New Jersey Chattel Mortgage on Mobile Home
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How to fill out Chattel Mortgage On Mobile Home?
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FAQ
Chattel is any tangible personal property that is movable. Examples of chattel are furniture, livestock, bedding, picture frames, and jewelry.
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.
Mobile homes and manufactured homes eligibilty The home must be on a permanent foundation and cannot be located in a mobile home park. The loan must also cover the land that the manufactured home sits on. If it does not, and the mobile home is on land you do not own, we can still help you!
A chattel mortgage is a loan for a manufactured home or other movable piece of personal property, such as machinery or a vehicle. The movable property, called ?chattel,? also acts as collateral for the loan.
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.