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A mortgaged property is owned by the borrower, who holds the title to the property. However, the mortgage lender has a secured interest in the property until the loan is fully paid off, meaning they can foreclose on it if the borrower defaults on the mortgage payments. Essentially, the borrower retains ownership rights, but those rights are encumbered by the lender's financial interest.
What else can I help you with?
Can you trade a mortgaged property in Monopoly?
No, you cannot trade a mortgaged property in Monopoly.
Can you sell mortgaged property to the bank in Monopoly?
No, you cannot sell mortgaged property to the bank in Monopoly.
How do i find out who mortgaged someone's home?
A property can only be mortgaged by someone that OWNS the property. A mortgage is a loan that is secured by the value of the property. I cannot get a mortgage on property that I do not own, since I have no right to that property. The mortgage company would be considered a lien holder- they have a claim against the property for as much as the unpaid amount of the loan. Lienholders will be listed on the deed to the property, which is recorded by the County Clerk or Recorder.
Can you collect rent on mortgaged property in Monopoly?
Yes, in the game of Monopoly, you can collect rent on mortgaged property.
Concealing mortgaged property?
Concealing mortgaged property is considered to be illegal. This is translated to mean that on has an ill motive or fraudulent intentions.
Can you conceal mortgaged property with out going to jail?
Laws vary from state to state. In some states, it is considered a delony to conceal mortgaged property.
What happens to mortgaged property in Monopoly when you lose the game?
When a player loses the game of Monopoly, their mortgaged property is returned to the bank and can be bought by other players.
How lease property mortgaged to Bank can be sold?
it can be sold to the lessee
Difference between simple mortgage and English mortgage?
In a simple mortgage,the mortgagor without delivering possession of the mortgaged property binds himself personally to pay the mortgage money and agrees expressly or impliedly that if he fails to pay the debt and interest in terms of the mortgaged deed, the property will be sold and the proceeds applied in payment to the mortgaged money.In an English mortgage,a mortgagor binds himself to repay the mortgaged money on certain date and transfers the mortgaged property absolutely to the mortgagee subject to the provision that he will re-transfer it to the mortgagor upon payment of the mortgaged money as agreed.
What does a lien on real property accomplish?
The property cannot be sold or mortgaged until the lien has been paid.
What is Mortgaged property?
Mortgaged property is real property that has been used as collateral for a debt. The mortgage lien remains on the property until the debt is paid. Generally the legal agreement signed by the mortgagor gives the lender the right to take possession of the property and sell it if the loan is not paid. That process is called a foreclosure.
Is it permissible to sell a mortgaged property in Monopoly, and if so, what are the consequences of doing so"?
In Monopoly, it is not permissible to sell a mortgaged property. If a player tries to sell a mortgaged property, they must first pay off the mortgage before selling it. If they sell it without paying off the mortgage, the buyer must immediately pay off the mortgage plus an additional 10 interest.
