Consolidation of the Mortgage

Combine two or more mortgage loans and make one single mortgage called consolidated mortgage. After consolidation a fresh mortgage loan will be prepared with all the details start with different norms and details like a fresh note called promissory note with different interest rate, mortgage details, county recording details, of course the mortgage amount etc. All the details like a fresh mortgage has to be prepared. This mortgage shows same lender until and unless it assigns. If this mortgage assigns while consolidate with other mortgage, the mortgagee (current lender) will change as per the assignment of the mortgage.

In the United States of America, particularly in the New York state, the requirement of the mortgage is something different from the process of other state mortgages. This state requires complete history of the mortgage. Actually in which year the mortgage loan has started, how many times it has been changed hands called assignments and currently who is holding the actual lien of the mortgage and complete recording details of all the documents. This state requires complete history of the mortgage loan from the date of approval of the mortgage till the time. There is every possibility of changing hands during the period and more than one combined mortgages. Some times it might occur more than twice or thrice. The most important thing is every county of the state requires complete history of the mortgage details and this is the reason why the documentation of the mortgage in this state is very big. So the borrower needs to understand the complete process and finally payoff the mortgage to the last lender who currently holds the rights of the property.