received a debit mastercard from my unemployment benefits..can i use it…

Credit and mortgage advice Forums Consumer Credit Credit Cards received a debit mastercard from my unemployment benefits..can i use it…

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    • #212011
      Anonymous
      Inactive

      …where credit cards are accepted? i recently recieved a debit mastercard for my unemployment benefits, but my question is, can i use this debit mastercard wherever mastercard is accepted? im trying to use it at giovanni & pileggi’s salon and on the website it says that they take any cash, check, or credit cards besides discover and one i never heard of. but anyway if they accept mastercard credit card will i be able to use a debit mastercard?



    • #284552

      If the card has the MasterCard logo then yes, it will be accepted wherever that logo (MasterCard) is accepted. It does not matter what the card actually is… because MasterCard is a network and the network accepts any piece of plastic with it’s logo on it as long as it is linked to either a line of credit or a bank account with money in it.

      Let them swipe the card and sign the receipt.

    • #287777
      Anonymous
      Inactive

      yes, you should be able to

    • #332444
      Anonymous
      Inactive

      the bank wouldnt allow you to sell it for less than the mortgages owed.

    • #332445
      Anonymous
      Inactive

      You can sell the house for less than you owe but you need to have the money on hand to make up the difference between the payment and the amount of the mortgage.

    • #332446
      Anonymous
      Inactive

      Bob D is correct. You will not be able to close the sale unless you have funds available to pay off both mortgages.

    • #332447
      Anonymous
      Inactive

      With all due respect to the other responders, you CAN pay off a house with less money than you actually owe. It’s known as a ‘short sale’ and you can negotiate one with your bank or mortgage company. They would rather take a short sale than let you go into foreclosure, because foreclosures have the potential to be disastrously expensive for a bank. Ask your bank what steps you need to take in order to work this one out, and make it obvious that you are doing the best you can to be honest with them about your situation.

    • #332448
      Anonymous
      Inactive

      Look at it this way: Your mortgage company loaned you a certain amount of money. The money wasn’t based on the future or anticipated value of the house; it was based on an appraisal of the property at that time. You accepted the money. At that point, you gave it to the seller, and agreed to pay the mortgage company back.

      It doesn’t sound like you are in a position to sell the house, because you would have to provide a clear title (i.e., no mortgage) at closing. Since you’d still owe money, you wouldn’t be able to do that. You’d probably have a hard time finding a reputable real estate agent to take the listing, anyway, since a good one will sit down with you, figure a value, and give you a “Net Proceeds” worksheet that tells you approximately how much money you would expect to pay or get from a sale. If the net proceeds says that you don’t have enough money, the agent will probably refuse the listing.

      Consider renting the house out yourself to avoid property management fees until property values recover. Or short sell the house — i.e., sell it back to the lender, a bit like a foreclosure. There are agents who specialize in short-sells, but you have to hunt. If you ask and they say “huh?”, keep looking.

    • #332449
      Anonymous
      Inactive

      Kirsten is 100% correct, this is possible. The only thing is, there can be tax ramifications with this, so you’ll need to talk to your accountant and attorney.

      When you sell your home Short Sale, the bank agrees to release the lien for less than you owe, so there in fact will be a clear title conveyed.

      You can do it, and it’s usually bette than a foreclosure.

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