Do you own your own house?

[koolinkunming]

I have 2, currently I’m living in neither of them.

Empty, undeveloped condos in China don’t count, brah.

 

[koolinkunming]

Used to. Ex wife took it. Not buying here in Kelowna ever if the prices stay the way they are. .

 

[Jack Reacheround]

No shit Sherlock, that’s why I said “technically “ they own it.

If you stop paying see who really owns that mother fucker quick.

You’ll be living under a bridge in a cardboard box talking about how you “own “ your home lol.

Technically they do not. In theory they do. I just think you aren’t giving yourself enough credit when people say the bank owns it.

 

[bushman505]

Empty, undeveloped condos in China don’t count, brah.

Lol. If you count the house my wife owns in China I guess we have 3. Hopefully though the one in China is going to get demolished so she will get paid out on it within the next few months. We have a condo in anchorage that we use when we’re in town and then my house down in Albuquerque which my dad helps with.

 

[mb23100]

I have never understood why people say this. The bank holds a debt which is secured against the house. To suggest they own the house is nonsense.

Consider, the bank does not have any right to possess the house, unless you are in default on the mortgage.

If the house increases in value, does the bank enjoy any increase in that value? No, they get nothing.

You own the house. Period.

If it can legally be taken away because you can't afford it you don't own it

 

[koolinkunming]

Lol. If you count the house my wife owns in China I guess we have 3. Hopefully though the one in China is going to get demolished so she will get paid out on it within the next few months. We have a condo in anchorage that we use when we’re in town and then my house down in Albuquerque which my dad helps with.

Just pulling your chain, man.

 

[EndlessCritic]

If it can legally be taken away because you can't afford it you don't own it

That's true of any of your assets if you get a court judgment against you and you can't afford to pay it.

 

[bushman505]

Just pulling your chain, man.

I know bro, it’s all good. How’s things settling back in for you in BC? My wife is working her first shifts as a nurse and loving it, finally starting to feel sort of normal here.

 

[mb23100]

That's true of any of your assets if you get a court judgment against you and you can't afford to pay it.

There's a big difference in a lawsuit against your assets and simply not being able to afford something

 

[zuul]

Yes. Paid off my mortgage when I was 35.

 

[mb23100]

Yes. Paid off my mortgage when I was 35.

 

[Aquabot]

Yes, my mortgage is fully paid off. To be fair though, I took over my parents' mortgage on the house when they retired and wanted to move since all the kids had left. I only had to pay the five years or so that was remaining when I took over the house and made the last payment in 2016. I was definitely extremely lucky and grateful they did that for me.

 

[mon]

Yes, my mortgage is fully paid off. To be fair though, I took over my parents' mortgage on the house when they retired and wanted to move since all the kids had left. I only had to pay the five years or so that was remaining when I took over the house and made the last payment in 2016. I was definitely extremely lucky and grateful they did that for me.

No shame in that. Civilisation is built on sacrifice

 

[facePuncher7]

I'd just like to point out that it is impossible to not own your own house.

 

[therealdope]

I'd just like to point out that it is impossible to not own your own house.

When I lived in California there were negative mortgages (you owe more principle each month you live in the home) and 45 year mortgages. I'd say if your are into one of those types of loan instruments then it's not a stretch to say that 'you don't own' the house that you are living in.

 

[Oblivian]

If it can legally be taken away because you can't afford it you don't own it

People that have equity in their house and have no trouble making payments still say "technically the bank owns it". Most people really don't understand how title is transferred with real estate. It's not like a car where "the bank holds the title", but I hear that all of the time.

 

[rocketskates]

Yeah. Bought it at 22 when the market crashed, put some money into it and I’m way on top. Pretty happy about it.

 

[facePuncher7]

When I lived in California there were negative mortgages (you owe more principle each month you live in the home) and 45 year mortgages. I'd say if your are into one of those types of loan instruments then it's not a stretch to say that 'you don't own' the house that you are living in.

But, if you don't own it, you don't own your own home. I'm just saying you cannot not own "your own", because if you didn't it wouldn't be "your own" to not own.

Interesting trivia though, thx.

 

[HunterSdVa29]

thinking about it
problem is where I live, it's either old pretty damn cheap houses that are kinda rundown and need mad work, or newer oversized and overpriced ones and I live by myself so I don't need a 4 bdrm

 

[therealdope]

thinking about it
problem is where I live, it's either old pretty damn cheap houses that are kinda rundown and need mad work, or newer oversized and overpriced ones

That's the biggest problem with where you live? I would have guessed the weather and the breakins by drug addicts would have trump'd housing selection.