2Apr/11Off
Chatel loan in SC
I have a client with a 626 credit score, good ratios, good employment history, who wants to do a cash out refinance for the purpose of debt consolidation. Loan amount will be approximately $42,000. The land and the mobile home are both owned by the same owner, but are titled separately (land on one, MH on one). Therefore, this will need to be a chatel loan. It is a 1992 doublewide valued at $25,000-$30,000. The land it is sitting on is worth nearly $40,000. The property is in South Carolina.