06-03-2010, 12:29 AM
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GreekChat Member
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Join Date: Sep 2008
Location: somewhere over the rainbow
Posts: 52
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Quote:
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.
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Okay, I understand. Yes. They are useless deadbeat losers.
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