Clarification on Mortgages

For sales of property and improvements. Not for roleplay unconnected to purchases (ie: not for raping the customers). See the separate forum for making mortgage payments.

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Clarification on Mortgages

Postby Twerlinger on Fri Nov 01, 2013 9:02 pm

As its been brought to my attention that there is some confusion over the mortgage system and what happens in the even of non payment of mortgages.

If either mortgage is paid off within 30 days, then the finance fee will be deducted.
Late payment fee: a 50 mhl fee will be added per unpaid month. After the third month of no payment the land will be reposessed and held for 30 days, at which time the -full- balance of defaulted monthly payments, w/fees, must be paid before the property is returned to the purchaser (i.e. Jan- 60, Feb- 60, Mar- 60, total 180. Late fees total - 100. Balance that must be paid - 180+100 = 280).
It is the responsibility of the character who takes out the mortgage to keep up with their payments, not the REB office.
If there have been no payments within a six month period, and no notification of an absence, then the office will take steps to reclaim the land.


What this means in plain and simple terms.

If you take out a mortgage, it is linked to the 'PLOT OF LAND' and not to the House or Improvement that you have brought on the mortgage. And as stated in the above quote, if you fail to make payments then the 'LAND' will be repossessed.. not just the item for which the mortgage is for, but everything and anything that is on it.
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Re: Clarification on Mortgages

Postby Serena on Sat Sep 21, 2019 8:13 pm

Only one mortgage allowed per character
Plots in the process of being bought via a mortgage, are not transferable to other characters.

If a mortgage goes into total default and there is no communication with the player, the land will be repossessed and cleared. If recorded in the work log upon purchase, the down payment will be refunded, along with any payments made as per running a mortgage check for that plot.

Sample mortgage's with principles from 500 mhl up to 2000 mhl, each 3 month and 6 month mortgage plans, are here to give an idea of the payments for each respective amount. Mortgages can be for any amount.

***3 month mortgage***

500 mhl principle with 3 month term:
Payments: 2 months of 180, final payment of 165.0
Amounts - full: 525.00

1000 mhl principle with 3 month term:
Payments: 2 months of 360, final payment of 330.0
Amounts - full: 1050.00

1500 mhl principle with 3 month term:
Payments: 2 months of 530, final payment of 515.0
Amounts - full: 1575.00

2000 mhl principle with 3 month term:
Payments: 2 months of 710, final payment of 680.0
Amounts - full: 2100.00

***6 month mortgage***

500 mhl principle with 6 month term
Payments: 5 months of 100, final payment of 50.0
Amounts - full: 550.00

1000 mhl principle with 6 month term
Payments: 5 months of 190, final payment of 150.0
Amounts - full: 1100.00

1500 mhl principle with 6 month term
Payments: 5 months of 280, final payment of 250.0
Amounts - full: 1650.00

2000 mhl principle with 6 month term
Payments: 5 months of 370, final payment of 350.0
Amounts - full: 2200.00
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