I’m Mike. That topic is brought to you by Shana. Assignment, that’s today’s real estate word of the day. Number one, we’re going to define it and then we’re going to use it in a sentence and we’ll talk just a little bit about it. So let’s go ahead first and we’re going to read the definition.
Ok, I will read the definition. Go ahead. Assignment when ownership of your mortgage is transferred from one company or individual to another, it is called an assignment.
Ok, so to go ahead and use that in a sentence for us, I’ll do that. It is my mortgage was assigned from this company to that company and you would insert the two names, the company or whatever that happens to be or transferred. Right. So it’s transferred. So assignment doesn’t necessarily have to do only with a mortgage. The definition they’re related just to a mortgage.
But it could also be you can assign a contract. Yes, you can. Yeah, you can assign a mortgage. And there are some terms in which it is assignable. Right. So it could be you could assign an FHA. I think FHA loans are assignable if I’m not Erva. So VA loans might be qualifying, assumable, assumable, assumable meaning that you not assignable anyways. Well I’m going to steer clear of that now, but I will move on and say that we’ve defined it, we’ve used this sentence. We’re good or good.