Chattel Mortgage Form With Balloon In Santa Clara

State:
Multi-State
County:
Santa Clara
Control #:
US-0007BG
Format:
Word; 
Rich Text
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

Balloon mortgages are short-term loans that begin with a series of fixed payments and end with a final, lump-sum payment. That one-time payment is called a balloon payment because it's often at least twice as much as the previous ones, leaving many borrowers with a final bill for tens of thousands of dollars (or more).

Potential Downsides of Balloon Mortgages for Homebuyers Foreclosure can result in the loss of the home, emotional distress, and impact the borrower's credit negatively, generally for seven years. The first balloon mortgage payments primarily cover the interest rather than the principal.

The downside of balloon payments Although a balloon-payment option can make your monthly payments more affordable, you're taking on extra debt to buy an asset that is depreciating – the value of your vehicle may end up less than the amount still owed.

The downside of balloon payments Although a balloon-payment option can make your monthly payments more affordable, you're taking on extra debt to buy an asset that is depreciating – the value of your vehicle may end up less than the amount still owed.

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.

Facilities for researching official records and maps are available at the Santa Clara County Clerk-Recorder's office main office. Note that document contents may only be viewed at the main office, not on-line.

Prepare a New Deed: Draft a grant deed transferring the property to “John Doe, as Trustee of The John Doe Living Trust, dated January 1, 2024.” Notarize the Deed: Sign the new deed before a notary public. Record the Deed: Submit the notarized deed to the Santa Clara County Recorder's Office along with a PCOR.

More info

Some states require a specific disclosure to be given when a loan has a balloon payment. We provide the following documents for these requirements.A balloon mortgage allows you to enjoy low monthly payments for several years — with a big catch. Once completed, note the SST number and come into our office to finish the process. 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. 10 Year. 275.00. 225.00. 125.00. After the mortgage term is complete, you will then need to refinance or pay off the remaining balance. The correct way would be for the lender to record a lien or mortgage on the real estate property which is a collateral for a loan. In the context of residential real estate, balloon payments are generally viewed in a negative light. A balloon note is a type of loan where the borrower is required to make regular payments, called interestonly payments, for a specified period.

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Chattel Mortgage Form With Balloon In Santa Clara