Assignment is something usually done when a lender purchases a portfolio of loans from another bank. The new bank is the now the mortgagee with all original terms remaining the same. They are now in the same lien position as the the original. The mortgagor is still bound to make the payments as if nothing happened.
When you assume a mortgage, you know step in place of the borrower and now you are the one sending the check! You are also now responsible to all terms or risk losing the collateral. Not many lenders allow assumption btw. Read the mortgage docs. I heard a VA loan may still be assumable. It's been a while since I have done that.
So assignment means you are the bank. Assumption means you are the borrower. Hope this helps.
AS @Michael Knaus stated your confusing terminology. A mortgage assignment happens when a mortgage is bought and sold.
if your talking an assumption.. IE your taking over existing debt then as stated that is called an assumption.. which can happen but most lenders are pretty tough to get those to happen..
you can take title sub too but that creates a whole nother set of circumstances and things you need to be cognizant of.
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