Why do some say they own or have bought something that they technically haven't (e.g. domain names, expensive things, etc.)?
Diddlydee @ Diddlydee @feddit.uk Posts 11Comments 807Joined 1 yr. ago
Diddlydee @ Diddlydee @feddit.uk
Posts
11
Comments
807
Joined
1 yr. ago
But you legally own your house if your name is on the title deeds. The deeds say I am the owner regardless of whether there is a mortgage or not. The mortgage is recorded on the title deeds, but it doesn't change the fact that I am the owner. I can do whatever I want with it.
In essence, I have a loan against it but in extremis, the bank can force me to sell. I would get anything over the loan amount I sold it for but the bank would have no reason to do this if I continue to pay.