Who Owns My Home If I Have A Mortgage?

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Mortgage and Lending with Chris Brown | Certified Mortgage Planners NMLS 303797

Many borrowers believe that when they purchase a property by obtaining mortgage financing, they also own their home.

Technically speaking, full ownership on a property only happens once the mortgage loan amount has been paid in full.

To break this down in more detail, there are a few components of a mortgage:

A Promissory Note is a document signed by the borrower acknowledging their commitment to pay the mortgage back with interest in a specific period of time.

In addition to the terms of repayment, the Note also contains provisions concerning the rights of both parties involved in the agreement.

In some states, a Deed of....

 

Read the COMPLETE BLOG POST HERE:

Who Owns My Home If I Have A Mortgage?

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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Where is the legal authority for this??? 

I own my home and the mortgage company has a lien on the title until I pay off that loan.  Both parties have rights.  Mine as long as I pay the payments to the mortgagee.  The mortgagee's until I default and they exercise their rights.

I own my home. 

If the mortgagee owns it, they can come on over and paint the trim. 

Mar 21, 2011 01:37 AM #1
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Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner

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