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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: TigerPaw who wrote (7917)	12/22/2005 5:44:15 PM
From: Lane3	Read Replies (2) \| Respond to of 541886

You get the home and a mortgage, just like dad started with. So if dad gets to leave to you, his heir, his property, why in the world did you question my assertion that people get to dispose of their own property as they see fit?

To: TigerPaw who wrote (7917)	12/23/2005 8:19:49 AM
From: Ilaine	Respond to of 541886

I have never understood the argument that you don't own your house just because you have a mortgage. You own the equity in the house, and have the absolute right to sell the property and keep the equity, after paying off the mortgage. That's one way of looking at it. Another way of looking at it is that you own the house in fee simple absolute, subject to the lien that the mortgage company has put on the property. When you own a house, you hold the title in your own name. Compare and contrast to a motor vehicle, in which the finance company holds the title. You can really see the difference in bankruptcy. Depending on your state law, you might be able to exempt all of the equity in your home if you filed for bankruptcy, and tell the mortgage company goodbye. But not bloody likely you can do that with a car -- you almost always owe more on it than the equity. Thus, while you might have the right to drive it, the finance company really owns it.