Chattel Mortgage

Sam · Posted: Tue Jun 01, 2004 12:30 am Post subject: Chattel Mortgage

Chattel Mortgage is a legal claim against an asset other than real estate, which is used as collateral for loan. In simple terms, it is a legal claim on the personal property used as collateral for loan. It was founded in 1998, with the only purpose of providing finance for manufactured home owners.

In fact the term chattel mortgage is used when referring to a loan in a mobile or manufactured homes.Under the uniform commercial code, chattel mortgages have been replaced by security agreements.

Advantages of chattel mortgage are as following:

It can be quickly and easily arranged.
There are no additional VAT implications.
Here the asset acts as a security for the lender, and upon the final payment the ownership of the asset is transferred to a borrower.
It is specially used for business purpose and can be used to finance motor vehicles, plants, and equipments.

Guest 0.10 Dollars($)

is there any loan company who is qualified in the united states to do 100%
financing mobile home only with nothing down

jameshogg

Hi Joy,

Welcome to the forum.

There are several lenders in the United States who offer loan programs involving 100% financing. But in order to get 100% financing, one should be prepared to deal with a high interest rate. Moreover, the mobile home should have a permanent foundation.

Thanks

Guest 0.10 Dollars($)

Joy,

Are you willing to take a 100% mobile home loan?

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