Also known as a chattel mortgage or chattel mortgage loan, a chattel loan is a loan contract in which the lender extends a loan to a borrower to purchase assets that are not considered fixed properties. In return, the purchased items are held as collateral for the duration of the loan.
chattel mortgage. n. an outmoded written document which made a chattel (tangible personal asset) security for a loan of a certain amount. It has been replaced in most states by a security agreement, the form of which is designated in a Uniform Commercial Code as UCC-1.
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There are two loan categories-traditional home loans (or mortgages) and chattel loans. Real property is the same classification that a site built home receives. A manufactured home that is titled as real property will be granted traditional home financing or a mortgage loan through a lending institution or bank.
Chattel is movable personal property that can be borrowed against using a chattel mortgage .
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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. Description: Chattel mortgages are secured loans attached to a personal movable property which is used to extend the.
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Chattel mortgage, sometimes abbreviated CM, is the legal term for a type of loan contract used in some states with legal systems derived from English law. Under a typical chattel mortgage , the purchaser borrows funds for the purchase of movable personal property (the chattel) from the lender.
Chattel loans are the most popular finance product for manufactured housing customers, but research suggests why this may not be the most cost-effective loan for these borrowers.
A common example of a chattel mortgage is a car loan. The creditor lends the money to a borrower that wants to purchase or ‘finance’ a new or used car but does not have the funds on hand to do so.