tag:blogger.com,1999:blog-1740670447258719504.post3535794760724180723..comments2024-03-27T03:00:27.024-04:00Comments on Facts & other stubborn things: A saying that has bugged me since becoming a homeowner...Evanhttp://www.blogger.com/profile/12259004160963531720noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-1740670447258719504.post-71270253848956487232012-07-14T14:22:37.195-04:002012-07-14T14:22:37.195-04:00IIRC, there are actually three ways that mortgages...IIRC, there are actually three ways that mortgages can work. In a "title mortgage" jurisdiction, the bank holds the title to the house and you have (i) a call option to acquire the title by paying off the mortgage, and (ii) a right to occupy the house for free unless evicted. In a "lien mortgage non-recourse" jurisdiction, you own the house and the right to put the house to the bank by mailing it the keys. In a "lien mortgage recourse jurisdiction" (i) you own the house, (ii) the bank owns a lien on you and your wealth, and (iii) the bank has a call option on the house should you fail to keep up your payments.<br /><br />No, I don't know what is currently the case where you are No, I am not sure I am correct. I am not now, never have been, and Jeebus willing never will have to teach the law of real property to anybody...bradhttps://www.blogger.com/profile/04548019979157668776noreply@blogger.comtag:blogger.com,1999:blog-1740670447258719504.post-8085075781620749762012-07-14T06:51:28.667-04:002012-07-14T06:51:28.667-04:00You know, I thought of EXACTLY that when I read Ge...You know, I thought of EXACTLY that when I read Gene's post :)<br /><br />Still seems strange, though - they acquire the house if I can't pay my mortgage, but what good would that do them if they already owned the house? That's just my non-lawyer brain muddling through it - aaron's explanation above is very helpful.Daniel Kuehnhttp://www.factsandotherstubbornthings.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-1740670447258719504.post-49387989651346090462012-07-14T03:05:48.809-04:002012-07-14T03:05:48.809-04:00This whole post is based on the premise that there...This whole post is based on the premise that there can't be two owners of the same property. I thought you and Gene believed such a position was odd.Bob Murphyhttps://www.blogger.com/profile/04001108408649311528noreply@blogger.comtag:blogger.com,1999:blog-1740670447258719504.post-25825072281138817412012-07-13T17:13:55.742-04:002012-07-13T17:13:55.742-04:00Don't pay your property taxes Daniel and you w...Don't pay your property taxes Daniel and you will see who really owns the house :)James E. Millerhttps://www.blogger.com/profile/17915979762298347210noreply@blogger.comtag:blogger.com,1999:blog-1740670447258719504.post-68009724106244931002012-07-13T14:46:28.349-04:002012-07-13T14:46:28.349-04:00AHA! I am wrong to be annoyed by it. Duly noted. V...AHA! I <i>am</i> wrong to be annoyed by it. Duly noted. Very interesting, thank you. I will check this one off my pet peeve list.Daniel Kuehnhttp://www.factsandotherstubbornthings.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-1740670447258719504.post-11726829057835608752012-07-13T14:13:33.919-04:002012-07-13T14:13:33.919-04:00You live in Virginia, so you signed a Deed of Trus...You live in Virginia, so you signed a Deed of Trust. That means that the second you bought the house you also signed a Deed to the property over to the bank, which they will hold until you satisfy the debt amount. This is different from a mortgage, where you buy the house and own it, but put the house up as collateral until the debt is paid. Functually, these two contracts are very, very similar until it comes to foreclosure, but in very technical terms: no, you do not own the house, the bank does.aaronnoreply@blogger.comtag:blogger.com,1999:blog-1740670447258719504.post-85840994450629532782012-07-13T08:28:07.345-04:002012-07-13T08:28:07.345-04:00It's always interesting to read about other co...It's always interesting to read about other countries' legal systems.<br /><br />In Britain my mortgage provider holds the deeds to my flat. They don't own it, but they hold the deeds in case they need to exercise their right to use it as a guarantee.<br /><br />However, I'm not required to have home insurance. And I don't have home insurance. In Ireland I would be required to have home insurance. I'm not sure if there's a clause about maintaining the property either.<br /><br />I'm not sure if it's legislation that means I don't have to have home insurance or if it's a quirk of my contract.Currenthttps://www.blogger.com/profile/08645195276844244481noreply@blogger.com