>> house IS AN ASSET. > Yes, if you own your house. No, if you have a mortgage, the bank owns it. This is incorrect in most of the United States and in other

>> house IS AN ASSET. > Yes, if you own your house. No, if you have a mortgage, the bank owns it. This is incorrect in most of the United States and in other countries, like England, where the mortgagee only has a lien; the mortgagor has legal title. That is, the mortgagee only has a right to obtain legal title in the event the debtor defaults. Until the debtor defaults and the mortgagee secures legal title, the debtor has legal title and owns the mortgaged property, which is properly the debtor's asset.