Chattel Mortgage Form Formula In Philadelphia

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

Description

The Chattel Mortgage Form in Philadelphia is a legal document that secures a loan with personal property, specifically a mobile home. This form outlines the agreement between the Mortgagor, who owns the mobile home, and the Mortgagee, who provides the financing. Key features of the form include details about the collateral, the amount borrowed, repayment terms, and the conditions for maintaining ownership rights. Users must fill in the names, addresses, financial details, and agree to various covenants regarding the collateral. For attorneys, this form is crucial in drafting agreements that protect both lenders and borrowers, ensuring compliance with local laws. Partners and owners will find it useful for securing financing while safeguarding their assets. Paralegals and legal assistants can aid in document preparation and ensure all requisite information is accurately captured. This form is also applicable in scenarios involving future indebtedness, making it versatile for various financing situations within the real estate and lending sectors.
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We protect your documents and personal data by following strict security and privacy standards.

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FAQ

A mortgage company may be a chartered bank, a credit union, a trust company or other financial institution providing mortgage loans.

If you don't know your OPA account number, you can look it up using your property address or find it on your Real Estate Tax bill. Where can I find information about permits and zoning? Visit the Department of Licenses & Inspections (L&I).

Recording requirements in Pennsylvania require that all mortgages presented for recording must have the signature of the holder, owner, assignee on any mortgage presented for recording. The document should contain the full name, residence (including street number) and the address of such holder, owner or assignee.

Recording requirements in Pennsylvania require that all mortgages presented for recording must have the signature of the holder, owner, assignee on any mortgage presented for recording. The document should contain the full name, residence (including street number) and the address of such holder, owner or assignee.

(a) Requirements of licensee.-- Records of first and secondary mortgage loans shall be easily distinguishable and easily separated. All records shall be preserved and kept available for investigation or examination by the department for a period of four years, unless otherwise determined by the department.

Pre-Registration of Deeds was rescinded as of December 9, 2008; however, some boroughs and townships still require registration of deeds after recording. It is the submitter's responsibility to take the deed to the municipality to be registered after it is returned to them from the Recorder of Deeds Office.

The OPA Account Number is a unique 9-digit number that identifies a property and is the same as the old BRT account number. If you don't know your OPA account number, you can look it up using your property address or find it on your Real Estate Tax bill. Where can I find information about permits and zoning?

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.

Current interest rates Type of loanAverage ratesTypical minimum credit score FHA 6.45% 500 Fannie Mae Varies 620 Freddie Mac Varies 620 Chattel Starting at 8% 5751 more row •

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Chattel Mortgage Form Formula In Philadelphia