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Chattel Mortgages & Traditional Real Property Mobile Homes Loans Albany OR

Generally speaking, a manufactured home mortgage is a written document which gives a creditor an interest in the property of a borrower to secure payment of a loan debt. While this broad definition blankets all mortgage loans, the different types of homes, or collateral, are what draw differences between manufactured home, or chattel, loans and traditional stick built home mortgages.

Sierra Pacific Mortgage
(541) 812-1099
250 Broadalbin Street Sw
Albany, OR
 
Mann Mortgage LLC
(541) 928-5300
1115 Santiam Hwy Se
Albany, OR
 
Metrocities Mortgage LLC
(541) 766-8111
815 Nw 9Th St Ste L196
Corvallis, OR
 
Allied Home Mortgage Capital Corporation
(542) 589-6560
300 Market St
Lebanon, OR
 
American Pacific Mortgage
(503) 831-2500
226 S Main St Ste D
Independence, OR
 
Pacific Residential Mortgage LLC
(541) 791-2612
2405 14Th Ave Se Ste A
Albany, OR
 
Mann Mortgage LLC
(541) 758-4658
761 Nw Harrison Blvd
Corvallis, OR
 
U.s. Financial Mortgage Corporation
(541) 259-6560
29250 Speasl Rd
Lebanon, OR
 
Citizens Bank
(541) 752-5161
275 Sw Third
Corvallis, OR
 
Financial Freedom Senior Funding Corp
(503) 364-3882
967 Sunmist Ct Se
Salem, OR
 

The Differences between Chattel Mortgages and Traditional Real Property Mobile Homes Loans

The Differences between Chattel Mortgages and Traditional Real Property Mobile Homes Loans
Tue 08/18/09 07:59:16 pm
by Josh Ladick

The recent changes in the American banking system have made the distinction between a chattel mortgage and tradition real property financing more important than it used to be. When buying a mobile home or manufactured home, the first thing your broker will ask is if you will be buying with land or home-only.
CLICK HERE FOR MOBILE HOME LOANS Everyday I am asked about the differences between mobile home loans and real property site built homes, and how these differences affect the mortgage loan processes for these homes.
  Generally speaking, a manufactured home mortgage is a written document which gives a creditor an interest in the property of a borrower to secure payment of a loan debt. While this broad definition blankets all mortgage loans, the different types of homes, or collateral, are what draw differences between manufactured home, or chattel, loans and traditional stick built home mortgages.   In the United States, chattel mortgages are referred to as secured transactions. Such transactions are governed in most states by Article 9 of the Uniform Commercial Code. When obtaining a loan for a manufactured home, a borrower will be entering into a chattel mortgage. The purchaser or home owner is borrowing funds for the purchase or refinancing of movable personal property (the chattel or manufactured home) from the creditor. The creditor then secures the chattel loan with a mortgage over the manufactured home as chattel, or the manufactured home itself. The Legal ownership of the chattel is transferred to the creditor, and the registered ownership is given to the purchaser, or the homeowner, when the loan transaction has been completed.   Mortgages for traditional homes that are built on site and include real property are a bit different from chattel, or mobile home loans. A mortgage for this type of mobile home is a loan secured by real property through the use of a Note, which is a document that evidences the existence of the loan. Real property mortgages and loans can and should be additionally evidenced by a Deed of Trust document, which is recorded with the County Recorder. The Recorder is a county official that insures that instruments are recorded, giving public notice of such transactions. The Deed of Trust for the mobile home will be recorded CLICK HERE FOR FREE SEARCH MOBILE HOMES FOR SALE NEAR YOU with the County Recorder of the County where the real property is located.   Manufactured home mortgages, or chattel loans, are not secured in the same fashion as real property loans. The title information for manufactured homes is maintained by The United States Department of Housing and Urban Development. In the State of California, The Department of Housing has "Registration and Titling" offices that are specifically assigned to maintaining the title information on Manufactured Homes. The homeowner, or purchaser, of a manufact...

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