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Old 02-03-2018, 08:18 PM
 
Location: my Mind Palace
658 posts, read 717,579 times
Reputation: 1777

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Quote:
Originally Posted by MikeJaquish View Post
We owe on a bank loan on our home.
But we own the home, without doubt. No question in my mind.

I would never say that the bank owns my home because I have a mortgage with them. All the bank owns a right to be paid in full.
The bank can come and take the home and kick you out. When you own a home, it's yours and no one can do that. Okay, maybe Donald Trump. He's experienced in that area.
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Old 02-04-2018, 02:42 AM
 
106,135 posts, read 108,118,136 times
Reputation: 79688
renters are a much more varied group ranging from the poorest to the wealthiest and most successful, with the bulk being renters because they do not have the resources to buy .

renters certainly can be more successful than a homeowner but homeowners are a more concentrated group and are homeowners because they already weeded out those who can't afford to buy .

it is like saying Ferrari owners are viewed as more successful than homeowners as a group .
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Old 02-04-2018, 05:11 AM
Status: "Made the Retirement Run in under 12 parsecs!!!" (set 16 days ago)
 
Location: Cary, NC
43,161 posts, read 76,761,493 times
Reputation: 45518
Quote:
Originally Posted by MikeJaquish View Post
We owe on a bank loan on our home.
But we own the home, without doubt. No question in my mind.

I would never say that the bank owns my home because I have a mortgage with them. All the bank owns a right to be paid in full.
Quote:
Originally Posted by CamillaB View Post
The bank can come and take the home and kick you out. When you own a home, it's yours and no one can do that. Okay, maybe Donald Trump. He's experienced in that area.
Not exactly. The bank cannot unilaterally and without cause come out tomorrow and kick me out.
I have the choice to avoid providing cause and have much more security in my home than the average renter does in their rental, even with a lease.

And, yes, I could lose my home via eminent domain proceedings, for not paying property taxes, in a personal lawsuit.
I still have far more perks and protections within my tenancy than the average renter does.

Ownership is not for everyone, and we should never count the other guy's money, as owning or renting a home are not reliably indicative of wealth.
But, "bank ownership" due to holding a note is hardly the ownership onus that sometimes is presented.
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Old 02-04-2018, 06:35 AM
 
9,952 posts, read 6,615,172 times
Reputation: 19655
Quote:
Originally Posted by CamillaB View Post
The bank can come and take the home and kick you out. When you own a home, it's yours and no one can do that. Okay, maybe Donald Trump. He's experienced in that area.
? Have you heard of this concept called property tax? You can still lose your home if you own it outright and don’t pay, which happens often enough in high property tax states like IL, NJ, and many of the northeast states. Even TX has relatively high property tax.

I moved from an area where I owned a condo to IL, which has high property tax that is still out of control. I am not really enthusiastic to buy because I don’t want 1/3 to 1/2 of my payment to go toward property tax without knowing whether that could actually go up in the future. People here complain that one year their taxes were $7,000 and then because of an assessment 40% higher, they are paying property taxes that much higher the following year. At least with renting, I can assume that the increases are not going to be drastic and move if I need to.
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Old 02-04-2018, 06:47 AM
 
106,135 posts, read 108,118,136 times
Reputation: 79688
Quote:
Originally Posted by MikeJaquish View Post
Not exactly. The bank cannot unilaterally and without cause come out tomorrow and kick me out.
I have the choice to avoid providing cause and have much more security in my home than the average renter does in their rental, even with a lease.

And, yes, I could lose my home via eminent domain proceedings, for not paying property taxes, in a personal lawsuit.
I still have far more perks and protections within my tenancy than the average renter does.

Ownership is not for everyone, and we should never count the other guy's money, as owning or renting a home are not reliably indicative of wealth.
But, "bank ownership" due to holding a note is hardly the ownership onus that sometimes is presented.
we had taken over a house we got in a tax lien auction we never expected to get .we really just expected the interest and that it would be paid off in the 11th hour ..

just our luck , it wasn't and then the nightmare began .

we had to evict the former owners when they did not want to leave but in the end , they were gone .
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Old 02-04-2018, 06:50 AM
Status: "Made the Retirement Run in under 12 parsecs!!!" (set 16 days ago)
 
Location: Cary, NC
43,161 posts, read 76,761,493 times
Reputation: 45518
Quote:
Originally Posted by mathjak107 View Post
we had taken over a house we got in tax lien auction.

we had to evict the former owners when they did not want to leave but in the end , they were gone .
Sure. They did not meet their responsibilities.
Sadly, it happens, and not always under the control of the owners.

Would you have been able to seize the property if they had not had a tax lien?
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Old 02-04-2018, 07:17 AM
 
106,135 posts, read 108,118,136 times
Reputation: 79688
if i had a judgement for a law suit i might but the fact is , we took the house the same way the bank would have .

usually these people run ad's in like the new york times or wall street journal for a partner to pay off taxes in exchange for splitting whatever equity they have . but in this case no takers so it was taken away from them .

it really was a crappy deal for us because of what they did . they left so much personal stuff behind that under new jersey law i had to store it for 6 months and pay to store it , move it in to storage , move it out of storage and dispose of it . i had to go through many months of eviction proceedings and legal fees on top of 9k a year in taxes plus back taxes and fees .d on top of that the house was vandalized and everything ripped out , we can't prove it was the former owners but we know it was ..

luckily my partner was a builder so we redid the house but in the end not worth it if i had to do it again .
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Old 02-06-2018, 07:16 AM
 
Location: Sector 001
15,935 posts, read 12,225,548 times
Reputation: 16103
It doesn't really matter what other people think. If they built apartments with sound insulating properties in mind I'd have no issue living in one, but it seems like every one I've ever seen cheapen out on internal materials to save money thus you can hear everyone around you which is why I won't live in one any longer.
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Old 02-28-2018, 02:03 AM
 
Location: Honolulu/DMV Area/NYC
30,540 posts, read 18,028,887 times
Reputation: 34308
OP: in my experience and as a general matter, yes, they are. While I don't think it is fair or accurate in every case, the thinking often goes that renters don't have enough money/good enough credit/etc. to buy a house (down payment, qualifying for mortgage, etc.). All of this factors into perceptions of "success." Of course, such a narrow way of thinking fails to account for the many who could very well afford to buy but who choose not to deal with the headache associated with home ownership (and I write this as a condo owner myself). Still, a great many people would like to own a home, but simply cannot afford to do so. For instance, polls show that 80% of millennials want own a home, but many factors (often economic) lead this to not be a reality for most: Dispelling Myths About Millennials And Homeownership | PolitiFact California
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Old 02-28-2018, 02:04 AM
 
Location: Honolulu/DMV Area/NYC
30,540 posts, read 18,028,887 times
Reputation: 34308
Quote:
Originally Posted by stockwiz View Post
It doesn't really matter what other people think. If they built apartments with sound insulating properties in mind I'd have no issue living in one, but it seems like every one I've ever seen cheapen out on internal materials to save money thus you can hear everyone around you which is why I won't live in one any longer.
I made sure that my high rise didn't have this issue before making an offer on my unit. That was something that I would not put up with, either as a renter or buyer.
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