Oklahoma Chattel Mortgage on Mobile Home
Description
How to fill out Chattel Mortgage On Mobile Home?
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FAQ
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.
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.
Chattel is any tangible personal property that is movable. Examples of chattel are furniture, livestock, bedding, picture frames, and jewelry.
Fannie Mae invests in manufactured housing (MH) loans to serve its mission of expanding affordable housing by providing liquidity to a market segment that is crucial to many Americans. MH offers a low-cost alternative to site-built homes for millions of American households, especially in high-cost and rural areas.
A manufactured home located on the land of the owner is assessed, for Oklahoma property tax purposes, as real property. ( 68 O.S. Sec.
