On the back of your property card you will see a Mortgage Amount (MA). To mortgage a property flip it over, and take the MA from the bank. If someone lands on the mortagaged property, they do not have to pay rent. However, when you own all the properties in one color, you double the original rent on the property card; even if one of the cards in the set of one color is mortgaged, the rent is still doubled (remember though, you do NOT collect rent on the actual mortgaged property).
To un-mortgage a property, flip it back over and pay the MA back to the bank; also add 10% interest on the money you pay back to the bank. Then you can go back to using your property as normal.
P.S. You can trade/sell a mortgaged property to another player. The property stays mortgaged though. As soon as they get that property, they must pay 10% interest of the MA to the bank EVEN if they DON'T want to unmortgage the property yet. If they elect to just pay the interest, but not the MA, the property stays mortgaged. Then when they want to un-mortgage it, they must pay the MA as well as another 10% in interest.
You can no longer collect rent if someone lands on it.
no you just keep the houses and mortage your property its in the offical rules of monoply menual
A mortgage IS a lien on the property. The bank already has an interest in the property that was perfected as soon as the mortgage was recorded in the land records. If you purchase property that is subject to a mortgage, the mortgage must be paid or the bank will take possession of the property by foreclosure.
You must pay the mortgage or the lender will take possession of the property by foreclosure.
The mortgage obligation remains on the property. If the holder of the mortgage dies then her heirs own the 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.
The estate must be probated. Either the heirs need to pay the mortgage or the bank will take possession of the property by foreclosure.
nothing...it remains a lien on the property and a debt which is assumed by the successful bidder at the auction of the 2nd mortgage
What happens to a second mortgage if there is a friendly foreclosure of the first mortgage on property?
In a reverse mortgage arrangement the lender ends up with the property unless someone pays off the mortgage.In a reverse mortgage arrangement the lender ends up with the property unless someone pays off the mortgage.In a reverse mortgage arrangement the lender ends up with the property unless someone pays off the mortgage.In a reverse mortgage arrangement the lender ends up with the property unless someone pays off the mortgage.
when its your turn you can mortgage a property so long as you own the property and it has no houses or hotels on it. to mortgage it you just flip the card over and take from the bank however much it says the mortgage is worth (this is always half the value of the street). people who land on your street when it is mortgaged do not have to pay the rent. you can unmortgage your street when it is your turn again and if you sell or trade the street to another player when it is mortgaged then that player must adopt the mortgage and pay it themselves.
You would be in default of the mortgage and the bank will take possession of the property by foreclosure. You would lose your home.
The mortgage must be paid. When a property has been encumbered by a mortgage the property remains subject to the mortgage even if the title is transferred or the original owner dies. You need to pay off the mortgage or make arrangements with the bank to transfer it to your own name. If the mortgage isn't paid the bank will take possession of the property by foreclosure.
The difference between renting a property and having a mortgage is that when you have a mortgage you are buying the property.
That depends on whether you consented to the mortgage. If you signed the mortgage you transferred your life estate to the bank during the period the mortgage was unpaid. If the mortgage went into default the bank can take possession of the property and wipe out your life estate. If you did not sign the mortgage the bank would take possession of the property subject to your life estate and your right to the use and possession of the property would continue.
Generally:The person receiving the property can sell the property and pay off the mortgage from the proceeds.The mortgage can be assumed, or refinanced in the heirs name with the original mortgage paid off.The heir can allow the bank to take the property.
No. Only the owner can grant a mortgage on a property.No. Only the owner can grant a mortgage on a property.No. Only the owner can grant a mortgage on a property.No. Only the owner can grant a mortgage on a property.
Mayfair is the most expensive property in British Monopoly.
Property and/or homeowners have a Mortgage
The mortgage is attached to the property. So if an heir takes possession of the home, he/she must pay the mortgage. Otherwise, the bank will foreclose.
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.
When a lien is recorded against your property you cannot sell or mortgage the property until the debt is paid.
A Monopoly property card lists the mortgage value for the property (one half of the board purchase price). The card also provides the price for houses added, and what the rent is for opponents, either with no development, with one to four houses, or with a hotel. It also states the double rent rule, which only applies to undeveloped properties that are part of a monopoly -- the base rent is doubled, but not once a property has any houses or hotels.
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.