Chattel Mortgage Form For Mobile Home In Illinois
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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.
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.
There several reasons why mortgages on manufactured homes are more difficult to obtain and may command higher rates. The first is, typically they are not on owned land. Second, they depreciate. Third, they conceivably can be removed from the land, impairing the lender's security.
If you need to get a title for your mobile home before selling it, follow the Secretary of State's Bond for Title procedures. Mobile homes are thought of as motor vehicles.
Most people don't know that mobile homes have a title, and you must have one to prove you own them. A title, also known as a certificate of title, is a legal document proving ownership of your manufactured home. When you buy a new mobile home, you will almost always need to obtain the title.
The title shows the current owner(s) of the mobile or manufactured home, previous owner(s), manufacturer, square footage, color, and year. Any time ownership is transferred the title MUST be moved from one party to another to avoid tax problems and legal issues.
The State of New York requires all mobile and manufactured homes to be titled.
Upon the satisfaction of the requirements of Section 5-30 of this Act and the requirements of Section 3-116.1 or 3-116.2 of the Illinois Vehicle Code, as applicable, such manufactured home shall be deemed to be real property; any mortgage, deed of trust, lien, or security interest that can attach to land, buildings ...