A mortgage is a loan in which the lender may use your property as payment if you. a loan to buy some personal item; the item (or chattel) is security for the loan.
The plans would allow the government-sponsored enterprises for the first time in a decade to support manufactured home loans, also known as chattel loans because they. mobile homes is risky and.
non-conforming mortgages and chattel loans to purchasers of factory-built and site-built homes. Our insurance subsidiary, Standard Casualty Co. ("Standard Casualty"), provides property and casualty.
Definition of ‘chattel mortgage’. Verbs of action Most verbs describe an action such as walking, running, or reading. John is running for the train. Sophie has just bought a new camera. She is putting on an exhibition.
Definition of CHATTEL MORTGAGE: An instrument of sale of personalty conveying the title of the property to the mortgagee with terms of defeasance; and, if the terms of redemption are not The Law Dictionary Featuring Black’s Law dictionary free online Legal Dictionary 2nd Ed.
Definition, A transportable structure built in a factory containing one or more.. When you get a chattel mortgage for a manufactured home, the.
A chattel mortgage is a loan in which the borrower uses a movable personal property as security. The term chattel mortgage has slightly different meanings across the world. In one country it may refer to a car loan. In other countries, on the other hand, people use it for any loan without using freehold land as security.
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A chattel mortgage is different from a traditional mortgage that you might have for a house, mainly because it is aimed at other types of property, like a car or a business, and that you must put up property as collateral.
Definition: Chattel mortgage is a loan extended to an individual or a company on a movable property. Here, the ‘chattel’ or the movable personal property which could be a car or a mobile home can be used as a security to extend the loan.
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Chattel mortgages are loans that are used to buy cars and other items, such as commercial equipment. A chattel mortgage consists of the chattel (the car) and the mortgage (the loan that must be paid back). When the car is purchased, it becomes the property of either the person or company purchasing it.
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