Orlando Florida Notice of Default under Security Agreement in Purchase of Mobile Home

State:
Multi-State
City:
Orlando
Control #:
US-02459BG
Format:
Word; 
PDF; 
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Description

A secured transaction is created when a buyer or borrower (debtor) grants a seller or lender (creditor or secured party) a security interest in personal property (collateral). A security interest allows a creditor to repossess and sell the collateral if a debtor fails to pay a secured debt.

A secured transaction involves a sale on credit or lending money where a creditor is unwilling to accept the promise of a debtor to pay an obligation without some sort of collateral. The creditor (the secured party) requires the debtor to secure the obligation with collateral so that if the debtor does not pay as promised, the creditor can take the collateral, sell it, and apply the proceeds against the unpaid obligation of the debtor. A security interest is an interest in personal property or fixtures that secures payment or performance of an obligation. Personal property is basically anything that is not real property.

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The cost of living in Orlando, FL is 2% higher than the state average and same as the national average. Orlando, FL housing is 7% more expensive than the U.S average, while utilities are about 10% less pricey.

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The cost of living in Orlando is lower than the national average. This means that people from all walks of life can afford to live here. The city has a thriving economy, which is great for people looking for job opportunities.

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Orlando Florida Notice of Default under Security Agreement in Purchase of Mobile Home