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Chattel Mortgages & Traditional Real Property Mobile Homes Loans Emporia KS

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.

American General Financial Services
(620) 343-6980
2918 West USHighway 50
EMPORIA, KS
Services
Mortgage Brokers

Lyon County State Bank Main Bank
(620) 342-3523
902 Merchant Street
Emporia, KS
 
Moon Abstract Co
(620) 342-8470
421 South Commercial Street
Emporia, KS
 
First Community Bank
(620) 343-1010
2160 West USHighway 50
EMPORIA, KS
Services
Mortgage Brokers

Commerce Bank And Trust
(620) 341-7460
2301 Industrial Road Frnt
Emporia, KS
 
Lyon County State Bank East Branch
(620) 343-1940
1104 East 12th Avenue
Emporia, KS
 
Frontier Farm Credit Emporia
(620) 342-0138
1221 East 12th Avenue
Emporia, KS
 
Bank Of America
(620) 343-4445
2727 W 15th Ave
EMPORIA, KS
Services
Mortgage Brokers

Bank of America - Emporia Main
(620) 343-4444
527 Commercial
Emporia, KS
Type
Banking Center
Services
Banking Center Services: Change Order, Commercial Deposits, Night Deposits, Drive Up
Outdoor ATM Services: Open 24 Hours, Braille, Accepts Deposits
Languages
English, Spanish, Chinese, Korean, French, Russian, Portuguese
Office Hours
Monday 9-4
Tuesday 9-4
Wednesday 9-4
Thursday 9-4
Friday 9-4
Saturday Closed
Sunday Closed
Drive Up Hours
Monday 7:30-5:30
Tuesday 8-5:30
Wednesday 8-5:30
Thursday 8-5:30
Friday 8-5:30
Saturday 8:30-12
Sunday Closed

Shelter Insurance Watts Dave
(620) 342-3888
127 West 6th Avenue # A
Emporia, KS
 

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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