ASSIGNMENTS
A mortgage is regarded in law as personal property.
A mortgage need not remain in the hands of the mortgagee in order to be valid. It can be sold like bonds, stocks or other property, and there are men who deal only in that form of security.
In order to sell a mortgage, the owner must make, to the purchaser, what is known as an "assignment of mortgage."
The assignment should be recorded in the same way as the original mortgage, the assignee paying the fee.
REDEMPTION OF MORTGAGES
While the rule as to the redemption of mortgages remains the same in some localities that it formerly was, the law in most places is now more lenient.
Now the mortgagor who has failed is usually given by law an extension of time in which to make good the payment of principal and interest.
Lenders, when the interest is met, are content to let the mortgage run on as an investment, though it will often be found, in such cases, that it is better to make a new mortgage.