2007-07-09 08:47:27 · 5 answers · asked by WILL 1 in Business & Finance ➔ Taxes ➔ United States
It belongs to whomever is recorded on the title of the property. The mortgage only displays the person with the debt.
2007-07-09 08:55:41 · answer #1 · answered by Daryl C 1 · 0⤊ 0⤋
NO
(Ill play devils advocate)
The house is owned by whoever is on title. Lets say you have a 100,000 dollar lien on a house and somebody else pays it off. The person that holds the title says thank you.
The house is owned by the person on title regardless of who owns the lien. Otherwise people would be going around saying wow the owe 100,000 on this this and its worth 300,000. I will just pay it off and its my house. Doesnt work that way.
You owe the house if you have a lien or not, paying it off doesnt make you owe the house just means you dont have to make a payment.
2007-07-09 09:00:05 · answer #2 · answered by financing_loans 6 · 0⤊ 0⤋
Do you mean a lien on a house that's already in your name, but the lien has been placed against it? Yes, if you pay it off, then it's yours unless you have other loans or liens against it.
Or are you asking if you can pay off a lien on someone ELSE's property and therefore own it? NO!
2007-07-09 09:25:31 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Yes, that's the plan. it belongs to the person whose name is on the mortgage, not the one who pays it, unless there is another recorded agreement.
2007-07-09 08:52:43 · answer #4 · answered by cashmaker81 6 · 0⤊ 1⤋
yup.
2007-07-09 08:54:41 · answer #5 · answered by Emily 6 · 0⤊ 0⤋