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when referring to a loan in a mobile or manufactured homes.Under the uniform commercial code, chattel mortgages have been replaced by security agreements.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

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

Joy,

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

bestrates · Joined: 30 Oct 2009 Posts: 5 2.56 Dollars($)

Just a quick update for you.

The rules of Mobile Home financing have changed since this post was first originated. Some for the better, some not.

There are currently no lenders or investors that we know of in the market (and we keep close track of this) that are offering no money down loans.

The minimum down payment (DP) is 5% right now and does require excellent credit.

Many customers will actually be required to bring at least 10% down.

On the bright side rates are better now for home only financing than they have been in a while.

For the most up to date guidelines on Chattel Loans see our site:

"http://mh-loans.com/MH-Loans-Without-Land/Chattel-Loans.aspx"

We hope this helps the people out there searching for these loans.

gmakerley · Posted: Fri Oct 30, 2009 1:21 pm Post subject:

sam, thank you for bringing this information to the light. as we know, there are mobile home lenders scattered throughout the country, but the information apparently does not make its way into the public's recognition very easily. i briefly scanned your site, and there's obviously some value there.

Guest

wht is the real essence of having a chattel mortgege in the motorcycle compnay

Niicss · Posted: Wed Jul 28, 2010 2:30 am Post subject:

As far as I know, with the help of a chattel mortgage, the finance provider provides funds for the purchase of a vehicle. The buyer takes ownership of the motor vehicle at the time of purchase. The financier, on the other hand, takes a mortgage over the vehicle as security for the car loan. Once the contract is completed by the buyer, the loan is removed. Thus, the customer gets a clear title to the motor vehicle.

Guest

is there a list of company's that offer this type of loan

jameshogg · Posted: Tue May 10, 2011 11:49 pm Post subject:

Hi joanne,

You can check out the above post by bestrates (Sam) in order to find a link regarding chattel mortgages.

Thanks

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