Illinois Chattel Mortgage on Mobile Home
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How to fill out Chattel Mortgage On Mobile Home?
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FAQ
In Illinois, a mobile home is generally classified as personal property unless it is permanently affixed to land. If the mobile home is placed on a foundation and meets specific criteria, it can be converted to real property. This conversion allows for the use of an Illinois Chattel Mortgage on Mobile Home, which provides financing options for mobile homeowners. Understanding this classification is crucial for owners looking to navigate financing and property rights.
A chattel mortgage is a loan to purchase movable personal property, such as a manufactured home or construction equipment. The property, or chattel, secures the loan, and the lender holds an ownership interest. Chattel loans are commonly referred to as security agreements.
A chattel mortgage is a type of loan that is secured by a movable piece of property. In contrast, a traditional mortgage is typically secured by a fixed property.
Most lenders will not give you a conventional loan for a mobile or manufactured home because these structures are not considered real property. If you have a manufactured home that meets some very specific criteria, however, conventional mortgage sources Freddie Mac and Fannie Mae do actually offer specialized loans.
MODULAR DWELLINGS The construction of modular dwelling units located in Illinois is regulated by the Illinois Department of Public Health. These units include one and two family dwellings, apartments, and hotels. The units must be placed on a permanent perimeter foundation which extends below the frost depth.
Without an included property, banks feel there is a greater risk they will not get their money back in the event of a foreclosure. In order for banks to cover their risk, a chattel loan will have interest rates between 5.99% and 12.99%, depending on income, credit score, and other variables.
A chattel mortgage is used to purchase movable personal property, other than real estate, which serves as collateral for the loan until it's repaid. Farm equipment, livestock, farm assets, and mobile and manufactured homes are a few examples of property you could purchase with a chattel loan.
