Legal Question in Banking Law in Florida

Re: chattel mortage

The remedies available to the lender on default should be spelled out in the chattel mortgage document. Typically, these remedies include repossession of the collateral, public or private sale of the collateral, and the right to recover any deficiency from the debtor, as well as the lender's attorneys' fees and court costs. This could result in a money judgment against you, which could be recorded in the public records and form a lien on your property. Enforcement of the judgment could also result your wages being garnished and your personal property seized. However, you should have an attorney review the specific chattel mortgage to which you are a party in order to give you the best advice for your specific case.