I have heard so many people say they own their home --- when in fact they have a morgage.... it's the banks until the morgage is paid....
2006-06-14 17:23:40 · 11 answers · asked by jaimestar64cross 6 in Business & Finance ➔ Renting & Real Estate
(wildraft1) - My car is paid for so I do own it.
It's the banks until the morgage is paid....) meaning possession --
I tell people we(I'm married) are buying a house.
2006-06-15 05:41:16 · update #1
(Possession) of the title because you don't ever get it until the morgage is paid in full.
2006-06-15 05:51:01 · update #2
In most jurisdictions it is customary for the foreclosing lender to obtain a title search of the immovable property and to notify all other persons who may have liens on the property, whether by judgment, by contract, or by statute or other law, so that they may appear and assert their interest in the foreclosure litigation.
2006-06-16 02:30:08 · update #3
you are buying, you are entitled to a certain portion of the equity. the bank buys say 80 percent and over time you buy it from the bank you buy some every month
2006-06-14 17:27:12 · answer #1 · answered by UGAdawg 3 · 3⤊ 2⤋
However, you have control of that mortgage and you can sell the house and gain a profit. When renting, you are simply flushing money down the toilet. Money you will never see again. You may say that is the same b/c on the front end of a mortgage you are paying so much interest but you are able to write off the interest paid on a mortgage on your tax return which can lead to a decent return. Furthermore, upon selling you get to pocket the difference between your principle (balance) and the selling price (or roll it into your next house).
2006-06-15 00:29:53 · answer #2 · answered by lesniaks21 2 · 0⤊ 0⤋
Actually the title would have the names of the owners and the owners can sell the house and transfer the title. It's being treated as a collateral by the bank and the bank does not own it. That is why the bank would need to foreclose on the house to gain title.
2006-06-15 00:28:33 · answer #3 · answered by spot 5 · 0⤊ 0⤋
The bank doesn't actually own your house. It's just collateral for your home loan/mortgage. The deed is recorded in your name and you own it by law. The bank is just loaning you the money to buy your house and they won't have any possession of the house unless you fail to pay them back the money you borrowed.
2006-06-15 00:30:43 · answer #4 · answered by Julie B 3 · 0⤊ 0⤋
Okay...I am not even too sure why I am answering this, but here it goes.
You make payments on the home/mortgage/trust...whatever you would like to call it. So you in turn, since youa re making payments on it, are buying it....
2006-06-15 00:33:06 · answer #5 · answered by Kaz 3 · 0⤊ 0⤋
A Homeowner is someone who is paying for the home itself, rather than a renter, who is paying and paying and paying, and will never own the home.
2006-06-15 00:27:37 · answer #6 · answered by ShineOnYouCrazyDiamond 4 · 0⤊ 0⤋
because its easier to say you bought it rather than i let the bank buy it and and paying them until they have enough and then they will give it to me
and plus nobody really buys a house
2006-06-15 00:27:05 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Who's car do you day you drive?
2006-06-15 00:28:07 · answer #8 · answered by wildraft1 6 · 0⤊ 0⤋
no they should say mortgaging a home
2006-06-15 00:26:50 · answer #9 · answered by wedjb 6 · 0⤊ 0⤋
does it really matter?
2006-06-15 00:25:11 · answer #10 · answered by gimojore 2 · 0⤊ 0⤋