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Forum » I'm sorry but having a mortgage DOES NOT make you a HOMEOWNER
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Thread: I'm sorry but having a mortgage DOES NOT make you a HOMEOWNER

post 1523630131 10-23-2017, 07:33 PM
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Originally Posted By Fuqdatass⏩
If I don't own it then why can I sell it tomorrow and have a bunch of cash in my account after doing so?
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post 1523630691 10-23-2017, 07:39 PM
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post 1523631231 10-23-2017, 07:42 PM
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Originally Posted By iliketodoit⏩
Was it JayZ and Beyonce who just took out a mortgage on a home they could easily purchase in cash?

Why would I save up ~$200k when I can just finance it at 3.25% and invest the difference in mutual funds where the returns average 7%?

OP u retarded?
I coulda bought a place in DUMBO back before it was DUMBO for like, 2 million.
post 1523631731 10-23-2017, 07:46 PM
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Originally Posted By WallStreetDream⏩
You own the house because its your asset and the bank is only lending you the loan.

If we go by your merit companies don't own chit because everything is funded by debt and equities.
you have a fundamental misunderstanding of debt and equity financing boy-o
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post 1523631771 10-23-2017, 07:46 PM
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post 1523632101 10-23-2017, 07:49 PM
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Originally Posted By Miked1978⏩
Actually OP, no one truly owns the house. Even if you pay off the mortgage, try not paying your taxes for a couple years. You wont own your home anymore.
Depends on where you live. Often there's the legal owner, who has borrowed the money. Then there's the lender (bank) which has an equitable interest, but it is not a right of ownership because the bank cannot sell or deal with the property unless there is an act of default (eg if the bank actually owned the property they could kick you out when rents go up and put a tenant in there).
As for taxes, not sure if the state could in all cases have an equitable claim against the house for unpaid debts. They would probably have to legislate for that.

It gets even more complex with things like strata titling, bodies corporate or trailer parks etc.

So there's no blanket rule that will cover all situations.
post 1523632431 10-23-2017, 07:52 PM
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Originally Posted By StrawHat94⏩
It simply doesn't. You don't own the house

It literally will take 1 or 2 missed payments and BOOM you're homeless

Don't get mad at me, just saying. It's irritating listening to people gloat about owning property when they are making payments to a bank

Don't fight me guys
Do you not understand a fukin thing about lending money? The reason people are considered to own the house in the US of A is because our economy is so strong and our people are so skilled that someone is taking $300k bet on the fact that they will pay it off in 30 years time.....talk about confidence in an outcome.
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post 1523632761 10-23-2017, 07:55 PM
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OP is actually correct, lol misc coping hard. A mortgage is debt that is still owed to the property owner. If you pay mortgage on a property, you are a borrower, not the owner. If the mortgage is paid off, then you become the owner, because all debt is paid off.

In tax sales you can purchase a tax deed which is a property free of mortgage, that's when you actually purchase a property free of debt, that's when you actually own the property.

Also people saying tax doesn't actually mean you own anything isn't true. Tax is a liable financial charge. It is not the same as debt.
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post 1523633931 10-23-2017, 08:05 PM
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post 1523708811 10-24-2017, 01:02 PM
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Originally Posted By Godfrd824⏩
OP was denied a mortgage.
actually I haven't applied for a mortgage. I'm renting now as I need the mobility for work.
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post 1523726521 10-24-2017, 03:14 PM
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LOL @ op
post 1523726921 10-24-2017, 03:17 PM
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Originally Posted By StrawHat94⏩
actually I haven't applied for a mortgage. I'm renting now as I need the mobility for work.
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post 1523727071 10-24-2017, 03:18 PM
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I love renters, they pay the mortgage on my rentals.

Being a slumlord=GOAT

Later on, I sell, and make a nice profit. No pets no smoking thank you very much.
post 1523728051 10-24-2017, 03:27 PM
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Legit LOL if you aren't living in a sleeping bag under a bridge. Just fuking LOL!!!
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post 1523728401 10-24-2017, 03:30 PM
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Originally Posted By redmelly⏩
To clarify, when you take out a mortgage, you really do own the house in terms of what changes you are going to make to it, who lives there, etc. However, the mortgage debt you have is secured by the house. This means that if you refuse to pay, the bank is allowed to take possession of the house. They don't even get the "whole" house, though; they will sell it to recoup their losses, and give you back whatever equity you had in the house after the loan is satisfied. It could be $0 or you could even owe the bank if the mortgage is under water.
Originally Posted By r32gojirra⏩
Depends on where you live. Often there's the legal owner, who has borrowed the money. Then there's the lender (bank) which has an equitable interest, but it is not a right of ownership because the bank cannot sell or deal with the property unless there is an act of default (eg if the bank actually owned the property they could kick you out when rents go up and put a tenant in there).
As for taxes, not sure if the state could in all cases have an equitable claim against the house for unpaid debts. They would probably have to legislate for that.

It gets even more complex with things like strata titling, bodies corporate or trailer parks etc.

So there's no blanket rule that will cover all situations.
These guys know what's up. There's a reason when you buy a house, a large portion of that is re-titling the house in the new owners name.

When you take out a mortgage, it's aloan of moneytowards the purchase of a house, with the house as collateral. If you don't pay your mortgage, the bank will foreclose on the house becauseyou used it as collateralagainst the loan.

It's different from say, a car, where the loaner owns the title to the car until it's paid off, and then will mail you a new title once you've made the last payment. You don't get your house re-titled when you pay your last mortgage payment.

Edit: To add, the title allows an owner to access the property and make changes if they want. The bank has no right to access your property, and you'll definitely never see them remodeling your house for you.
post 1523728781 10-24-2017, 03:33 PM
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Stupid post. You own the house,. The bank can take back ownership of the house if you dont pay them. You own it and the bank can take it from you, and then own it themselves.

Im part of rent master race crew and even this is basic knowledge. I cant paint of walls or redo my carpet in my apartment, but if I bought a home I could. The loan is covered by collateral equity the house has,
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post 1523730131 10-24-2017, 03:45 PM
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Mutual funds don't return 7%
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post 1523777831 10-25-2017, 01:05 AM
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post 1523778471 10-25-2017, 01:22 AM
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We never truly own the land or house on it be it cash/mortgage cuz the land which its built on belongs to the almighty goverment. We pay property tax as a tribute to not be homeless.
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post 1523778861 10-25-2017, 01:31 AM
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Originally Posted By F9Muscle⏩
We never truly own the land or house on it be it cash/mortgage cuz the land which its built on belongs to the almighty goverment. We pay property tax as a tribute to not be homeless.
Mostly they more than compensate you if they "buy" the land from you, and a lot of those taxes you pay cover things like water, streets, and garbage. Everything costs to make!
post 1523781941 10-25-2017, 03:31 AM
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Originally Posted By AlwaysFocus⏩
Mostly they more than compensate you if they "buy" the land from you, and a lot of those taxes you pay cover things like water, streets, and garbage. Everything costs to make!
Then why are we paying the state taxes on those same things?
post 1523782081 10-25-2017, 03:37 AM
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Originally Posted By IH8RICE⏩
Then why are we paying the state taxes on those same things?
I'm not familiar with US tax law tbh

Thats a good question

In Canada they break down Property tax
post 1523782561 10-25-2017, 03:56 AM
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Correction OP you are CO OWNER of the house if you pay a mortgage.

For instance I own roughly 73% and counting of my house.

Cope harder rentcel.
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post 1523783121 10-25-2017, 04:18 AM
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Originally Posted By GnarlySheen⏩
Location: england, United Kingdom (Great Britain)

You irate you have to rent and answer to muslims or something now brah?
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post 1523783201 10-25-2017, 04:20 AM
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Originally Posted By r32gojirra⏩
I coulda bought a place in DUMBO back before it was DUMBO for like, 2 million.
And now its worth 25 million. Do you know how I am feeling?
post 1523783881 10-25-2017, 04:45 AM
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The fact that I can do the following:

- remodel/refurnish however the fuk I want
- sell tomorrow
- rent to whatever ******* I deem worthy of living under my roof and make him pay the loan for me

and the bank can do exactly nothing about either one of the above say otherwise op

Nothing against renting though, I did it as well for a while. I just didn't like the idea of paying someone and having no say in what I can or can't do with the place where I sleep when I have the means of doing otherwise didn't sit well with me.
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post 1523784141 10-25-2017, 04:52 AM
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What sort of person gloats about owning a home?
post 1523784221 10-25-2017, 04:54 AM
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My mortgage repayments are less than people who rent in my area, all while having ~$250k in equity and the ability to do whatever I want with my property. Hmm maybe I should be renting instead....

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post 1523784591 10-25-2017, 05:03 AM
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but whos rises in property prices ?

scenario: depending on the suburb.. purchase @600k, in ~5 years property value @900k, more with renovations, can sell for a profit and cancel the mortgage or pay off the mortgage and sit on your profit watch it grow.
post 1523784671 10-25-2017, 05:06 AM
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Originally Posted By FrankGrimesJr⏩
Does it piss anyone off that their property taxes cost more than rent?
****ing hate taxes man.

Wish we lived in a world where you could just find an open space. Claim it. And that would be truly yours. The native Americans had it right. Then the stupid white colonists stole from them and completely ****ed it up.

You can't even buy land, build a home, and call it completely yours without any financial obligations.
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