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Chattel Mortgage on Mobile Home

Chattel Mortgage Form With Affidavit Of Good Faith In Wayne

Category:

Loans and Lending - Chattel Mortgages

State:

Multi-State

County:

Wayne

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.

Chattel is any tangible personal property that is movable. Examples of chattel are furniture, livestock, bedding, picture frames, and jewelry.

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.

A pledge involves transferring possession of the property to the lender, who retains it until the debt is repaid. On the other hand, a mortgage entails transferring ownership interest in the property to the lender, while the borrower retains possession and usage rights.

By chattel mortgage, personal property is recorded in the Chattel Mortgage Register as a security for the performance of an obligation. If the movable, instead of being recorded, is delivered to the creditor or a third person, the contract is a pledge and not a chattel mortgage.

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This document is a chattel mortgage with affidavit of good faith between a mortgagor and mortgagee. Chattel Mortgage w: Affidavit of Good Faith - Free download as Word Doc (.Under penalty of perjury, I certify that the information presented in this affidavit is true and accurate to the best of my knowledge. Purchaser shall cooperate in good faith with such Mortgage Broker to obtain a Commitment from such. Institutional Lender(s). Manage accounts, pay bills, request a home equity credit line advance and more. Discover a range of banking, mortgage, business, and private banking solutions customized to your unique needs. Choose Flagstar Bank. And submitted in good faith and without collusion or fraud with any other person.

Chattel Mortgage Form With Affidavit Of Good Faith In Wayne

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