Which term refers to the process of transferring mortgage responsibility to another party?

The correct term for transferring mortgage responsibility to another party is "assignment." In the context of mortgages, assignment involves the original borrower transferring their interest in the mortgage to a new party. This means that the new party takes over the responsibilities and obligations associated with the mortgage, including making payments to the lender.

In mortgage assignments, it's important to note that the lender typically must approve this transfer. The new borrower essentially steps into the shoes of the original borrower, and the lender retains the right to pursue the mortgage obligation against the new borrower if necessary.

Other terms in the options have specific meanings that do not accurately describe the transfer of mortgage responsibility. For example, "substitution" typically refers to replacing one party or item with another but does not specifically address the transfer of mortgage obligations. "Novation" often involves creating a new contract that dismisses the old one but also requires the consent of all parties involved, which is more complex than simply assigning a mortgage. Meanwhile, "aliquot" does not relate to mortgages or contracts at all; it refers to a part or portion that can divide evenly into a whole, which is not applicable in this context.