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Chattel mortgages in England and Wales are seen as a form of security interest (or "collateral") for lenders in certain financing scenarios. Individuals (broadly, non-incorporated legal persons) may give a chattel mortgage over their personal property; however, it must be in the statutory form prescribed by the Bills of Sale Act 1878 and the Bills of Sale Act (1878) Amendment Act 1882 for it ...
In a mortgage (of real property) or security agreement (of personal property), an after acquired property clause provides that any additional property acquired by the borrower after the mortgage or security agreement is signed will be additional collateral for the obligation.
A mortgage loan has two parts: The promissory note.This is the financing instrument that acts as evidence of the debt. It’s a written promise or agreement to repay the debt in installments with ...
Loan agreements are documented via their commitment letters, agreements that reflect the understandings reached between the involved parties, a promissory note, and a collateral agreement (such as a mortgage or a personal guarantee). Standardized templates for loan agreements can assist in ensuring all critical terms and clauses are included. [4]
While you can discard monthly mortgage statements, it's important to keep all mortgage documents, such as the promissory note, deed of trust and proof of title insurance, for the life of the loan ...
For example, making payments on the mortgage can evince an intent to assume it, as can paying less than the value of the property (if the difference is the amount outstanding on the mortgage). Absent an assumption of the mortgage by the purchaser, the purchaser buys the property subject to the mortgage, which means the property is still ...
An acceleration clause is a section of a mortgage contract that can have big consequences: Namely, it can require you to pay off your entire mortgage at once. Even if you miss only one payment.
In the case of a trailer home, whether it is a fixture or chattel has a bearing on whether a real property mortgage applies to the trailer. For example, most mortgages contain a clause that forbids the borrower from removing or demolishing fixtures on the property, which would lower the value of the security.
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