👉 Overmortgaging is a financial term that refers to the practice of borrowing money on top of your existing debt, often at higher interest rates than you would normally be charged. This type of borrowing can be used for various purposes such as renovating or improving your home, buying a property, or any other purpose where you need immediate funds. Overmortgaging is illegal and unethical in many countries, as it violates the principle of fair lending that requires lenders to provide borrowers with reasonable terms and conditions
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What is the definition of Overmortgaged? 🙋
👉 A person or entity is considered to be overmortgaged if they have borrowed money from another party and then used it for their own purpose, such as buying a house. This means that they are taking out additional debt on top of what they already owe, which can lead to an increase in the cost of borrowing and ultimately result in financial difficulties.
