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Posted by Kris Krieger on September 9, 2007, 2:22 am
> wrote:
>
>>
>>> Say you're 3+ months behind in your mortgage payments and the lender
>>> has started foreclosure proceedings but hasn't booted you yet.
>>> Who *owns* the house?
>>
>>Any item under a payment plan basically belongs to the lender or
>>source. Anything can be reposessed if one does not make the agreed-to
>>payments on schedule. If it's bought on time, it isn't actually yours
>>until it's completely paid off. THat's why you don't get the title to
>>your car unless you either pay cash, or until after you have finished
>>making ll the payments.
>>
>
> Umm, not exactly. In real estate, there exists two forms of title -
> legal title and equitable title. Legal title rests with the mortagee,
> and equitable title with the mortgagor. In essence, there are two
> owners, until the mortgage is paid off, then the two titles merge in
> the mortgagee who then has complete title.
But the reality is that, if you miss payments or, for tha matter, don't
pay the taxes on time, you're evicted and lose whatever equity might have
been accumulated.
When I lived is SC in the 80's, the same was true of vehicles - you had
to pay taxes every year on your car. No tax payment, they take the car.
It's hard for me to think that I truely own something, if paments
continue forever (taxes)...
>
>
>
>>At the same time, lenders will often be willing to re-negotiate terms,
>>but there is a process for doing that, and I don't think many people
>>realize this and instead simply stop making payments.
>>
>>>
>>> Last month there were 1045 foreclosures in Lee County, FL and I just
>>> got the word that people are stripping the houses to the bones and
>>> having yard sales and selling the stuff right in the driveway.
>>> The sheriff can't do shit cause the *owners* are, well, the owners
>>> and there's nothing illegal about selling their stuff.
>>>
>>> From my perspective I see an overlap of sorts or perhaps a gray
>>> area. You can't legally occupy a residence there unless it has
>>> certain things installed in the house, a range, for example.
>>> So if someone yanks the range and drags it out to the driveway I'd
>>> think code enforcement could do something, but what can they do?
>>
>>I don't think that is entirely Kosher...
>>
>>
>>
>>>
>>> That place is all fucked up right now and its going to get alot
>>> worse. Glad I ain't there anymore as its turning into a 3rd world
>>> country right now.
>>>
>>>
>>>
>
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