We just bought a house!!! No, actually the bank did.
March 15, 2009 9:27pm CST
This is something that crossed my mind while responding to another discussion talking about owning your house and renting a house. This is what I was thinking. All the time you hear people tell you that they just bought a house. But what they really did is went and borrowed $100,000 or how much ever the house cost and the bank or wherever they borrowed the money from owns the house. The people that you got the money from is who bought the house and now you plan on buying it back from them. And if you don't pay them it was there house anyways so you have to move. Things are not paid for like that until you have the deed in hand. Do you feel the same way?
• United States
16 Mar 09
When you finance a car do you feel the same way about the car or is it your car and you're making payments on it? When you buy a house you take out a loan, yes, but the paperwork says that you are the owner of that property and so does the deed. Yes, the mortgage company or bank and foreclose if you don't make your payments just like the repo man can come and get your car but that fact doesn't make it any less yours. So, congratulations on buying YOUR house! I think that's great!!