USA Partial Mortgage Purchase Contract

USA lenders, acquire a portion of a mortgage from a borrower with this USA Partial Mortgage Purchase Contract.

• Purpose of Contract.The sale and assignment of the mortgage is being transacted as a means for the seller to pay off its indebtedness to the buyer.
• Repayment. The buyer will receive payment under the mortgage until the indebtedness and any additional expenses owed by the seller to the buyer are paid off, after which the seller will be entitled to the remaining proceeds.
• Foreclosure. If the mortgaged property is foreclosed, all amounts due to the buyer will be paid first, and the remainder (if any) paid to the seller.
• Default. The buyer has the right to cure any default upon a lien or encumbrance superior to its security, in order to preserve its security interest in the property.
• Transfer on Termination. After the buyer has received all amounts due by the seller, the assignment will terminate and the title and interest in the mortgage will be transferred back to the seller.

This USA Partial Mortgage Purchase Contract template is provided in MS Word format, and is fully editable to fit your needs.