The Differences between Chattel Mortgages and Traditional Real Property Mobile Homes Loans
Category : Property
Everyday I am asked about the differences between manufactured home loans and real property site built homes, and how these differences affect the mortgage loan processes for these homes.
In the United States, chattel mortgages are referred to as secured transactions. Such transactions are governed in most states by Article 9 of the Uniform Commercial Code. When obtaining a loan for a manufactured home, a borrower will be entering into a chattel mortgage. The purchaser or home owner is borrowing funds for the purchase or refinancing of movable personal property (the chattel or manufactured home) from the creditor. The creditor then secures the chattel loan with a mortgage over the manufactured home as chattel, or the manufactured home itself. The Legal ownership of the chattel is transferred to the creditor, and the registered ownership is given to the purchaser, or the homeowner, when the loan transaction has been completed.
Mortgages for traditional homes that are built on site and include real property are a bit different from chattel, or mobile home loans. A mortgage for this type of mobile home is a loan secured by real property through the use of a Note, which is a document that evidences the existence of the loan. Real property mortgages and loans can and should be additionally evidenced by a Deed of Trust document, which is recorded with the County Recorder. The Recorder is a county official that insures that instruments are recorded, giving public notice of such transactions. The Deed of Trust for the mobile home will be recorded with the County Recorder of the County where the real property is located.
Mobile home mortgages, or chattel loans, are not recorded or secured in the same fashion as real property loans. The title information for mobile homes is maintained by The United States Department of Housing and Urban Development. In the State of California, The Department of Housing has “Registration and Titling” offices that are specifically assigned to maintaining the title information on Mobile Homes. The homeowner, or buyer, of a mobile home shall be shown on the title as the registered owner, and the lender shall be shown as the Legal Owner to the mobile home. When a mobile home is encumbered by a Legal Owner, the actual Certificate of Title to the mobile home is handed to the mortgage lender, or legal owner. The mobile home owner is handed a Registration, which evidences the homeowner’s Registered Ownership interest in the mobile home. With site-built, real property homes, the homeowner retains a Grant Deed to evidence their ownership in the home, and the lender maintains the Note and Deed of Trust to evidence their ownership interest in the real property home.
It’s helpful to understand these title and security differences, as they play a major role in determining the actual loan type, qualifying agents and the loan process itself. Mobile homes and real property site built homes are not only made differently, but titled differently and mortgaged uniquely as well. For more information on mobile home titling, visit The HUD website.
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Help answer the question about real property
Why is real property for ever and intellectual property not?When one creates a real property, ie. builds a house on his own land, he retains the rights to it in perpetuity. When an artist creates an intellectual property, it will go out of copyright (unless renewed and there's a limit to that, I think) in a number of years.
Why is real property treated differently from intellectual property? Is there a solid reason in the law?
Shouldn't the artist retain his rights in perpetuity as well? Unless, of course, he elects to transfer them?
Real property tax = tax on real estate.
Personal property tax = tax on movable stuff such as a car, boat or airplane.
Both can be claimed on as itemized deductions on Schedule A.
A quit claim deed definitely will hold up in court. You should contact an attorney in Hawaii and have them draw up the papers. Also, talk with your accountant, you may have taxes due on this property due to the appreciation.
Have you considered selling the property? Or renting it? A rental may pay for your taxes, etc. Or you could get someone to trade off upkeep for a place to stay.
Good luck!
PS – you could give it to me if you want. I'd be happy to let you use it when you wanted to.
For physical property cases, this site might interest you:
http://www.garretwilson.com/education/institutions/usf/law/property/cases.html
It would probably only take a short internet search to find the full text of the cases you want to brief. I haven't looked through the whole page, but I don't think this includes any IP cases.
For intellectual property, perhaps you could look here:
http://www.ladas.com/Patents/USPatentHistory.html
This is a discussion of patent law, and prominent cases are placed in bold text. Again, an internet search will likely turn up the full text for many.
Hope this helps.
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@IronJustice08 that is very nasty but sounds like something I would do hahaha Bravo patriot!
@Gen2pAc lol! thanks man! By farting into the phone it reminds these chimps they are nothing more than servants chained to a chair forced to dial all day long with zero authority to enforce anything except moving on to the next call! 12.00hr low rank buzzy bodies that could have took the job flipping burgers for the same pay rate but to feed their little man syndrome chose that dead end industry. lol
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Thank you.. It’s just what we ALL AMERICANS want to say.
If you hold the contract to sell, you have the right to sell. You don't have the title in your name yet I assume? Since you haven't paid full yet? If you have paid full, you have title in your name, that's good, you can be legal owner already and sell too. However, as long as you have contract to sell, then you can sell, even if it's not yet fully paid.
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The way to deal with low rank bll collectors is simple. Discuss anything but the bill!
I have actually taken a shit while on the phone with one, and held the phone to by asshole so he could hear the slick slimy turd splash when it hit the water with a follow up fart! Then I let the collector know that he just gave me a blumpkin! Have fun wit hthese people, they cant do anything! little $12hr cubical monkeys.
the county recorder's office can furnish you the name of the owner, it might cost you $2
and the tax assessor publishes lists of delinquent property taxes
Pretty much just measuring and checking to see what facilities are available in the home etc. Like, running water, sewer connect of some kind, four walls, a roof etc.
In order for something to be classified as real property it needs to be more than a tarpaper shack more or less.
If you donate real estate that has appreciated in value, you usually get a deduction for the fair market value at the time of the donation. It is your responsibility to back up this value with a qualified appraisal.
If the charity sells the property for much less than the appraised value, the IRS may question your deduction.
There are many details involved in donating property and your should consult a tax person regarding your situation. Donations of appreciated property are subject to many restrictions that a tax professional can review for you.
You go to the county court house where the property is located and request to see the Deed and abstract related to property located at and you give the physical address of the property and they will allow you to review it.~
The buyer (owner) is giving up his interest in the property (most likely not voluntarily) and it will go up for sheriff's sale. This may vary from state to state but that is the gist of it.
You probably are at an advantage since there is a property management company involved. Hopefully, they have your deposit so you may get that back when you move out. Contact them and see what they say about your tenancy. Most likely, you will have to move.
It’s simple, governments care more about corporations then the people. This ponzi scheme is archaic and has been dieing since 2005, as was predicted in our earth’s development in consciousness. Just make sure your on the right side owning physical assets like gold and silver. Corporate paper and fiat currency are coming to an end.
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Each State of the Union has its own Statute of Limitations on unsecured debt. Usually somewhere between 4 and 6 years, starting from the LAST activity on the account. After that period of time, you can no longer be sued.
Account activity consists of any of the following:
Use of the credit card
Making any payment
Signing any debt settlement agreement(s).
ALL of the alleged debts that they try to collect from me are past the Statute of Limitations now. They are toothless predators.