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To: Pogeu Mahone who wrote (4160)	4/12/2004 1:42:00 PM
From: Tommaso	Read Replies (1) \| Respond to of 116555

I'm not sure what your point is. All I said was that about 40% of home owners in the United States own their houses free and clear. You are talking about houses with mortgages on them. As long as the owner keeps up the payments the house belongs to her or him and the owner can do whatever she or he wants to about or with the house, subject to the same laws and regulations that also apply to a house owned free and clear. The lending institution or person does not own the house until and unless the borrower fails to make payments and the house is foreclosed on, at which point ownership is transferred and the previous owner no longer has any rights to the property. Or at least that is how most people and the law in most states view the contract: as a lien on the property, not as the mortgagee holding title to the property. Perhaps this will help: law.cornell.edu