In this lesson, we’ll discuss the transfer of mortgages and mortgaged property. We’ll see what happens when mortgaged property is sold, and how mortgages and notes can be transferred from one mortgagee to another.

I.               Sale of Mortgaged Property

Let’s start with the sale of the property. In general, a mortgagor is free to sell the property during the mortgage unless the mortgage agreement provides otherwise. If...