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Chattel Mortgages & Traditional Real Property Mobile Homes Loans Westminster CO

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.

Colorado Lending Group I LLC
(303) 914-1005
8778 Wolff Ct Ste 200
Westminster, CO
 
All Credit Lending Corporation
(303) 657-9500
8791 Wolff Court Suite 110
Westminster, CO
 
Business Service Systems Inc
(303) 424-3900
4640 Wadsworth Boulevard
Wheatridge, CO
 
Synergy Financial Management Corp
(303) 749-9639
6475 Wadsworth Blvd Ste 100
Arvada, CO
 
Cherry Creek Mortgage Co Inc
(303) 456-4403
7850 Vance Dr Ste 460
Arvada, CO
 
Pinnacle Financial Corporation
(303) 650-7427
9191 Sheridan Blvd Ste 102
Westminster, CO
 
Colorado Rural Housing Development
(303) 428-1448
3621 West 73Rd Avenue Suite C
Westminster, CO
 
Green Tree Servicing LLC
(720) 898-4631
7878 Wadsworth Pkwy #100
Arvada, CO
 
Palladium Financial Services LLC
(303) 430-8300
5855 Wadsworth Bypass Ste A300
Arvada, CO
 
Cherry Creek Mortgage Co Inc
(303) 280-9701
11152 Huron St Ste 210
Northglenn, CO
 

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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