answersLogoWhite

0


Best Answer

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.

User Avatar

Wiki User

โˆ™ 2011-08-16 23:22:20
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar
Study guides

๐Ÿ““
Create a Study Guide

Add your answer:

Earn +20 pts
Q: What happens when you mortgage a property in Monopoly?
Write your answer...
Submit
Related questions

What happens if you mortgage a property with a house in monopoly?

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


In the game of monopoly can you mortgage property when you have houses on other properties you own.Or do you have to sell back houses and hotels to the bank before you can mortgage any property?

no you just keep the houses and mortage your property its in the offical rules of monoply menual


What happens if you land on your own property in monopoly?

nuthing idiot


What happens to the mortgage loan when bought on a tax deed sale who is responsible or will the bank put a lien on the property?

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.


What happens if a piece of property you purchased by quit claim deed has a mortgage against it?

You must pay the mortgage or the lender will take possession of the property by foreclosure.


What happens to a mortgage loan when the sole loan holder dies and the property is titled Joint tenants with full rights of suvivorship?

The mortgage obligation remains on the property. If the holder of the mortgage dies then her heirs own the mortgage.


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.


What happens to property with a mortgage when the owner with a will dies?

The estate must be probated. Either the heirs need to pay the mortgage or the bank will take possession of the property by foreclosure.


What happens to the first mortgage if the second mortgage is in 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


A friendly foreclosure enables a mortgagor to prevent the mortgagee from taking the property by statutory means This can be accomplished by use of an?

What happens to a second mortgage if there is a friendly foreclosure of the first mortgage on property?


What happens to the land in a reverse mortgage contract?

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.


How do you mortgage property in monopoly?

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.


What happens if you don't pay the mortgage?

You would be in default of the mortgage and the bank will take possession of the property by foreclosure. You would lose your home.


What happens to a mortgage when home owner is deceased and the home is gifted to a child in a trust?

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.


What is the difference between renting a property and having a mortgage?

The difference between renting a property and having a mortgage is that when you have a mortgage you are buying the property.


What happens if a property is foreclosed and you have a life estate?

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.


What happens to your mortgage when you die?

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.


Can an ex wife place a mortgage lien on the property if she already quitclaimed her interest in 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.


What most expensive property British monopoly?

Mayfair is the most expensive property in British Monopoly.


Who has a mortgage?

Property and/or homeowners have a Mortgage


What happens to a mortgage loan if the borrower dies?

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 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 do the Monopoly property cards say?

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.


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.

People also asked

What happens if you land on free parking in monopoly?

View results

How old is Margo Coleman?

View results

How do you mortgage in monopoly?

View results

How old is Margo Kane?

View results

Can you take naprogesic and paracetamol together?

View results