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In US, whether you really own your house is debatable. The appraisal district (the entity taxing your property), the home owner's association and the mortgaging
by monster_group 7y ago
In US, whether you really own your house is debatable. The appraisal district (the entity taxing your property), the home owner's association and the mortgaging bank can legally take possession of your house if you don't pay your dues.
- anfilt 7y agoThe states never really have given people allodial titles/deeds to land. Nevada did something close to allodial title for a bit, but stopped in 2005 or so from my understanding.
- UncleEntity 7y agoI seriously doubt the HOA can seize your home over $8.41 in back dues and pocket the difference after they sell it. The mortgaging bank OTOH is the actual owner of the property up until you pay the full contractual price and they sign over the deed.
- tantalor 7y agoNot really; your equity is yours. The lien holder is only owed what they are owed.
- dragonwriter 7y ago> The mortgaging bank OTOH is the actual owner of the property up until you pay the full contractual price and they sign over the deed. No, they are the owner of the mortgage which is recorded on the deed until the terms of the mortgage are fulfilled. While a mortgage is a real property interest, it is not ownership of the underlying property.
- Digory 7y agoThis is a misunderstanding of the way US property law works. The individual is the "owner" at all times. Others can have debts secured by the property, but that does not make them the owner. When you pay off your loan, the bank's interest in the land is released. And yes, in the US, an HOA has an interest in the land not too dissimilar from the lending bank. And like a lending bank, most of them can "foreclose" by forcing the auction of the property to pay the debt, for very small sums.