Chattel Mortgage Form With Two Points In Arizona
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FAQ
The Bottom Line Chattel mortgages are a little-known but potentially good option if you're looking to finance a manufactured home or heavy equipment. These loans are smaller than conventional loans and tend to have higher rates, but they have shorter terms and quicker payoffs.
Chattel is any tangible personal property that is movable. Examples of chattel are furniture, livestock, bedding, picture frames, and jewelry.
By default, taking a second mortgage won't hurt your credit score. In fact, if you borrow a second mortgage and stick with the payment terms and conditions, it will boost your credit score in the long run. Some of the things that can hurt your credit score include: Making late payments.
By chattel mortgage, personal property is recorded in the Chattel Mortgage Register as a security for the performance of an obligation. If the movable, instead of being recorded, is delivered to the creditor or a third person, the contract is a pledge and not a chattel mortgage.
A pledge involves transferring possession of the property to the lender, who retains it until the debt is repaid. On the other hand, a mortgage entails transferring ownership interest in the property to the lender, while the borrower retains possession and usage rights.
§§ 12-1211 through 12-1225. Partition is an absolute right of property owners in the state, meaning that a person with an ownership interest in property may ask a court to force a sale or divide jointly-owned property at anytime. There are, however, some exceptions to this general rule.
There are three types of deeds that are typically used: warranty deeds, special warranty deeds, and quit claim deeds. A warranty deed, sometimes referred to as a general warranty deed, transfers ownership of real property with warranties to the Grantee.
By chattel mortgage, personal property is recorded in the Chattel Mortgage Register as a security for the performance of an obligation. If the movable, instead of being recorded, is delivered to the creditor or a third person, the contract is a pledge and not a chattel mortgage.