define chattel mortgage
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Chattel mortgage From Wikipedia, the free encyclopedia. Chattel mortgage, sometimes abbreviated CM, is the legal term for a type of loan contract used in some states with legal systems derived from English law. Under a typical chattel mortgage, the purchaser borrows funds for the purchase of movable personal property (the chattel) from the lender. The lender then secures the loan with a mortgage over the chattel.
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- chattel. 1  Law.. 2  Often, chattels. any article of tangible property other than land, buildings, and other things annexed to land. 3  a slave.
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Nationstar Mortgage, LLC WHEREAS, NATIONSTAR MORTGAGE LLC, Lewisville, Texas (Nationstar or the Company), a licensed mortgage lender under Massachusetts General Laws chapter 255E, section 2, has been advised of its right to Notice and Hearing pursuant to General Laws chapter 255E, section 7(a), and having waived those rights, entered into a STIPULATION AND CONSENT TO ...
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Compare Mortgage Loan Offers Free A mortgage, or mortgage loan, is a legal agreement where a lender offers money to a borrower to purchase real estate in exchange for interest. The loan is secured by the real estate, so if the borrower fails to repay (defaults) the lender can foreclose, selling the property to pay off the loan. Related Blog Posts.
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What is a 'Mortgage Broker' What is a 'Mortgage Broker'. A mortgage broker gathers paperwork from a borrower and passes that paperwork along to a mortgage lender for underwriting and approval. The mortgage funds are lent in the name of the mortgage lender, and the mortgage broker collects an origination fee from the lender as compensation for services. A mortgage broker is not to be confused with a mortgage banker, which closes and funds a mortgage with its own funds. Next Up.
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chattel mortgage mortgage - a conditional conveyance of property as security for the repayment of a loan
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Definitions An entity that typically sells the Mortgages it originates to other lenders. The Correspondent performs some or all of the loan processing functions, such as taking the loan application, ordering credit reports, appraisals and title reports; and verifying the borrower's income and employment.
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Foreclosure In the proceeding simply known as foreclosure (or, perhaps, distinguished as judicial foreclosure), the lender must sue the defaulting borrower in state court. Upon final judgment (usually summary judgment) in the lender's favor, the property is subject to auction by the county sheriff or some other officer of the court.
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What is 'Mortgage' What is a 'Mortgage'. A mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses to make large real estate purchases without paying the entire value of the purchase up front.
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- Company means a licensed mortgage broker or mortgage lender under this chapter. Mortgage loan means a loan or agreement to extend credit made to a natural person, which loan is secured by a deed to secure debt, security deed, mortgage, security instrument, deed of trust or other document representing a.
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chattel (often pl) (property law) 1  chattel personal, an item of movable personal property, such as furniture, domestic animals, etc. 2  chattel real, an interest in land less than a freehold, such as a lease.
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CFPB Finds Majority of Manufactured-Housing Borrowers Have Expensive Loans If a manufactured home is titled as personal property, it generally must be financed through a personal property loan, also known as a chattel loan. In the 1990s credit standards and underwriting practices for manufactured-housing loans became more lax, and the market boomed with expensive loans.
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What is 'Mortgage' DEFINITION of 'Mortgage'. A debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments.n the case of a foreclosure, the bank may evict the home's tenants and sell the house, using the income from the sale to clear the mortgage debt. Mortgages come in many forms. With a fixed-rate mortgage, the borrower pays the same interest rate for the life of the loan.
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Trespass to chattels Trespass to chattels is a tort whereby the infringing party has intentionally (or, in Australia, negligently) interfered with another person's lawful possession of a chattel (movable personal property).respass to chattels is a tort whereby the infringing party has intentionally (or, in Australia, negligently) interfered with another person's lawful possession of a chattel (movable personal property).
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- Since most property acquired through a chattel loan is for business use, the owner of the mortgaged property can claim tax reductions for interest paid in to the loan and depreciation of the equipment. Additional Fees. Some chattel mortgages have additional fees that can be paid up front or as payments on the mortgage.
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- Definition of CHATTEL MORTGAGE. : a mortgage of chattel property as opposed to estate. ADVERTISEMENT.This word doesn't usually appear in our free dictionary, but the definition from our premium Unabridged Dictionary is offered here on a limited basis.Note that some information is displayed differently in the Unabridged. a mortgage of chattel property as opposed to estate. ADVERTISEMENT. This word doesn't usually appear in our free dictionary, but the definition from our premium Unabridged Dictionary is offered here on a limited basis.
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What is Slavery? A slave is a human being classed as property and who is forced to work for nothing. An enslaved person is a human being who is made to be a slave. This language is often used instead of the word slave, to refer to the person and their experiences and to avoid the use of dehumanising language. chattel slave is an enslaved person who is owned for ever and whose children and children's children are automatically enslaved. Chattel slaves are individuals treated as complete property, to be bought and sold. Chattel slavery was supported and made legal by European governments and monarchs.
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Freddie Mac Federal Home Loan Mortgage Corporation (FHLMC). A publicly-traded company chartered by the U.S. Congress to guarantee mortgages granted to low- or middle-income households. In order to do this, it buys mortgages and repackages them, selling them as mortgage-backed securities.
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Chattels Real Law and Legal Definition Chattels Real Law and Legal Definition. Chattels real is an interests in real estate less than freehold, such as estates for years, at will and by sufferance. It is a lease of real estate for a term of years constituting an estate less than a freehold estate. Chattel real passes a present interest in real property. Although possessing many characteristics of an ordinary chattel, chattel real partakes of some of the characteristics of real property because it passes a present interest in land.
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Loan-to-value ratio Loan-to-value ratio - Combined Loan To Value Ratio (CLTV) 1  Combined Loan To Value Ratio (CLTV) is the proportion of loans (secured by a property) in relation to its value. 2  The aggregate principal balance (s) of all mortgages on a property divided by its appraised value or Purchase Price, whichever is less.
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- Define mortgage. mortgage synonyms, mortgage pronunciation, mortgage translation, English dictionary definition of mortgage. n. 1. A loan for the purchase of real property, secured by a lien on the property. 2. The document specifying the terms and conditions of the repayment of...
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Slavery Chattel slavery, also called traditional slavery, is so named because people are treated as the chattel (personal property) of the owner and are bought and sold as if they were commodities. It is the least prevalent form of slavery in the world today.
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chattel 1. (Law) property law (often plural). a. chattel personal an item of movable personal property, such as furniture, domestic animals, etc. b. chattel real an interest in land less than a freehold, such as a lease. 2. (Law) goods and chattels personal property.. (Law) property law (often plural). a. chattel personal an item of movable personal property, such as furniture, domestic animals, etc. b. chattel real an interest in land less than a freehold, such as a lease. 2. (Law) goods and chattels personal property.
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mortgagenoun  [ C] mortgage meaning, definition, what is mortgage: an agreement that allows you to borrow money from a bank or similar organization…. Learn more.
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Mortgage insurance Mortgage insurance. Mortgage Insurance (also known as mortgage guarantee and home-loan insurance) is an insurance policy which compensates lenders or investors for losses due to the default of a mortgage loan. Mortgage insurance can be either public or private depending upon the insurer. The policy is also known as a mortgage indemnity guarantee (MIG), particularly in the UK.
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- Chattel mortgages are loans that use moveable assets to secure the business loan which is typically used to fund the acquisition of business property. These loans generally give ownership of the purchased property to the borrower, while collateral legally becomes the lenders until the end of contract terms.