Chattel Mortgage Form Ford In Franklin
Category:
State:
Multi-State
County:
Franklin
Control #:
US-0007BG
Format:
Word;
Rich Text
Instant download
Description
The Chattel Mortgage Form for Mobile Home in Franklin is a legal document used to secure a loan with a mobile home as collateral. This form is primarily executed between a Mortgagor (the borrower) and a Mortgagee (the lender), detailing the terms of the loan, including the amount borrowed, interest rate, payment schedule, and obligations of both parties. Key features include provisions for ownership, insurance of the collateral, and restrictions on the sale or transfer of the mobile home without consent. The document outlines the conditions under which the Mortgagee can seize and sell the property if the Mortgagor defaults. This form is particularly useful for attorneys, partners, and owners dealing with financing arrangements for mobile homes, as it clarifies the rights and responsibilities of both parties. Paralegals and legal assistants can benefit from understanding the filling and editing instructions, ensuring proper completion and adherence to state laws. Overall, this Chattel Mortgage form serves to facilitate secure lending and safeguard the interests of both the borrower and lender in Franklin.
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FAQ
A form of security interest, typically a legal mortgage, taken over tangible movable property (known as chattels).
Chattel is any tangible personal property that is movable. Examples of chattel are furniture, livestock, bedding, picture frames, and jewelry.
The Bottom Line Chattel mortgages are a little-known but potentially good option if you're looking to finance a manufactured home or heavy equipment. These loans are smaller than conventional loans and tend to have higher rates, but they have shorter terms and quicker payoffs.
