Do people not understand what it means to Own something?

[Texashiker]

While reading a popular news site, I saw a link to an article about parents paying the debts of their son. This seemed like an interesting topic, so I took a look.

http://www.bankrate.com/finance/real-estate/parents-pay-dead-sons-debts.aspx?ec_id=m1078089

The article says 3 things:

Son committed suicide

Son owned home

Home is underwater on the loan

How can someone say "he owned the home" and then say "the home is underwater"? People can not tell the difference in owning something, and owing a note to the bank?

I do not think people should say "I own my home", when the house is not fully paid off. When someone holds a clear title to something, only then should they say "I own <insert name here>."

 

[Blackjack200]

That means he had no equity in it; but he still owned it.

 

[pontifex]

semantics

 

[nickbits]

While what you say is true, no one cares. Either you rent or you own.

 

[Gibson486]

Assets....

 

[Greenman]

Looking at it that way, you never own a home, you rent it from the state.

 

[lxskllr]

Looking at it that way, you never own a home, you rent it from the state.

QFT. The government owns everything. Ownership is an illusion.

 

[NFS4]

Looks like he got pwned

 

[waggy]

QFT. The government owns everything. Ownership is an illusion.

/this

It's yours until a business decides they want it. then they will get the local government to take it.

 

[Schfifty Five]

If I go to a store and purchase something on a credit card, who claims ownership of the item? Me? or the CC company to which I am indebted to.

 

[Texashiker]

If I go to a store and purchase something on a credit card, who claims ownership of the item? Me? or the CC company to which I am indebted to.

I think the credit card company would own it until you pay them back.

If you default on the loan, can't the credit companies sue you? Haven't there been cases of "theft by deception", where the credit card companies sued/filed criminal charges on people for not paying back the loan?

 

[Macamus Prime]

Wearing a watch != grasping the concept of time. Watches are an illusion.

Money is an illusion as well. It is created by humanity's weakness to quickly and easily fall into greed.

Same as the other sins; lust (you seriously find plastic parts sexy?), gluttony, etc. etc.

 

[SpatiallyAware]

Go look at the title to the car you "own". FYI a "certificate" of title is not that same thing as a "title of ownership".



Everything you "own" is technically owned by the US government.

 

[PingSpike]

I guess in the credit card case you could say you owned the item right after you bought it. Its just the credit card company also owns your debt? Its not like your credit card is a secured line of credit...secured by a plasma screen TV.

 

[Jumpem]

You never outright own your home, even if the mortgage is paid off. You still have to pay the 3.5-4.0&#37; rent to the government.

 

[SlitheryDee]

You don't own anything when it's possible for it to be legally taken from you when you simply do nothing.

 

[Zedtom]

Somebody in their sig has a quote from one of the members saying that your education is something that they can't take away from you. That may be true, but unless you own a piece of paper showing that you have attained a degree or certification, many people are going to ask you to prove it.

 

[WHAMPOM]

While reading a popular news site, I saw a link to an article about parents paying the debts of their son. This seemed like an interesting topic, so I took a look.

http://www.bankrate.com/finance/real-estate/parents-pay-dead-sons-debts.aspx?ec_id=m1078089

The article says 3 things:

Son committed suicide

Son owned home

Home is underwater on the loan

How can someone say "he owned the home" and then say "the home is underwater"? People can not tell the difference in owning something, and owing a note to the bank?

I do not think people should say "I own my home", when the house is not fully paid off. When someone holds a clear title to something, only then should they say "I own <insert name here>."

Stop paying your taxes and see if you "OWN" your home. Straining at a gnat becomes you.

 

[DrPizza]

Let's say you borrow $5 from a friend until you get paid on Friday. You purchase a happy meal and consume it. Only a retard would say that your friend owns the happy meal until you pay him back. You're simply in debt to your friend who had an extra $5 and who trusts you'll pay him back.

Now, let's say you purchase that happy meal using a credit card. Only a retard would say that the credit card company owns that happy meal until you pay them. (Hey, 6 hours later, it's in the sewer, you can have it back.) The credit card company trusts you to pay them back, based on your credit score. But they're not doing it because they're your friend, they're doing it to make a profit. The store pays them a little bit of money for their trouble, and if you don't pay within 30 days, you pay a small percentage in interest.

Now, let's say another company lends you a shitload of money. WAYYY more than $5. They trust you. But, they want to know exactly what you need that much money to purchase. They hope to make a small profit off the deal (in the form of charging you interest.) But, they're still not going to take as big of a risk - they attach strings to the loan - you have to purchase what it is that you said you're purchasing, and if you default on the loan, they get to have that thing instead, be it a car, or a house. It's a secured loan, which reduces their overall risk, because while they trust you, they still know that the future holds uncertainties. YOU own the house, but if you don't pay your debt, they have a legal contract that says that they can take possession of what you purchased with that loan so that they can use it to get their money back.

If you wanted to, and a credit card company was willing to risk that much money, you could purchase a house with a credit card & it would be an unsecured loan. (I.e. go to Detroit, put a $2000 house on a credit card, pay the closing costs with the credit card, etc.) If you default on the credit card, they don't get to take the house.

As far as taxes, yes, you own your home. As a home-owning member of society, you need to pay the government for services it provides to you, or decides to screw you over and provide those services elsewhere, like taking money from the blue states and providing it to the red states. However, like the bank, they've gamed the system where if you don't pay your share of services, they've (you have) given them the right to seize your property to sell in order to pay for those services.

I can't tell if you "you can't really own anything, you just rent it from the government" people are really loons who think that, or just joking.

 

[EagleKeeper]

^^ Loons do exist based on post. and try to troll as a result.

As another stated, the car is rented, leased, borrowed, financed or owned (no payments) .

Three options place it firmly under your control.
The OP can guess which ones? What is status of his vehicles?

 

[rh71]

would you say "my car" or "my bank's car"?

(no i'm not talking about those who paid it off)

 

[SlitheryDee]

would you say "my car" or "my bank's car"?

(no i'm not talking about those who paid it off)

Once I was digging a hole for a man. At one point he told me to go get my shovel. I was under no impression that I owned the shovel. It was his shovel, but since I was digging the hole, he called it my shovel. Whose shovel was it really?

 

[BoberFett]

Major asset/liability understanding fail. But it's Texashiker, so I can't say I'm too surprised.

 

[FoBoT]

no one is responsible for the debts of dead people
unless they co-signed the debt, in which case it is really their debt also, so that isn't the same thing anyway

 

[GotIssues]

Major asset/liability understanding fail. But it's Texashiker, so I can't say I'm too surprised.

QFT.

It's only a matter of time before another ill-conceived, poorly understood credit thread is vomited all over the internet by this doofus.