Of course you own your own home!!

A much read post by Richie Naggar got my attention so much that I want to scream "YES, YOU DO OWN YOUR OWN HOME".

Read Richie's post ,  "WHEN YOU PURCHASE A HOUSE YOU DONT OWN IT" and let us know your opinion, although I don't believe this is a matter of opinion, but rather one of fact.

Consider the responsibility of homeowners.

Whose name is on the Deed?hoME
Whose name is in the county land records as "Owner"?
Who is responsible for maintenance?
Who is responsible for the real estate taxes?
Who can sell the home?
Who can modify or remodel the home?

The property may have been purchased with the help of borrowed money and there may be a lien on the title to protect the lender in case of default, but. . . .

YOU OWN YOUR HOME!!

WHAT SERVICE ARE WE OFFERING??  We in the real estate industry spend a considerable amount of time and resources supporting and promoting home ownership.  It's the theme of the current public relation ads sponsored by the National Association of Realtors, representing almost a million members.

Property Management serves owners.  Of course there are occupants of rental properties.  They don't think for a minute, because they are paying rent, that they own that resident.  They are paying for and have "quiet occupancy" but no ownership rights such as modifying, remodeling, using the property as collateral for a loan.  Maintenance is a matter of the lease agreement between the tenant and the owner, who may or may not be mortgage free. 

The Mortgage Company doesn't own your home.   There are many types of liens on properties; mortgages, water services, judgements, financing instruments for appliances, cash loans, etc.  However, while they may be able to force the sale of your home to collect the debt owned to them, neither the appliance store nor the loan company, nor the municipal water supplier can just take your home.  They can obtain a judgment to collect and attach that judgment to your title but they cannot just take your home. 

Of course, if you default, the mortgage company can proceed to enforce their remedies for default, foreclose and take your home.  The bank may even own that property for a while, but they don't want it and will resell that piece of real estate.  Then someone else will probably buy it using financing from a mortgage loan.  That new owner will OWN THEIR OWN HOME.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.


Lenn      search     

Lenn Harley, Broker, Realtor, Homefinders.com, 800-711-7988

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16 Comments on WHO OWNS YOUR HOME?? YOU DO!!! A Counterpoint!!

AUG
01
811,347 Points 163 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Lenn, I read the post and commented. I respected your comment greatly, as with a few others, who felt that the letter of the law was totally misrepresented by Richie. I didn't respect a few comments however....

I know people of my parents generation, including an aunt and uncle who NEVER used a credit card, NEVER took a loan out for anything other than a mortgage, would have been inclined to agree with Richie. Of course you are right, no argument there.

The concept of owning something outright by not owing any money on it, is something fewer and fewer people have, but it was prevelent at one time I do believe. Concept, not law, not fact. 

(I took something very, very different away from the experience of reading the post... which was not what he intended I am sure.)

 
8:57am • #1
Outside Blog Attended Rain Camp

Hi Lenn, after reading your post, I went to see Richie's posting and responses.  Quite interesting, but I am inclined to agree with you.  I "own" my home, just not free and clear.  The bank doesn't own my home, though they do have an interest in it as collateral for the loan I took out with them.  Yes, like you, I own my home! 
8:58am • #2
312,455 Points 3 Featured Posts Outside Blog Called Shot Master

I am in agreement with you on this I own my home.  Thats why its called homeownership, we are not renting the homes from the bank thats a whole different topic.

I'm grateful you wrote the counter to his earlier post.
10:51am • #3
916,280 Points 177 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Even if we owned our homes free and clear there would still be taxes---does that mean the tax man owns our houses?  It can be taken by eminent domain---does that mean the jurisdition owns our houses?  By ownership we have more of a vested interest than anyone else--but all kinds of crap can happen to that investment---sometimes good things happen---perhaps we sell it and make a lot of money.  You can't do that with a rental.
11:03am • #4
1,356,628 Points 242 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Lenn, maybe if more people looked at home ownership like Richie we would have less people walking away from properties.
4:39pm • #5
617,259 Points 94 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I agree with you and will have to see Richie's post.  Interesting.  
5:02pm • #6
972,827 Points 348 Featured Posts Attended Rain Camp Called Shot Master

We are the temporary owners until the bank is paid, but then the state and county both remain due their taxes, so they become the temporary owners, unless we don't pay the taxes then our new permanent status is removed and the county/state become the owners until they sell the house to a new temporary owner until the bank is paid.
5:36pm • #7
AUG
02
1,946,114 Points 477 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Andrea.  Richie covered some diverse topics and that probably caused you, and me, to focus on one aspect.

Jon K.  Agreed.

Kim.  Thanks.  I wasn't satisfied with merely commenting to Richie.

Charles.  Agreed.

George.  Disagree.  If home owners didn't believe that they OWN THEIR HOME, I believe more would find walking away from that negative equity much harder. Walking away from a rental is easy.  Walking away from home ownership is not.

Brenda.  Thanks.

Jay.  I'm confused.

 
3:19am • #8
972,827 Points 348 Featured Posts Attended Rain Camp Called Shot Master

;>)
3:50am • #9
1,356,628 Points 242 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Lenn, based on your response we do not disagree.  I think were we disagree is how we are interpreting what Richie is saying.  I agree that if home owners believe they own their home that less of them would walk away from their properties, but that ownership is dependent on them continuing to make their monthly payments.  We seem to be at a point in time that some homeowners (Strategic Defaults) are treating that monthly payment as an option and not a commitment to repay what you owe, and end up walking away.  That monthly payment is not an option, it is a commitment to repay, and the ownership is dependent on the homeowner (the person on the deed) making that payment.  The Note is very clear about that.
4:32am • #10
1,946,114 Points 477 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

George.   The financial damage done to the American home owner and the American economy by the Wall Street Gangs, Capitol Hill and the White Houses in the past 7 years, causing millions to lose financial stability, their financial future was and is so severe that simple financial survival is often the only thing on the minds of many.  The American home owner who is strangled by mortgage payments on a property with negative equity can only take so much. 

How much is the American citizen supposed to pay and pay and pay when half the money paid is going into a black hole along with their lost home equity. 

"commitment to repay what you owe" indeed. 

The banks and Wall Street got what they want from their government cronies.  How long will they continue milking the American Homeowner???

How many home owners with short sales and foreclosures, loss of credit and loss of dignity will it take to satisfy the financial industry???

"commitment to repay what you owe" indeed.

Why is it called "strategic default" only when it's a tax paying American home owner but it's called "rearrangement of debt" when it's a business???  

"commitment to repay what you owe" indeed.
6:09am • #11
492,594 Points 29 Featured Posts Outside Blog Called Shot Master

I have heard both sides of this arguement for many years.

If folks didn't feel they owned the property, where would the pride of ownership be? Folks would have walked away from a lot more homes.
6:21am • #12
559,525 Points 18 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I do own my home, and I am responsible for the debt associated with it.  When the bank agrees to fix the roof, maintain the heating & air conditions systems, cut the grass and shovel the sidewalk we can discuss it further!

I love your comment Lenn.."Why is it called "strategic default" only when it's a tax paying American home owner but it's called "rearrangement of debt" when it's a business???" 

7:12am • #13
1,946,114 Points 477 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Joe.  Absolutely.

Laura.  Thanks.  IMO, the treatment of the U.S. home owner has been criminal. 

11:13am • #14
299,146 Points 21 Featured Posts Localism Sponsor

What if you pay all cash for the home? No lender involved.  Then it is definitely all yours for sure.
5:49pm • #15
AUG
03
1,946,114 Points 477 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Debbie.  There are those who claim that it's not ours because we owe taxes. 

I thing they're all wet.
3:39am • #16

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