Chattel Mortgage Form With Two Points In Texas

State:
Multi-State
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.
Free preview
  • Preview Chattel Mortgage on Mobile Home
  • Preview Chattel Mortgage on Mobile Home
  • Preview Chattel Mortgage on Mobile Home

Form popularity

FAQ

Under Texas state law, 80% of the total appraised value of the property is the maximum amount that you can apply a second mortgage for; You can take out a second mortgage on your primary residence. However, a lender cannot issue a second mortgage if an outstanding balance remains.

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.

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.”

A mortgage company may be a chartered bank, a credit union, a trust company or other financial institution providing mortgage loans.

If you originate certain types of loans, such as residential property tax loans and manufactured housing loans, you must obtain a license from the TX-OCCC. Moreover, for secondary mortgage loans, unless you already hold a TX-SML license, you must license through the TX-OCCC.

A mortgage involves two important legal documents: a promissory note and either a mortgage document or deed of trust.

More info

The Texas Real Estate Commission to update two frequently used forms: the Consumer Protection Notice and the Seller's Disclosure Notice. We offer competitive rates, loan programs tailored specifically to manufactured home buyers, and professional service throughout every interaction.A wraparound transaction is a form of creative seller financing that leaves the original loan and lien in place when a property is sold. A chattel loan, otherwise known as a chattel mortgage, is a form of secured property loan that applies only to movable assets. Is the mortgage interest and real property tax I pay on a second residence deductible? Answer. Yes and maybe. These are the main steps to successfully close the deal. Gather all the necessary documents and fill out the forms accurately and completely. " No street address of the creditor is set out anywhere in or on said chattel mortgage. A delivery in some form of a chattel mortgage is essential to the validity of such instrument.

Trusted and secure by over 3 million people of the world’s leading companies

Chattel Mortgage Form With Two Points In Texas