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Chattel Mortgage on Mobile Home

Chattel Mortgage Form With Balloon In San Diego

Category:

Loans and Lending - Chattel Mortgages

State:

Multi-State

County:

San Diego

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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Oversight or the California Department of Real Estate (DRE). A balloon mortgage has an interest rate that is fixed for an initial amount of time.At the end of the term, the remaining principal balance is due. A Balloon loan is a shortterm mortgage that has similar features of a fixed rate mortgage. Will the Promissory Note be in first, second, or even third position? Will the loan be fully amortized and be a "straight" note? The sale is an installment sale and the buyer agrees in writing to withhold on each principal payment including the down payment and on any balloon payment. Borrowers will need to refinance or sell the property to cover the balloon payment. Clients interested in lending money to financially assist a family member should consider making an intrafamily loan. Here, we outline basic information.

Chattel Mortgage Form With Balloon In San Diego

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