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You can no longer collect rent if someone lands on it.

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โˆ™ 2010-02-07 02:57:53
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Q: What happens if you mortgage a property with a house in monopoly?
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Can you get a joint mortgage with your grandparent and what happens if she dies can i keep the house and mortgage?

The type of deed will determine what happens to the property after her death. If there is a right of survivorship, you will get the house. The mortgage company determines whether you keep the mortgage or have to refinance.

If my husband dies what happens to the house I'm not on the mortgage?

If your husband has a will then his property is distributed accordingly, if he not have a will then the distribution of property is determined by a probate court.

What happens when a lien is put on your house?

When a lien is recorded against your property you cannot sell or mortgage the property until the debt is paid.

What happens when you die and leave a mortgaged house to someone?

They now have a house with a mortgage on it. If they cannot, or do not wish to, pay the mortgage, they will have to sell the house, pay off the mortgage, and keep the remainder of the money. The mortgage holder may require you to get a new mortgage on the property, rather than assume the existing loan. You are essentially leaving them what ever value you own of the house.

How do you unmortgage property in monopoly?

once it is your turn than you are able to unmortgage your property the price for your mortgage house will be on the back of the card and if there are any other problems just read the instruct book.

How much is house in game of monopoly?

Depends on the property. It says on the property card.

What happens to the house if the wife who is the main source of income dies and the husband cannot afford the mortgage?

If the mortgage isn't paid the lender will take possession of the property by foreclosure and sell it.

If your parents took out a mortgage in their name how do you get a mortgage in your name for the same property?

A property cannot be mortgaged twice at once. Additionally, you must hold the title to the property to place it under mortgage. Unless the other mortgage is paid off and your parents give you the house, you will not be able to get a mortgage on it.

Can i find out if there is a mortgage on an estate?

Check the deed at the court house. There will be a lien against the property if their is a mortgage.

Can the mortgage holder sell the house if my name is on the deed?

Yes, but only if you have defaulted on the mortgage. When you granted the mortgage you gave the lender an interest in the property that it could foreclose if you do not keep up payments on the mortgage. The lender can sell the property to recover the debt. If your name went on a deed after the mortgage was granted, and the mortgage was granted by the owner of the property at the time of the mortgage, the bank has a superior claim and can take the property if the mortgage isn't paid.

Your parents died leaving a mortgage on the heir property are the heirs obligated to pay the balance of the mortgage?

Yes. If you inherit a piece of property, including a house with a mortgage, you are legally obligated to pay its bills.

Can the mortgage company take your house without the deed?

By definition a mortgage is secured on the deeds of the house. They will have the deed (or officially have their name legally registered for the property) if they have given you a mortgage.

What happens to the mortgage on a house if the house is deeded to a new owner?

The property cannot be conveyed without the permission of the mortgage holder, who will most likely insist that the mortgage be paid off first. In other words, this is kind of a non-question, since it describes a situation that can't legally happen.If the mortgage holder dies, the house becomes part of the estate, and the heirs would have to work it out with the mortgage company.AnswerIf the owner executes a deed the property would transfer subject to the mortgage. Transferring the property cannot defeat the mortgagees interest in the property. Also, mortgages contain a due on transfer clause. That means if the property is transferred the lender will require payment in full of the mortgage.

What happens when a person with a mortgaged house dies without a will?

The laws of intestacy for the jurisdiction will be applied. In most cases that will mean selling the property and resolving the mortgage.

Cost of a house in monopoly?

Depending on the color of the property. Ranging from $50.00 - $200.00.

Can a house be considered community property, if there is only one Name on the mortgage?

If you are married in a community property state, then yes, it is a community property. The mortgage is irrelevant - it is whose name on the deed that determines ownership.

You are on the deed but not the mortgage. Can you pay the mortgage without being on the mortgage if you want to keep the house?

You can make mortgage payments if you're not on the mortgage. However, you would be a volunteer and paying the mortgage in and of itself wouldn't give you any interest in the property. You would be paying for someone else's property.However, if your name was added to the property after the mortgage was granted you would be protecting your interest in the property by making certain the mortgage is paid on time.

House was quit claimed to you but you are not on the loan can you get a second mortgage just being on a quit claim deed?

Keep in mind that if there was an outstanding mortgage on the property when it was quitclaimed to you then the property is subject to that mortgage. The lender will find the first mortgage when the title is examined and then will decide if there is enough equity in the property to loan more money to you.

Can you get a mortgage for a house that you are already deeded to but not on the mortgage?

All the owners of real estate must sign a mortgage that will affect the property. The bank will take into consideration the amount that is already owed on the property for the first mortgage and the ability of the owners to take on more debt.

If a person left a house in a will with a mortgage payment what happens with the mortgage?

The mortgage has to be resolved. Either it must be sold and the mortgage paid off, or the person inheriting obtains a replacement mortgage.

If the deed of the house is in your husbands and your name and you are paying the original owners mortgage what are your legal rights to the home?

You and your husband are the legal owners of the property but it is subject to the mortgage. If you default on the mortgage payments the bank can take possession of the property by foreclosure.

If your husband has a reverse mortgage and you are not 62 what happens to you with the house if he dies?

The answer is when he dies the reverse mortgage company will settle up the loan, so you will have to either sell the house or refinance with a new mortgage.

Can your mom buy a house for you if you filed bankruptcy?

Yes. But the deed and mortgage would have to be in her name. It would not be your property.Yes. But the deed and mortgage would have to be in her name. It would not be your property.Yes. But the deed and mortgage would have to be in her name. It would not be your property.Yes. But the deed and mortgage would have to be in her name. It would not be your property.

Your name is on a quit claim deed but the mortgage is in another person name can the bank take your house?

Whoever granted the mortgage to the bank must have owned the property at that time. If they later conveyed the property to a new owner they breached their mortgage agreement with the bank and the new owner took the property subject to the mortgage. The bank can take possession of the property if the mortgage isn't paid.

When you own a house what bills do you have to pay?

if the house has a mortgage you have a mortgage payment, property taxes, homeowners insurance. then your utilities water/sewer, gas, electric, telephone and cable.