Foreclosures and Irresponsible Home THIEVES

[Drolefille]

Originally Posted by MysticCat

Except that the house doesn't belong to the bank until the mortgage is paid in full. You're starting with a false premise.

Legally, the house belongs to the owner/borrower, whose name is on the deed. The bank has a secured loan, with the real property as the security. If the owner/borrower defaults on the loan, the bank has the right under the terms of the loan to initiate legal proceedings to take possession of the property (which wouldn't be necessary if the bank already owned the property) and have the property sold in order to satisfy the loan. But despite the fact that people say it all the time, the bank does not own the property unless and until it forecloses. Hence, no stealing.

Call them deadbeats, call them defaulters, call them useless. But thieves simply doesn't fit because they, not the bank, own the property.

Meanwhile, what Dr. Phil said.

Everything you said.

I don't have an outside solution as I think mostly this is all going to work itself out through some people getting modifications and others losing their homes. I don't think there's any reason to froth at the mouth over other people's choices.