If you owe money on your home, are you really a 'homeowner?'

You never really "own" property, you just "assume" ownership. If you don't believe that, stop paying your taxes, like someone else already mentioned.

Or ask those few people that had eminent domain trouble so that the govt could build a highway though their yard or farm. or so a builder could put up a strip mall that pays more taxes and is more use to the community than your "home sweet home".

Real Estate comes from the term "land owned by the king" or "royal land", or something close to that. Its been a bunch of years, I am sure someone here can correct me to the exact meaning.

The govt always owns your land, they just let you hold onto the land in their country as long as you are a good tenant, or until they need it for something more important. They like you to live on the land and take care of it by paying them money (taxes). Stability in the general population is very desirable for a govt.

My two oldest boys asked me a few months ago how they could start their own country. And if its legal to do so.

I explained you could do anything you want in this world as long as you could defend it, or keep people too scared to mess with you. Take over an island? Sure. As long as someone with a bigger army does not come along to mess with you.
 
Do you own the property when you have a mortgage? Of course you do. When somebody gets hurt on your property they can't sue the lienholder so that ought to tell you something.
 
If one didnt own their home..then the bank would be able to use the equity built up in said home for their own purpose....so while in theory the bank may have a note over your head...you best believe they cant tell me they dont like the color of me home...:D
 
Quote from Hydroblunt:

In USA, you never truly own your property. If you have a mortgage on it, you don't own your property, the bank does. The reality is that the mortgage can get sold and called on. Chances are, you won't have the full balance ready. This has been done a lot in the past, it's a cruel but very effective tactic. One may argue that there are provisions in mortgage agreements preventing this, but upon transfer of mortgage, they become void (not in all cases).
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Why would you make stuff up when you clearly have no idea what you are talking about? Mortgages can be called when they are transferred? Yea - that definitely can happen....NOT
 
Quote from WaveStrider:

The bank owns it.

It's not an asset, it's a liability (like that Rich Dad, Poor Dad guy says....)

And if it can be foreclosed for lack of payment of taxes, the gov't owns it.
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Yeah, but you can have equity in that "liability". I'm a Rich Dad, Poor Dad disciple, but I've had problems with this concept. I mean, renting a house could be considered a liability too because you have to make regular payments.

For that matter, eating, or just living, could be considered a liability because you have to make regular payments just to live.

For an individual investment, if the value of it exceeds what you owe on it, its an asset in my opinion.

And if ya'll happen to have houses that are half paid off, I'd be happy to take those "liabilities" off your hands free of charge.

SM
 
Quote from GTS:

Why would you make stuff up when you clearly have no idea what you are talking about? Mortgages can be called when they are transferred? Yea - that definitely can happen....NOT
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This can happen with general lines of credit, but cannot happen with mortgages as you stated.
 
Quote from Bigpipn:

Well, if you really want to see who owns your house stop paying the property taxes and see what happens.
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If you really want to see who owns your body stop eating and see what happens.
 
Quote from ByLoSellHi:

At what point does one 'own' their home?

Is it when they have 20% equity, 50%, 85%?

Or does one really only 'own' one's home when it's completely unencumbered by any mortgage or other such albatross?

This is an important point that merits discussion in an age in which American Politicians, particularly, trumpet the home 'ownership' rates, even when we are in the midst of a fairly serious housing crisis in which many homes have lost relative value, and a fair share of homeowners have negative equity as they owe more on their homes than what the underlying home is worth.
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ahahahahahahahahahah....that is so true
 
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