A friend and I are at work debating this issue, please help us resolve it. We live in Colorado.
2006-11-16 04:43:35 · 9 answers · asked by Mr C. needs help 1 in Business & Finance ➔ Renting & Real Estate
You own the house but the bank uses it as collateral on the loan they give you so they own it indirectly. It is still your house though.
2006-11-16 04:46:09 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You own the house. Not the bank. What state you live in has no bearing on this.
You own the property, but since you had to finance it, you gave a mortgage on the property to the bank, putting the house up as collateral for the loan. That mortgage gives rights to the property to the bank, but only as it pertains to the dollars you financed.
The only time the bank would ever actually own your home is if you went through a foreclosure, and the bank ended up buying the home. Make your payments, and the home will remain yours.
2006-11-16 05:52:41 · answer #2 · answered by Anonymous · 1⤊ 0⤋
You own the house, but the bank has a vested interest in the house, as they have financed the purchase of the house for you. You can sell the house if you wish. You pay the bank what you owe them and the rest is yours. However, the bank can't sell the house unless you are in default of the loan.
2006-11-16 04:47:40 · answer #3 · answered by jim 6 · 0⤊ 0⤋
You own the house as your name is on the title. Because you have a mortgage, the mortgage company has a lien against your house. This means that you can't tear it down, sell it, miss payments with out the mortgage company having an interest in it.
2006-11-16 04:47:03 · answer #4 · answered by c.s. 4 · 0⤊ 0⤋
To find out who owns a house.... look for the name on the title, where it lists "owner".
2006-11-16 07:59:17 · answer #5 · answered by teran_realtor 7 · 0⤊ 0⤋
You remain the owner of your whouse while the bank only has a lien secured by the property. As owner, you can sell the property, refinance the mortgage with another lender etc.
2006-11-16 06:22:38 · answer #6 · answered by boston857 5 · 0⤊ 0⤋
The bank owns your house until it's paid off. Your house is collateral and the collateral can be collected at any time after the loan defaults. Sucks.
2006-11-16 04:54:52 · answer #7 · answered by Michelle Lynn 4 · 0⤊ 1⤋
the bank owns it for now,because if u default on ur mortgage payments,the bank will foreclose ur house.once ur mortgage is paid in full,the house is yours completely-unless it is seized by the government under the law of "eminant domain",a law which is often abused.barring the possible use or misuse of eminant domain,the paid mortgage house is yours.
2006-11-16 04:54:02 · answer #8 · answered by Lyn K 4 · 0⤊ 1⤋
Anyone who holds the lien(bank, credit co.,etc)owns it til it's paid for....you are responsible for the maintaining, but they own it...
2006-11-16 04:47:20 · answer #9 · answered by Anonymous · 0⤊ 2⤋