Chattel Mortgage Form For Mobile Home In Utah

State:
Multi-State
Control #:
US-0007BG
Format:
Word; 
Rich Text
Instant download

Description

The Chattel mortgage form for mobile home in Utah is a legal document used to secure a loan with the mobile home as collateral. This form outlines the responsibilities of the mortgagor and mortgagee, including details about the loan amount, interest rate, payment schedule, and the insured value of the collateral. Users are required to fill in relevant details such as names, addresses, loan terms, and insurance coverage. It is designed to be straightforward, enabling users to understand their obligations clearly. Attorneys, partners, owners, associates, paralegals, and legal assistants can utilize this form to facilitate transactions involving mobile homes. The form protects the lender's interests while providing the borrower with a clear structure for repayment. Specific use cases include securing financing for purchasing a mobile home or refinancing an existing loan. Overall, this document serves as an essential tool for those involved in mobile home transactions in Utah.
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FAQ

Only true manufactured homes – the ones built on or after June 15, 1976 – can qualify for this type of financing. These loans also require that the manufactured home in question counts as real property and meets FHA standards for permanent foundations on manufactured homes.

If the mobile home owner doesn't own the land, it's considered personal property and an annual license tax is levied on the property by the Department of Vehicle Motors.

Manufactured housing (commonly known as a mobile home) is a type of prefabricated housing that is largely assembled in factories on a permanently attached chassis before transported to a site.

Real property is defined by the Utah State Tax Commission as The interests, benefits, and rights inherent in the ownership of real estate.

The UCC governs perfection of a security interest in a manufactured home that is characterized as personal property. Under the UCC, if a certificate of title act (“COTA”) governs perfection of a security interest in a manufactured home, the UCC defers to the COTA to determine whether perfection occurred.

Except as provided in this section, for purposes of this chapter, a manufactured home or mobile home is considered personal property.

Mobile home form: HO-7 A typical mobile home insurance policy is an HO-7 form. It helps protect the personal property and physical structure of the home. This type of policy form is a modified version of an HO-2. The perils covered by an HO-7 may be different than those covered by a standard HO-2.

Manufactured homes built after 1976 that comply with HUD code are eligible for mortgage financing. However part of complying with that code is being attached on a permanent foundation that also complies with HUD engineering standards.

Single-wide manufactured home: 20 years plus 32 days. Single-wide manufactured home and lot: 20 years plus 32 days. Double-wide manufactured home: 23 years plus 32 days.

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Chattel Mortgage Form For Mobile Home In Utah