Why are people who have mortgages called home “Owners”? Surely, if your home is being used as collateral against a bank loan, you don’t “OWN” it until the mortgage has been redeemed.
Aren’t mortgaged home-owners just tenants of the bank????????????? To WILDCAT: The terminology is all wrong. You didn’t purchase the home with your OWN money. You used somebody else’s. You have residency there only while you keep up the repayments. You have the right to sell the house and keep any profits from that sale. But if you sell at a loss, you are still liable for any out-standing sums. You DO NOT OWN the home, when there is out-standing liabilities on it. If you default on your mortgage, the bank can and will take possession of your home. There aren’t many actual Home OWNERS in the USA. Mostly, the USA and UK has Hire Purchasers, NOT owners…
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