Do people not understand what it means to Own something?

[D1gger]

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

I can confirm that this is also the case in Canada. My brother died a few years ago, and I administered his estate. He had far more debts than assets, and all of the debt was forgiven by the lending institutions once they received proper notification. His kids did receive the benefits from his insurance policy, as the banks do not have the ability to make a claim on the insurance.

Regarding Texashikers' bizarre take on debts and assets, I agree entirely with Dr. Pizza in his assessment of ownership.

 

[thraashman]

Seeing as I currently work in the mortgage industry, I can say that even if you have a mortgage, you own the home not the bank. That's why if you default on your mortgage they have to go through legal proceedings to foreclose on the property. You own it, not them.

 

[IronWing]

no one is responsible for the debts of dead people

Creditors can seek recovery for secured debts such as mortgages if the borrower dies.

 

[Modelworks]

/this

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

Or they find a mineral or something the government needs and take your land 'for the public good'

 

[JulesMaximus]

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>."

Everyone in this thread OWNS you.

 

[AMDZen]

Another thinly veiled credit hate thread by Texashiker.

Dude seriously has problems when this is the thing most commonly on his mind.

Makes you wonder if he's really in credit hell still even though he claims not to be, why else would your entire life philosophy revolve around something like this?

 

[Apple Of Sodom]

If you own something but there is a lien on it, you still own it. How do people not understand what a lien is?

If you own your house outright and get a HELOC (and thus a lien) do you still own it? Yes. But there is a lien on it.

 

[AMDZen]

If you own something but there is a lien on it, you still own it. How do people not understand what a lien is?

People do understand that, everyone does.

Taxashiker isn't a person.

 

[FoBoT]

Creditors can seek recovery for secured debts such as mortgages if the borrower dies.

yes, i wasn't clear. for secured debts, you are correct. like a mortgage, yes

 

[alkemyst]

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>."

It's must be a Texas thing...most forms have 3-4 categories.

Own
Rent
Rent Free/Live with relatives
(Live with others)

Most that say they 'own' their home are understood to have a mortgage.

This is sort of why they didn't want Texans borrowing against equity in their homes, finances seems to confuse them.

 

[mizzou]

I own my home. The bank owns me.

 

[Linflas]

Or they find a mineral or something the government needs and take your land 'for the public good'

Depends on the state, if you own the mineral rights the government cannot come in and "take it for the public good".

 

[alkemyst]

Most of the time, government domain moves have the property owner paid pretty well.

 

[AstroManLuca]

 

[Jumpem]

Depends on the state, if you own the mineral rights the government cannot come in and "take it for the public good".

They absolutely can: eminent domain.

 

[allisolm]

Do people not understand what it means to Own something?

We do. You, however, do not.

 

[Engineer]

As long as there is a "property tax", you never really own anything. You are simply renting it.

Regardless, I think you "own" it when you buy it even if you're paying for it. Sure, there is a lien against it but it's yours and you are responsible for it (until you quit paying). If anyone thinks it is the "banks", try calling them up and asking them to fix a leaking roof and see where that gets you (home equity loan department, of course! 😛 )

 

[BoberFett]

yes, i wasn't clear. for secured debts, you are correct. like a mortgage, yes

But it can only be recovered from the estate. If the estate has a shortfall, they can't go after heirs for the rest.

 

[IronWing]

But it can only be recovered from the estate. If the estate has a shortfall, they can't go after heirs for the rest.

True. This is why one should never live in France. There, they can go after the heirs.

 

[BoberFett]

True. This is why one should never live in France. There, they can go after the heirs.

Ouch. You could really screw your kids over if you wanted to be a bastard before you died.

 

[MarkXIX]

Well, there is essentially an entire generation of people in our country that really haven't ever truly "owned" anything. Fuck, even music is more or less rented unless you purchase it on physical media.

 

[Number1]

We do. You, however, do not.

End of thread. Question resolved.

 

[DCal430]

This is wrong, even if their is a mortgage you still own the property. Where I work when we foreclose on a property we do not own it until we purchase it at the foreclosure auction (trustee sale) and the sale is recorded with the county. Before then you own the property.

 

[Raduque]

Well, there is essentially an entire generation of people in our country that really haven't ever truly "owned" anything. Fuck, even music is more or less rented unless you purchase it on physical media.

Depends where you buy from - no way Amazon can revoke my ability to listen to my DRM-free MP3s.

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

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

I like to say "the bank owns my truck".

 

[Mike Gayner]

ITT: People that don't understand legal ownership, debt and registered securities.