Chattel Mortgage Form With Extra Judicial Foreclosure In King
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FAQ
LTO MEMORANDUM CIRCULAR NO. 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.”
Mortgages in title theory states have to go through a judicial process with the lender filing a foreclosure lawsuit. In contrast, a trustee manages foreclosures in a lien theory state and doesn't require a judicial process and involvement with a court.
Judicial foreclosure - involves sale of the mortgaged property under the supervision of a court; initiated by a law suit; available in every state. non-judicial foreclosure - involves sale of the mortgage property without court supervision; available in many, but not all, states.
The traditional mortgage is only for stationary property. It's suited for long-term real estate investments. Chattel loans are for property that can be easily moved. They're also an option for borrowers who want their loans approved faster and with shorter repayment times.
Judicial foreclosure refers to foreclosure proceedings that take place through the court system. This foreclosure process occurs when a mortgage lacks a power of sale clause, which would legally authorize the mortgage lender to sell the property if a default occurred.
What is provision is required in a mortgage to allow a non-judicial foreclosure to force a sale without a foreclosure suit? A power of sale clause.