and companies to help you make an informed decision before you take on a debt.

  • Accredited Debt Relief Debt Settlement Reviews
  • Advance America Loan Review
  • ACE Cash Express Personal Loan Review
  • BMG Money Loan Review
  • BMO Harris Bank Review: Pros and Cons
  • Brite Solutions Debt Settlement Reviews
  • Caliber Home Loans Mortgage Review
  • Cambridge Debt Consolidation Review
  • Campus Debt Solutions Review
  • CashNetUSA Review
  • Century Debt Settlement Reviews
  • ClearPoint Debt Management Review
  • Click N Loan Reviews
  • CuraDebt Debt Settlement Review
  • CuraDebt Reviews: Debt Relief Assistance For California Residents
  • Debt Eraser Review
  • Debtconsolidation.com Debt Settlement Reviews
  • Eagle One Debt Settlement Reviews
  • Freedom Debt Relief Debt Settlement Reviews
  • Global Holdings Debt Settlement Reviews
  • Golden 1 Credit Union Personal Loan Review
  • Honda Financial Services Review
  • iLending Reviews
  • Infinite Law Group Debt Settlement Reviews
  • JG Wentworth Debt Settlement Reviews
  • LoanMart Reviews
  • Mastriani Law Firm Review
  • Milestone ® Mastercard ® Review
  • ModoLoan Review
  • Money Management International Reviews
  • M&T Mortgage Company Review
  • National Debt Relief Debt Settlement Reviews
  • New Era Debt Settlement Reviews
  • OppLoans Review
  • Pacific Debt Relief Reviews
  • Palisade Legal Group Debt Settlement Reviews
  • PCG Debt Consolidation Review
  • PenFed Auto Loan Review
  • Priority Plus Financial Reviews
  • Roseland Associates Debt Consolidation Review
  • SDCCU Debt Consolidation Review
  • Speedy Cash Loans Review
  • Symple Lending Reviews
  • Tripoint Lending Reviews
  • TurboDebt Debt Settlement Reviews
  • Turnbull Law Group Debt Settlement Reviews
  • United Debt Settlement Reviews
  • Upgrade Auto Loans Reviews

How to repair and improve your credit score

Debt has a big impact on your credit. Below is a list of guides on how to repair and improve your credit, even while managing major debt.

  • 3 Ways to Repair Your Credit with Debt Collections
  • 5 Pros and Cons of Credit Cards & How to Use Them Wisely
  • 6 Reasons Your Credit Score Isn't Going Up
  • Bankruptcy vs Debt Settlement: Which is Better for Your Credit Score?
  • Does Debt Consolidation Hurt Your Credit Score?
  • Does Wage Garnishment Affect Credit?
  • Guide to Disclosing Income on Your Credit Card Application
  • How Long Does It Take to Improve My Credit Score After Debt Settlement?
  • How Often Does Merrick Bank Increase Your Credit Limit?
  • How to fix your credit to buy a house
  • How to Handle Debt and Improve Credit
  • How to Raise My Credit Score 40 Points Fast
  • If I Settle with a Collection Agency, Will It Hurt My Credit?
  • Is 600 a Good Credit Score?
  • Obama Credit Card Debt Relief Program – How to Use It
  • Sample credit report dispute letter
  • Should I Use Credit Journey?
  • Understanding myFICO: Your Gateway to Better Credit
  • What Does "DLA" Mean on a Credit Report?
  • What Is A Good Credit Score For Businesses?
  • What is American Credit Acceptance?
  • What is CBNA on my credit report?
  • What is CreditFresh?
  • Who Made the Credit Score?
  • Why is THD/CBNA on my credit report?

How to resolve student loan debt

Struggling with student debt? SoloSuit’s got you covered. Below are resources on handling student loan debt.

  • Budgeting Strategies for Students: How to Manage Your Finances Wisely
  • Can You Go to Jail for Not Paying Student Loans?
  • Can You Settle Student Loan Debt?
  • Do Student Loans Go Away After 7 Years? (2022 Guide)
  • Do You Need a Student Loan Lawyer? (Complete Guide)
  • Does Student Debt Die With You?
  • How to Manage a Student Debt
  • How to Get Rid of Student Loan Debt
  • Mandatory Forbearance Request Student Loan Debt Burden
  • Negative Economic Effects of Student Loan Debt on the US Economy
  • Pros and Cons of Taking a Student Loan
  • Regional Adjustment Bureau Student Loans – How to Win
  • The Real Impact of Student Debt: How Our Brains Handle It
  • Why It's Important to Teach Students How to Manage Debt
  • 5 Alternatives to Taking a Student Loan
  • 5 Tips for Students: How to Create a Realistic and Effective Budget
  • 7 College Financial Planning Tips for Students
  • 7 Things to Consider When Taking a Student Loan
  • 7 Tips to Manage Your Student Loans

Civil law legal definitions

You can represent yourself in court. Save yourself the time and cost of finding an attorney, and use the following resources to understand legal definitions better and how they may apply to your case.

  • Accleration Clause — Definition
  • Adjuster - Defined
  • Adverse Action — Definition
  • Affidavit — A Definition
  • Annulment vs. divorce – what's the difference?
  • Anticipatory Repudiation — Definition
  • Bench Trial — Defined
  • Certificate of Debt: A Definition
  • Commuted Sentence – Definition
  • Constructive Eviction - Defined
  • Constructive Discharge - Definition
  • Defendant - Definition and Everything You Need to Know
  • Demurred – Definition
  • Dischargeable - Definition
  • Disclosures — Definition
  • False Imprisonment Defined
  • Good Faith Exception – Definition
  • Hearsay — A Definition
  • HOEPA – Definition
  • Implied Contract – Definition
  • Injunctive Relief — A Definition
  • Intestate–Defined
  • Irrevocable Agreement — Defined
  • Joint Custody–Defined
  • Litigator — A Definition
  • Mediation - Definition
  • Medical Malpractice — Definition
  • Mistrial — A Definition
  • Mitigating Circumstances — Definition
  • Motion for Summary Judgment — Definition
  • Nolle Prosequi – Definition
  • Nunc Pro Tunc — A Definition
  • Plaintiff - Definition and Everything You Need to Know
  • Pro Se - Defined
  • Probable Cause Hearing — Definition
  • Restitution – Definition
  • Sole Custody-Defined
  • Statute of Limitations—Definition and Everything You Need to Know
  • Summons—Definition
  • Tenancy in Common – Defined
  • Time Is of the Essence – Definition
  • What Is the Bankruptcy Definition of Consumer Debt?
  • Wrongful Termination–Defined

Get answers to these FAQs on debt collection

  • Am I Responsible for My Husband's Debts If We Divorce?
  • Am I Responsible for My Parent's Debt if I Have Power of Attorney?
  • Can a Collection Agency Add Fees on the Debt?
  • Can a Collection Agency Charge Interest on a Debt?
  • Can a Credit Card Company Sue Me?
  • Can a Debt Collector Freeze Your Bank Account?
  • Can a Debt Collector Leave a Voicemail?
  • Can a Debt Collector Take My Car in California?
  • Can a Judgment Creditor Take my Car?
  • Can a Process Server Leave a Summons Taped to My Door?
  • Can an Eviction Be Reversed?
  • Can Credit Card Companies Garnish Your Wages?
  • Can Credit Cards Garnish Wages?
  • Can Debt Collectors Call From Local Numbers?
  • Can Debt Collectors Call You at Work in Texas?
  • Can Debt Collectors Call Your Family?
  • Can Debt Collectors Leave Voicemails?
  • Can I Pay a Debt Before the Court Date?
  • Can I Rent an Apartment if I Have Debt in Collection?
  • Can I Sue the President for Emotional Distress?
  • Can the SCRA Stop a Default Judgment?
  • Can the Statute of Limitations be Extended?
  • Can You Appeal a Default Judgement?
  • Can You Get Unemployment if You Quit?
  • Can You Go to Jail for a Payday Loan?
  • Can You Go to Jail for Credit Card Debt?
  • Can You Negotiate with Westlake Financial?
  • Can You Record a Call with a Debt Collector in Your State?
  • Can You Serve Someone with a Collections Lawsuit at Their Work?
  • Can You Sue Someone Who Has Filed Chapter 7 Bankruptcy?
  • Capital One is Suing Me – How Can I Win?
  • Debt Snowball vs. Debt Avalanche: Which One Is Apt for You?
  • Do 609 Letters Really Work?
  • Do Debt Collectors Ever Give Up?
  • Do I Have Too Much Debt to Divorce My Spouse?
  • Do I Need a Debt Collection Defense Attorney?
  • Do I Need a Debt Negotiator?
  • Do I Need a Legal Coach?
  • Do I Need a Payday Loans Lawyer?
  • Does a Living Trust Protect Your Assets from Lawsuits?
  • Does Chase Sue for Credit Card Debt?
  • Does Debt Consolidation Have Risks?
  • Does Midland Funding Show Up to Court?
  • How Can I Get Financial Assistance in PA?
  • How do Debt Relief Scams Work?
  • How Do I Find Out If I Have Any Judgments Against Me?
  • How Do I Get Rid of a Judgment Lien on My Property?
  • How Do I Register on the Do Not Call List?
  • How Does a Flex Loan Work?
  • How Does Debt Affect Your Ability to Buy a Home?
  • How Does Finwise Bank Work?
  • How does Navy Credit debt forgiveness work?
  • How Does Payments.tsico Work?
  • How Important is it to Protect your Assets from Unexpected Events?
  • How is Debt Divided in Divorce?
  • How Long Do Creditors Have to Collect a Debt from an Estate?
  • How long do debt collectors take to respond to debt validation letters?
  • How Long Does a Judgement Last?
  • How Long Does a Judgment Last?
  • How Long Does a Levy Stay on a Bank Account?
  • How Long Does an Eviction Stay on Your Record?
  • How Many Calls from a Debt Collector is Considered Harassment?
  • How Many Times Can a Judgment Be Renewed in North Carolina?
  • How Many Times Can a Judgment be Renewed in Oklahoma?
  • How Much Do Collection Agencies Pay for Debt?
  • How Much Do You Have to Be in Debt to File Chapter 7?
  • How Much Does College Actually Cost?
  • How Often Do Credit Card Companies Sue for Non-Payment?
  • How Should You Respond to the Theft of Your Identity?
  • I am being sued because my identity was stolen - What do I do?
  • If a Car is Repossessed Do I Still Owe the Debt?
  • Is Debt Forgiveness Taxable?
  • Is Freedom Debt Relief a Scam?
  • Is it Legal for Debt Collectors to Call Family Members?
  • Is it Smart to Consolidate Debt?
  • Is LVNV Funding a Legitimate Company? - Them in Court
  • Is My Case in the Right Venue?
  • Is Portfolio Recovery Associates Legit? — How to Win
  • Is Severance Pay Taxable?
  • Is SoloSuit Worth It?
  • Is Someone with Power of Attorney Responsible for Debt After Death?
  • Is the NTB Credit Card Safe?
  • Is There a Judgment Against Me Without my Knowledge?
  • Is transworld systems legitimate? — How to win in court
  • Liquidate–What Does it Mean?
  • Litigation Finance: Is it a Good Investment?
  • Received a 3-Day Eviction Notice? Here's What To Do
  • Should I File Bankruptcy Before or After a Judgment?
  • Should I Hire a Civil Litigation Attorney?
  • Should I Hire a Civil Rights Lawyer?
  • Should I Hire a Litigation Attorney?
  • Should I Marry Someone With Debt?
  • Should I Pay Off an Old Apartment Debt?
  • Should I Send a Demand Letter Before a Lawsuit?
  • Should I Use My IRA to Pay Off Credit Card Debt?
  • Should You Communicate with a Debt Collector in Writing or by Telephone?
  • Should You Invest in Stocks While In Debt?
  • Subsidized vs. Unsubsidized Loans: Which is Better?
  • The Truth: Should You Never Pay a Debt Collection Agency?
  • What are the biggest debt collector companies in the US?
  • What are the different types of debt?
  • What Bank Is Behind Best Buy's Credit Card?
  • What Bank Issues Kohl's Credit Card?
  • What Bank Owns Old Navy Credit Card?
  • What Credit Bureau does Aqua Finance Use?
  • What Credit Bureau Does Truliant Use?
  • What Does “Apple Pay Transaction Under Review” Mean?
  • What Does a Debt Collector Have to Prove in Court?
  • What Does BAC Stand For?
  • What does HAFA stand for?
  • What Does Payment Deferred Mean?
  • What Does Reaffirmation of Debt Mean?
  • What Happens After a Motion for Default Is Filed?
  • What Happens at a Motion for Summary Judgment Hearing?
  • What Happens If a Defendant Does Not Pay a Judgment?
  • What Happens If a Process Server Can't Serve You?
  • What Happens if a Tenant Wins an Eviction Lawsuit?
  • What Happens If Someone Sues You and You Have No Money?
  • What Happens If You Avoid Getting Served Court Papers?
  • What Happens If You Don’t Pay Speedy Cash?
  • What Happens If You Ignore a Debt Collector?
  • What Happens If You Never Answer Debt Collectors?
  • What Happens When a Debt Is Sold to a Collection Agency
  • What Happens When a Debt Is Sold to a Collection Agency?
  • What If a Summons Was Served to the Wrong Person?
  • What If an Order for Default Was Entered?
  • What if I default on an Avant payment?
  • What If the Wrong Defendant Is Named in a Lawsuit?
  • What Is a Case Number?
  • What is a Certificate of Judgment in Ohio?
  • What Is a Certificate of Service?
  • What Is a Civil Chapter 61 Warrant?
  • What is a Civil Litigation Lawyer?
  • What Is a Consent Judgment?
  • What Is a CPN Number?
  • What Is a Debt Brokerage?
  • What Is a Debt-to-Sales Ratio?
  • What Is a Defamation Lawsuit?
  • What is a default judgment?— What do I do?
  • What Is a Libel Lawsuit?
  • What is a Lien on a House?
  • What is a Lien Release on a Car?
  • What is a Lien?
  • What Is a Motion to Strike?
  • What Is a Motion to Suppress?
  • What Is a Non-Dischargeable Debt in Tennessee?
  • What Is a Nonsuit Without Prejudice?
  • What Is a Preliminary Hearing?
  • What Is a Reaffirmation Agreement?
  • What Is a Request for Dismissal?
  • What Is a Rule 3.740 Collections Defense in California?
  • What Is a Slander Lawsuit?
  • What is a Stipulated Judgment?
  • What Is a Warrant in Debt?
  • What is ABC Financial Club Charge?
  • What is ACS Ed Services?
  • What is Advanced Call Center Technologies?
  • What is Alimony?
  • What Is Allied Interstate's Phone Number?
  • What is an Affirmative Defense?
  • What Is an Assignment of Debt?
  • What Is an Attorney Malpractice Lawsuit?
  • What Is an Unlawful Detainer Lawsuit?
  • What is Bank of America CashPro?
  • What is Bitty Advance?
  • What Is Celtic Bank?
  • What is Consumer Portfolio Services?
  • What Is Credence Resource Management?
  • What Is Debt Internment?
  • What Is Discover's 60/60 plan?
  • What is Evading the Police?
  • What Is Extinguishment of Debt?
  • What is First Investors Financial Services?
  • What is Global Lending Services?
  • What is homicide?
  • What Is Lexington Law Firm?
  • What is LGFCU Personal Loan?
  • What is Moral Turpitude?
  • What is Online Information Services?
  • What is Oportun?
  • What Is Service of Process in Texas?
  • What is sewer service?
  • What Is Summary Judgment?
  • What is Synchrony Bank's Hardship Program?
  • What Is T-Mobile's Phone Number for Debt Collection?
  • What Is the Amount of Money You Still Owe to Their Credit Card Company Called?
  • What is the Deadline for a Defendant's Answer to Avoid a Default Judgment?
  • What Is the Formula for Calculating Closing Costs?
  • What Is the Minimum Amount That a Collection Agency Will Sue For?
  • What Is the Phone Number for IQ Data?
  • What is the Purpose of the Truth in the Lending Act?
  • What is the status of my case?
  • What Is the Statute of Limitations on Debt in Washington?
  • What is the Telemarketing Sales Rule?
  • What is Unsecured Credit Card Debt?
  • What is WCTCB?
  • What is WFDS?
  • What is WUVISAAFT?
  • What is Zombie Debt, and How Do I Deal With It?
  • What Personal Property Can Be Seized in a Judgment?
  • What Should I Do If Crown Asset Management Suing Me?
  • What Should I Do If OneMain Financial Is Taking Me to Court?
  • What Should You Do if You Can't Pay Your Mortgage?
  • What states require a professional licensing number for debt collectors?
  • When Does Exeter Finance Repo Cars?
  • When Is My Rent Due Legally?
  • Where’s My Amended Tax Return?
  • Which Bank Does Macy's Credit Card Use?
  • Who is EOSCCA?
  • Who is Over the Loan Forgiveness Program at KHESLC?
  • Who is Synchrony Bank? — Beat Them in Court
  • Who is Jefferson Capital Systems LLC — How to win in court
  • Why Being Judgment Proof Is Not a Defense to a Lawsuit
  • Why Can't Lawyers Give Legal Advice?
  • Who is Synchrony Bank? — Them in Court
  • Why Do Debt Collectors Block Their Phone Numbers?
  • Why Do Lawyers Charge So Much?
  • Why Is the Sheriff Looking for Me?
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Assignment Of Leases And Rents

Jump to section, what is an assignment of leases and rents.

The assignment of leases and rents, also known as the assignment of leases rents and profits, is a legal document that gives a mortgage lender right to any future profits that may come from leases and rents when a property owner defaults on their loan. This document is usually attached to a mortgage loan agreement.

Assignment of leases and rents allows lenders to a degree of financial protection in case a loan default occurs. This document is an agreement made between a borrower and a lender of mortgage loans. It often details an exact amount the lender will be entitled to if a default happens.

Common Sections in Assignments Of Leases And Rents

Below is a list of common sections included in Assignments Of Leases And Rents. These sections are linked to the below sample agreement for you to explore.

Assignment Of Leases And Rents Sample

Reference : Security Exchange Commission - Edgar Database, EX-10.9 10 d368735dex109.htm ASSIGNMENT OF LEASES AND RENTS , Viewed October 4, 2021, View Source on SEC .

Who Helps With Assignments Of Leases And Rents?

Lawyers with backgrounds working on assignments of leases and rents work with clients to help. Do you need help with an assignment of leases and rents?

Post a project  in ContractsCounsel's marketplace to get free bids from lawyers to draft, review, or negotiate assignments of leases and rents. All lawyers are vetted by our team and peer reviewed by our customers for you to explore before hiring.

Meet some of our Assignment Of Leases And Rents Lawyers

Jessica P. on ContractsCounsel

Chia-Fen Y.

Attorney Yu represents clients in business and real estate transactions and has successfully handled more than 200 cases. She has experience in corporate law, including forming legal entities, employment law and workers’ compensation law matters pertaining to wage and hour violations, industrial injuries, misclassifications, and other employment-related torts and contracts. Attorney Yu works with employers to address employee relationship issues, develop effective policies and craft employment agreements. Attorney Yu regularly advises clients on the legal and business aspects of potential investments, ongoing business operations, debt collections, shareholders and partners disputes, business purchase agreements, risk assessment, intellectual property disputes, and potential contract disputes. She regularly handles real estate law matters such as landlord-tenant disputes, lease agreements, buy-sell disputes, title disputes, and construction disputes. She also has substantial experience settling debts, and she drafts, reviews and negotiates settlement agreements. Attorney Yu conducts extensive legal research and provides on-point legal advice to both corporate and individual clients.

Ramanathan C. on ContractsCounsel

Ramanathan C.

Dual Qualified New York Attorney & Enrolled NZ Barrister & Solicitor

Josiah Y. on ContractsCounsel

Attorney licensed to practice in both California and New York, Josiah is focused on helping people understand what's in their contracts, and do business with confidence.

Natalie A. on ContractsCounsel

I am an experienced in house counsel and have worked in the pharmaceutical, consumer goods and restaurant industry. I have experience with a variety of agreements, below is a non-exhaustive list of types of agreements I can help with: Supply Agreements Distribution Agreements Manufacture Agreements Service Agreements Employment Agreements Consulting Agreements Commercial and residential lease agreements Non-compete Agreements Confidentiality and Non-Disclosure Agreements Demand Letters Termination notice Notice of breach of contract My experience as in house counsel has exposed me to a wide variety of commercial matters for which I can provide consulting and assistance on. I have advised US, Canadian and International entities on cross-functional matters and have guided them when they are in different countries and jurisdictions as their counterparties. I can provide assistance early on in a business discussion to help guide you and make sure you ask the right questions even before the commercial agreement needs to be negotiated, but if you are ready to put a contract in place I can most definitely help with that too.

Jeff C. on ContractsCounsel

Jeff Colerick has been practicing law for over 30 years and has devoted his professional career to providing clients with intelligent representation and personal care. His experience as a lawyer involving complex matters has resulted in a long history of success. Jeff has built a practice based on a deep understanding of real estate assets and corporate activities. He combines his industry knowledge with a practical and collaborative approach to problem solving. Jeff’s client relationships are strong because they are built on mutual respect. Jeff talks the language of real estate and understands that it is a vehicle to deliver your business strategy. Jeff provides practical, responsive, and strategic advice related to real estate acquisition, construction, leasing, and sale of a wide range of real property types, including office, retail, medical, industrial, industrial flex-space, mixed-use condominium, multifamily and hospitality. As leader of the Goodspeed Merrill real estate practice group, Jeff represents clients with commercial and residential transactions, purchases and sales, land acquisition and development, real estate investment and financing, financing liens and security interests, and commercial leasing and lease maintenance, including lease enforcement support and advice. The firm represents clients in matters concerning construction, lending, developers, contractors and subcontractors, cell site leasing, property and boundary disputes, common interest community law, and residential condominiums and planned communities.

Harrison K. on ContractsCounsel

Harrison K.

Harrison Kordestani is an executive with over twenty-five years experience in entertainment and media, energy, technologies, and start-ups. Mr. Kordestani has also developed a specialized legal and strategic consulting practice representing select entertainment, oil and gas, mortgage lending, and technology start-up clientele. He is also deeply passionate about new technologies and has also actively worked in building companies in the video-on-demand, wearable tech, information of things, demand prediction and app-marketing spaces. As an attorney, Mr. Kordestani's focus has been on transactional drafting and negotiation and providing ongoing legal counsel, corporate compliance, and contract interpretation to numerous private individuals as well as companies in varied fields.

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related contracts

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what does loan assignment mean

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Capital One to acquire Discover Financial Services in $35.3 billion all-stock deal

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  • Capital One Financial is set to acquire Discover Financial Services in a $35.3 billion all-stock deal.

The Wall Street Journal reported that Capital One, which already uses Visa and Mastercard networks, plans to keep the Discover brand.

  • The merger of the two companies, which are among the largest credit card issuers in the U.S., would expand Capital One's credit card offerings and its deposit base.

In this article

Capital One Financial is set to acquire Discover Financial Services in a $35.3 billion all-stock deal .

Under the agreement, Discover shareholders would receive 1.0192 Capital One shares for each Discover share or about a 26% premium from Discover's Friday closing price of $110.49. The companies said they expect the deal to close in late 2024 or early 2025, after which Capital One shareholders would hold 60% and Discover shareholders would own 40% of the combined company.

The merger of the two companies, which are among the largest credit card issuers in the U.S., would expand Capital One's credit card offerings and its deposit base. The company bought digital concierge service Velocity Black , a premium credit card and luxury market platform, in June of last year.

"Discover has done a better job of bringing in a lot of deposits and [has] access to a lot of institutions to run the debit card network and provide service. So it gives them a lot of deposit gathering ability, which particularly in the current market is enormously important," said David Schiff, West Monroe's head of consumer retail and banking.

CNBC has reached out for comment from both Capital One and Discover.

There aren't many parallels for similar acquisitions in the financial industry, meaning that the Capital One-Discover deal will likely have broad implications for merger activity within the sector, said Schiff.

"It's a good example of the risk we're seeing in the market, where the competing interests from regulators for increased control and rigor balance against the competitive demands that are being made quite clearly, in terms of the overall market," Schiff said.

The deal comes amid a period of increasing pressure for Discover, including regulatory scrutiny and new leadership. The current CEO Michael Rhodes was announced in December 2023.

Shares of Discover are down 1.7% lower for the year, putting the company at a $27.63 billion market cap. Capital One has a market cap of $52.2 billion and shares of the company are up 4.6% in 2024.

Bloomberg News reported on Monday that Capital One was considering the Discover acquisition.

The Capital One-Discover merger would be one of the largest deals announced so far this year. Synopsys announced a deal to buy Ansys for $35 billion in January and Diamondback Energy 's $26 billion deal to buy privately held oil and gas producer Endeavor Energy was announced on Feb. 12.

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What does 'DFA' mean in baseball? It's not an endearing abbreviation.

Albert Pujols . David Ortiz. Alex Rodriguez. Manny Ramirez. Nelson Cruz. Robinson Cano. Justin Upton.

Ortiz is enshrined in the Baseball Hall of Fame. Pujols is a lock for the Hall. Cruz is a future candidate for Cooperstown. And all were former major league All-Stars.

What do they all have in common?

Each of them have been DFA'd during their major league baseball career.

Ultimately, it means the player is cut from a team. It's one of several transactions that can happen to an MLB player. But it's a more common process for players who are in the latter years of their career and in the middle of a contract.

HOT STOVE UPDATES: MLB free agency: Ranking and tracking the top players available.

What does DFA mean in baseball?

Designated for assignment.

It's one of the more unique transaction types in baseball, where unlike being traded, the player is optioned to the minor leagues or simply cut from the roster.

What does being designated for assignment mean?

Teams are allowed to have 40 players on their roster, with 26 of them active on the major league roster. Over the course of the season, teams make roster moves, which sometimes involves cutting a player. In order to take someone off the 40-man roster, they must be designated for assignment.

MLB.com explains the process: "When a player's contract is designated for assignment — often abbreviated "DFA" — that player is immediately removed from his club's 40-man roster. Within seven days of the transaction (had been 10 days under the 2012-16 Collective Bargaining Agreement), the player can either be traded or placed on irrevocable outright waivers."

Can another team claim a DFA'd player?

Yes, any team can pick up a player off waivers. However, if that team claims the player, they would have to add the player to their 40-man roster.

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  • Credit & Debt
  • Debt Management

Wage Assignment: What it Means, How it Works

what does loan assignment mean

What Is a Wage Assignment?

Wage assignment is the act of taking money directly from an employee's paycheck in order to pay back a debt obligation. Wage assignments may be either voluntary or involuntary, depending on the situation.

Such an automatic withholding plan may be used to pay back a variety of debt obligations, including back taxes, defaulted student loan debt, and both child and spousal support payments.

A wage assignment is typically a last resort of a lender to receive repayment from a borrower who has previously failed to pay a debt obligation. A wage assignment, when involuntary, may also be referred to as wage garnishment and requires a court order.

How Wage Assignment Works

Wage assignments are typically incurred for debts that have gone unpaid for a prolonged period of time. Wage assignments can be divided into two categories: voluntary and involuntary. Employees may sometimes opt for a voluntarily wage assignment to pay for things like union dues or to contribute to a retirement fund.

Key Takeaways

  • A wage assignment take funds directly from an employee's paycheck to pay back a debt. 
  • Wage assignments may be either voluntary or involuntary.
  • A wage assignment, when involuntary, may also be referred to as wage garnishment and requires a court order.  

Employees may even voluntarily opt into a wage assignment plan as a part of a payday loan repayment promise.

When a wage assignment is either undertaken voluntarily or mandated by a court and served to an employer, it is processed as part of an employer's payroll procedure. The employee has to do nothing, as their paycheck is decreased by the amount of the assignment, and noted on their pay stub.

Wage assignments are a valuable tool for collecting unpaid debts, but unfortunately, they may be associated with abusive lending practices .  

Wage Assignment: Voluntary

In a voluntary wage assignment, a worker asks their employer to withhold a portion of their paycheck and send it to a creditor to pay off a debt. Loan agreements may sometimes include in their terms a voluntary wage assignment clause should the borrower default on their loan.

Payday lenders often include voluntary wage assignments into their loan agreements to better their chances of being repaid. Such a lender may begin a wage assignment without a court order. Laws regarding wage assignments vary by state.

For example, in West Virginia, wage assignments are capped at 25% of a worker's take-home earnings, the employee's signature must be notarized, and agreements must be renewed annually. Under Illinois law, a lender cannot resort to wage assignment until a debt is 40 days in default. The wage assignment cannot continue for more than three years, and the worker can stop the wage assignment at any time.

Wage Assignment: Involuntary

Involuntary wage assignments require a court order and are most likely to be employed to collect spousal and child support payments that have been ordered by a court. Involuntary wage assignments may also be used to collect unpaid court fines or student loans that have been defaulted on.  

Special Considerations

Several states allow individuals to sign up for voluntary child support agreements. In such a case, both parents must agree to a plan. Once that happens, a voluntary wage assignment may begin. If a child support or welfare agency is involved, they would have to approve any plan.

U.S. Department of Labor. " Fact Sheet #30: The Federal Wage Garnishment Law, Consumer Credit Protection Act's Title III (CCPA) ." Accessed Aug. 17, 2021.

State of West Virginia, Division of Labor. " Rules for Employee Wage Assignments ," Page 1. Accessed Aug. 17, 2021.

Illinois General Assembly. " (740 ILCS 170/) Illinois Wage Assignment Act ." Accessed Aug. 17, 2021.

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What the inflation news means for home equity rates

By Angelica Leicht

Edited By Matt Richardson

February 13, 2024 / 12:32 PM EST / CBS News

Red 3D house model next to growing stacks of coins

While the inflation rate has dropped significantly from its peak of 9.1% in June 2022, it appears that we may not be out of the woods just yet. The latest inflation report , released today, shows that inflation ticked back up again in January, with consumer prices rising by 3.1% from a year earlier. That's slightly higher than the forecasted figure of 2.9%. 

While that rate was a slight improvement from December, when the inflation rate was at 3.4% , last month's uptick still rings alarm bells. For starters, it shows that Americans are still spending a lot more on necessities like groceries and housing. After all, food prices have surged by 25% and rent prices have increased by 22% since 2020, and this new uptick in inflation only adds to the issue. 

And the January inflation data will also play a crucial role in shaping the Fed's interest rate decision at its March meeting — a decision that has a big impact on what people pay to borrow money. With last month's inflation rate still well over the Fed's 2% target rate, it's unlikely that we'll see a significant rate drop in the very near future. But what does today's inflation news mean for home equity rates in particular? Let's find out how today's news could impact borrowers who are considering home equity loans .

Find the best home equity loan rates you may qualify for here .

The good news is that the new inflation data is unlikely to have an immediate impact on home equity rates. After all, the Fed just recently opted to pause rate hikes again for the fourth consecutive time — so its benchmark rate has remained steady at a 23-year high . 

But if the Fed opts to raise rates at its meeting next month in response to today's persistent inflation issues, it would almost certainly cause an uptick in home equity rates. And if you wait to tap into your home's equity , that, in turn, would result in you paying more in interest on the money you borrow.

For now, though, any home equity loan rate increases are likely to be minor in response to the inflation report. So if you've been thinking about taking out a home equity loan , this may be the time to make your move. After all, current home equity loan rates are still much lower than what you would get with many other types of lending products — like credit cards — and you always have the option to refinance your loan in the future if rates drop. 

If you're planning to wait for a rate drop before borrowing from your home equity, though, it could be a while. Most economists anticipate that the Fed will likely wait until at least mid-year to start cutting its benchmark rate back from its current rate of 5.25% to 5.50%. Any potential rate cut would also be dependent on where inflation heads, so waiting to see what happens could be an expensive gamble to take.

Explore your top home equity loan options online here .

How to get the best home equity loan rate right now

If you want to get the best home equity loan rate possible, here are some strategies to help you secure a top interest rate amidst today's inflation uncertainty:

  • Improve your credit score: While your credit score is just one factor that's considered when borrowing money, a higher credit score often translates to better loan terms. Take steps to improve your credit score by paying bills on time, reducing debt and checking your credit report for errors.
  • Shop around: Compare rates and terms from multiple lenders to ensure you're getting the best deal . And don't hesitate to negotiate with lenders to secure favorable terms.
  • Consider a fixed-rate loan: In a rising interest rate environment, a fixed-rate home equity loan provides stability and predictability. Locking in a fixed rate can also protect you from future rate hikes.
  • Explore alternatives: You can also evaluate alternative financing options such as home equity lines of credit (HELOCs) , which come with variable rates that fluctuate with the wider rate environment. Each option has its pros and cons, so weigh them carefully based on your financial needs and goals.

The bottom line

While home equity loan rates are likely to remain unchanged for the time being, the specter of inflation looms large, signaling the potential for Federal Reserve rate changes in the future. If that happens, home equity loan rates are almost guaranteed to feel the impact, so if you want to borrow money from your home's equity, you may want to do so now. After all, it's nearly impossible to predict what could happen with rates in the future — and there are ways you can better your chances of getting the best home equity loan rate possible. For example, by staying informed, being proactive and exploring various financing options, you can position yourself to secure the best possible home equity loan rate amidst today's inflationary uncertainty.

Angelica Leicht is senior editor for CBS' Moneywatch: Managing Your Money, where she writes and edits articles on a range of personal finance topics. Angelica previously held editing roles at The Simple Dollar, Interest, HousingWire and other financial publications.

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The Trump fraud trial verdict goes well beyond ordering the ex-president to pay $355 million. Here's what the ruling means.

  • Trump, his eldest sons, and the Trump Organization must repay $364 million from a decade of fraud.
  • Friday's verdict also bars Trump from running a New York business for three years.
  • Judge Arthur Engoron wrote that Trump's frauds "leap off the page and shock the conscience."

Insider Today

In a scathing verdict that punishes a decade of deceit, the judge in Donald Trump's New York civil-fraud case on Friday slammed the GOP frontrunner, his two eldest sons, and his company with a nearly $364 million cash penalty.

"The frauds found here leap off the page and shock the conscience," the verdict by the New York Supreme Court Judge Arthur Engoron , who has presided over the case for more than three years, said.

While Trump is personally on the hook for almost $355 million of that penalty, Donald Trump Jr. and Eric Trump must pay $4 million each, and the former Trump CFO Allen Weisselberg must pay $1 million.

But the verdict hits way beyond just Trump's wallet. It targets his real-estate and golf-resort empire, the Trump Organization, in two ways that Trump has pushed against for years.

First, the verdict wrests control of the company further from the former president and his two eldest sons, leaving major company decisions to a yet-named "independent director of compliance" who'll operate under Trump's court-appointed monitor's continuing watch .

Second, it sets a three-year ban on Trump running the Trump Organization or any other business in the city and state where he made his name — and where he first seized a national spotlight as a brash real-estate mogul. For Trump, it's the commercial equivalent of being run out of town on a rail.

Significantly — and this is a big silver lining for Trump — the verdict reverses the most unfriendly elements of the judge's pre-trial " corporate death penalty " judgment from September.

He no longer has to surrender all of the Trump Organization's New York operating licenses, and the verdict does not mention the forced sale of any Trump properties.

The verdict caps a five-year effort by the office of New York State Attorney General Letitia James .

On Friday afternoon, James issued a statement celebrating the verdict.

She said that Trump has engaged in fraud for years to enrich his own family and company.

Now, he and his codefendants will have to pay more than $450 million, including interest.

"While he may have authored the 'Art of the Deal,' our case revealed that his business was based on the art of the steal," she said.

Trump is expected to immediately appeal, likely putting these and other punishments from the 92-page verdict on ice well past the November election.

But in the coming weeks, Trump will still have to spend millions on a surety bond — a bond guaranteeing performance of a contract or obligation — to guarantee he can pay whatever dollar figure, plus interest, an appellate court ultimately upholds.

Interest also applies to the penalties, potentially adding millions more to his ultimate verdict price tag.

"When confronted at trial with the statements, defendants' fact and expert witnesses simply denied reality, and defendants failed to accept responsibility or to impose internal controls to prevent future recurrences," Engoron wrote Friday.

The verdict holds Trump civilly liable, based on Engoron's three-month Manhattan bench trial, for leading a conspiracy to commit business and insurance fraud with help from his two eldest sons and a pair of long-standing Trump Organization executives.

"Their complete lack of contrition and remorse borders on pathological," Engoron wrote.

"They are accused only of inflating asset values to make more money," the verdict said.

"The documents prove this over and over again. This is a venial sin, not a mortal sin," he added. "Defendants did not commit murder or arson. They did not rob a bank at gunpoint. Donald Trump is not Bernard Madoff. Yet, defendants are incapable of admitting the error of their ways."

In a statement, a Trump Organization spokesperson decried the verdict as a "gross miscarriage of justice."

"Every member of the New York business community, no matter the industry, should be gravely concerned with this gross overreach and brazen attempt by the Attorney General to exert limitless power where no private or public harm has been established," the spokesperson said in the statement. "If allowed to stand, this ruling will only further expedite the continuing exodus of companies from New York."

Read Friday's verdict here .

"Today, justice has been served. This is a tremendous victory for this state, this nation, and for everyone who believes that we all must play by the same rules — even former presidents," James said in her statement Friday. 

" When powerful people cheat to get better loans, it comes at the expense of honest and hardworking people," James continued. "Everyday Americans cannot lie to a bank to get a mortgage to buy a home, and if they did, our government would throw the book at them. There simply cannot be different rules for different people .

Some lesser penalties

The verdict also bans Trump and the Trump Organization from borrowing from New York banks or purchasing real estate in the state for three years. James had asked for a five-year ban on such buying and borrowing in her lawsuit.

Donald Trump Jr. and Eric Trump are banned from running a New York business for two years. James had asked for five-year bans for the brothers.

And it bans the two former executives, the ex-CFO Weisselberg and the former Trump Organization controller Jeff McConney, from controlling another New York company's finances.

what does loan assignment mean

Watch: Trump fights back as fraud trial begins

what does loan assignment mean

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  1. Mortgage Loan Assignment: The What, Why, and How Of It

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  4. Assignment of Mortgage Agreement

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  1. Understanding the Assignment of Mortgages: What You Need To Know

    The assignment of mortgage needs to include the following: The original information regarding the mortgage. Alternatively, it can include the county recorder office's identification numbers. The borrower's name. The mortgage loan's original amount. The date of the mortgage and when it was recorded.

  2. What Is Assignment Of Mortgage?

    An assignment of mortgage is a legal term that refers to the transfer of the security instrument that underlies your mortgage loan − aka your home. When a lender sells the mortgage on, an investor effectively buys the note, and the mortgage is assigned to them at this time. The assignment of mortgage occurs because without a security ...

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  5. What's the difference between a mortgage assignment and an ...

    Loan Transfers. Banks often sell and buy mortgages from each other. An "assignment" is the document that is the legal record of this transfer from one mortgagee to another. In a typical transaction, when the mortgagee sells the debt to another bank, an assignment is recorded, and the promissory note is endorsed (signed over) to the new bank.

  6. Assignment of Mortgage Laws and Definition

    An assignment of a mortgage refers to an assignment of the note and assignment of the mortgage agreement. Both the note and the mortgage can be assigned. To assign the note and mortgage is to transfer ownership of the note and mortgage. Once the note is assigned, the person to whom it is assigned, the assignee, can collect payment under the note.

  7. Assignment Of Loan: Definition & Sample

    Under an assignment of loan, a lender (the assignor) assigns its rights relating to a loan agreement to a new lender (the assignee). Only the assignor's rights under the loan agreement are assigned. The assignor will still have to perform any obligations it has under the facility agreement. The debtor, the recipient of the loan, must be ...

  8. Assignment of Mortgage definition and explanation

    The most common example of an Assignment of Mortgage is when a mortgage lender transfers/sells the mortgage to another lender. This can be done more than once until the balance is paid. The lender does not have to inform the borrower that the mortgage is being assigned to another party. The new lender, however, should send the borrower a ...

  9. Loan Participation Vs Assignment

    Assignment. The terms "loan participation" and "assignment" are often used in the banking industry. Both terms refer to the transfer of a loan's rights and payments between two financial institutions. We'll look at what each term means and how they differ from each other. Loan participation has long been a common form of loan transfer.

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  11. Are loans normally assigned or novated? Does it matter?

    There are two types of assignment: (i) legal assignment under s. 136 of the Law of Property Act 1925 (LPA), which imposes formal requirements; ... Loan definition What does Loan mean? An advance of funds from one party (the creditor) to another party (the debtor) for a period of time. The funds can be advanced for an agreed period or be ...

  12. Collateral Assignment of Mortgage Definition

    definition. Collateral Assignment of Mortgage means, that certain Collateral Assignment of Leasehold Mortgage dated as of the date hereof, made by the Issuer in favor of the Trustee, as the same may be amended or supplemented from time to time. Collateral Assignment of Mortgage means, with respect to any Mortgage securing any Mortgage Loan, a ...

  13. Assignment of loan

    Assignment of loan. A standard form deed of assignment under which a lender (the assignor) assigns its rights relating to a facility agreement (also known as a loan agreement) to a new lender (the assignee). Only the assignor's rights under the facility agreement (such as to receive repayment of the loan and to receive interest) are assigned.

  14. Loan Assignment Definition: 164 Samples

    Loan Assignment the assignment by a Lender of (i) any portion of such Lender's interest in Borrowers' Obligations and (ii) any of such Lender's other rights under any of the Loan Instruments. Loan Fee: the fee to be paid by Borrowers to FINOVA in accordance with Section 2.7. Sample 1 Sample 2 Sample 3.

  15. What Is Collateral Assignment?

    Definition and Examples of Collateral Assignment. Collateral assignment is the practice of using a life insurance policy as collateral for a loan. Collateral is any asset that your lender can take if you default on the loan. For example, you might apply for a $25,000 loan to start a business. But your lender is unwilling to approve the loan ...

  16. Assignment of Proceeds: Meaning, Pros and Cons, Example

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  17. Chapter 2 Notes & Mortgages Flashcards

    What does assignment mean and why would a lender want to assign a mortgage loan? Assignment gives the lender the right to sell or exchange a mortgage loan to another party without the approval of the borrower.

  18. What Does Student Loan Permanently Assigned to Government Mean?

    Most student loans are made under programs administered by the federal government. You can discover if your loan is held by the government by contacting the Federal Student Aid Center at 800-433-3243. If loans on your credit report aren't with the Department of Education, those debts are private student loans owned by a bank or other lender.

  19. How Does Debt Assignment Work?

    Debt assignment refers to a transfer of debt. This includes all of the associated rights and obligations, as it goes from a creditor to a third party. Debt assignment is essentially the legal transfer of debt to a debt collector (or debt collection agency). After this agency purchases the debt, they will have the responsibility to collect the debt, meaning you will pay your debt to them.

  20. Assignment Of Leases And Rents: Definition & Sample

    The assignment of leases and rents, also known as the assignment of leases rents and profits, is a legal document that gives a mortgage lender right to any future profits that may come from leases and rents when a property owner defaults on their loan. This document is usually attached to a mortgage loan agreement.

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  24. Real Estate Chapter 2 Flashcards

    What does "assignment" mean and why would a lender want to assign a mortgage loan? Assignment gives the lender the right to sell or exchange a mortgage loan to another party without the approval of the borrower.

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  26. Wage Assignment: What it Means, How it Works

    Wage Assignment: The procedure of taking money directly from an employee's compensation under the authority of a court order, in order to pay a debt obligation. Wage assignments are typically a ...

  27. 2024-25 FAFSA Student Aid Index Update and Timeline (Updated Feb. 16

    The Department will continue to assist our external partners through webinars, resources, and updates on the Knowledge Center.We also welcome our partners to continue to submit questions related to the 2024-25 FAFSA launch using the Contact Customer Support form in FSA's Partner Connect Help Center. To submit a question, please enter your name, email address, topic, and question.

  28. What the inflation news means for home equity rates

    The bottom line. While home equity loan rates are likely to remain unchanged for the time being, the specter of inflation looms large, signaling the potential for Federal Reserve rate changes in ...

  29. Trump Fraud Trial Verdict Goes Beyond $354M Payment; Ruling Explained

    In a scathing verdict that punishes a decade of deceit, the judge in Donald Trump's New York civil-fraud case on Friday slammed the GOP frontrunner, his two eldest sons, and his company with a ...