Why do so many people beleive they are home owners when they have a mortgage? as they do not own the house until the mortgage is paid off as it remains in the charge of the lender who can take it back if the mortgagee defaults so they dont really own it do they.?
2006-11-03 07:33:12 · 11 answers · asked by tonytucks 3 in Business & Finance ➔ Renting & Real Estate
True good statement, thought of this many times!! How stupid are we eh, work all your life go without to pay your mortgage retire knackered! drop dead,leave it all to the kids to blow the lot on drink drugs and fast cars!! sorry the good ones will have a conservatory added on to their house, but that type will blow it all on foreign holidays!!
2006-11-03 07:43:34 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Of course you own the house. Who else does?
the deeds, registered with the land registry show exactly who owns it.
The mortgage lender does however have a first charge over the property so you could not sell it and clear off with the money
2006-11-03 10:12:23 · answer #2 · answered by Martin14th 4 · 0⤊ 0⤋
They own their home - there's just a mortgage against it. The bank isn't on the deed, you are so you are the owner.
"Owning a house" and "Owning a house free & clear" are two separate things.
2006-11-03 08:45:44 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You do own your house, the mortgage is a loan secured against the property.
2006-11-03 07:53:11 · answer #4 · answered by Maddie 1 · 0⤊ 0⤋
Home owners are home owners with or without mortgage, they
can sell the house if they can not pay mortgage. One can not sell
a house if they do not own it.
2006-11-03 07:46:50 · answer #5 · answered by Pk D 3 · 0⤊ 0⤋
thats very true. but you do own it, even if you havnt paid if out yet. its still considered yurs.
and if you think about something, nothing is yours. if you buy a car in payments, thats not yours until you pay if off. same goes for a house. even rent. even stuff around the house.
we just like to think of ourselves as home owners becus its soemthing evryone wnts to do. tthats to own a home.
2006-11-03 07:43:10 · answer #6 · answered by All4Christ 4 · 0⤊ 0⤋
Yes but in the mean time they have a right or interest in it and are free to sell at any time and take their share of any profits that are made
2006-11-03 07:43:26 · answer #7 · answered by paul t 4 · 0⤊ 0⤋
you do own the house! the lender is providing you the loan and you, in return, are pledging your home as collateral.
2006-11-03 08:01:21 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Spoilsport.
2006-11-03 07:56:05 · answer #9 · answered by Len 2 · 0⤊ 0⤋
I owned £36.000 worth of my house in the 80's( WAS £60.000) now I own £275.000 worth now SO I DID AND DO OWN MY HOUSE????????????
2006-11-03 07:52:23 · answer #10 · answered by TRUEBRIT 4 · 0⤊ 0⤋