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Chattel Mortgage on Mobile Home

Chattel Mortgage Form With Mortgage In Franklin

Category:

Loans and Lending - Chattel Mortgages

State:

Multi-State

County:

Franklin

Control #:

US-0007BG

Format:

Instant download

Description

A chattel mortgage is a term used to describe a loan arrangement in which an item of movable personal property is used as security for the loan.

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FAQ

The Bottom Line. If you're looking to buy a modular home or movable piece of equipment, taking out a chattel mortgage could be right for you. These loans come with shorter terms and much lower processing fees. However, the interest rate will be higher than what you'd receive on a conventional mortgage.

The purpose of a chattel mortgage is to secure financing for moveable property or chattel. Chattel mortgages can be used to finance vehicles, mobile homes, and even heavy equipment like tractors.

Section 4.2. 17 of the said manual of operations provides that “In all dealings or transactions on motor vehicles, a chattel mortgage or release thereof shall first be registered with the office of the Register of Deeds before any registration transaction is effected.”

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• The Note Form must match the legal documentation requirement as described in the product description. Benefit Street Partners Realty Trust and Capstead Mortgage Corporation to Merge.Documentation of financing consists of a note and a mortgage. Franklin offers a complete selection of mortgage products to fit your exact needs. The FDIC may be able to assist you in obtaining a lien release if the request is for a customer of a failed bank that was placed into FDIC receivership. If you need more assistance in this process a local Title Company or Real Estate Attorney can help but may charge a fee. Glossary of Mortgage Terminology. Helping you understand the loan process is important to us. Loan servicing and loan modification information from Carrington Mortgage. Licensed to engage in the business of a Mortgage Banker under Article 12-D of the New York Banking.

Chattel Mortgage Form With Mortgage In Franklin

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