Home Ownership

[JennyWHOA]

.

[Troy]

Yes the problems are indeed plentiful and profound. Does not even discuss the fact Black folks are given worse mortgages rates than white with similar credit scores, whites benefited much more from government programs, and Blacks have been and still largely excluded from better neighborhoods...

[Pioneer1]

Home "Ownership" Keeping People Poor?

Comes as no suprise to me because......

You all ready for this????

THEY DIDNT' REALLY OWN THE HOMES IN THE FIRST DAMN PLACE!!

You don't "own" a home until the mortgage is paid off.

I figured this out in the 6th grade.

Most peole who lost their homes during the so-called "mortgage meltdown" were either still paying on their mortgages when they lost their jobs and were unable to keep up with the notes; or they had taken out loans on homes that were owned and payed for and got caught with their pants down.

But one of the silliest things that people were doing that even to this day I'm not sure whether to blame on illiteracy or just plain stupidity was taking those "adjustable rate" mortgages.

I knew some people with Master's degrees who still went for the bait and got caught up.

[Troy]

ABSOLUTELY Pioneer. When I took out a mortgage on my 1st home I would never say I owned it. People would say I owned it I would say the Bank owned it. The next house I brought outright. I'm still a little cautious in saying I "own" it cause if I miss a few tax payment the governemtn will take it.

We really don't "own" any property. We just can just, temporarily, exercise a little more control over it that someone else.

I would be careful calling people who took out adjustable rate loans, stupid or silly. The psychology is complex and part and parcel of the psychosis of being American.

If you were unfortunate enough, unlike millions of Americans to avoid the financial blowout from the housing bubble consider yourself lucky.

The housing bubble was yet another example that helped me understand our problem is one of class, in this country, nit race. The vast majority of people jacked up in the mortgage bubble were white...

[Pioneer1]

Lol......

You know what bro, I've been saying what you said about property taxes for almost as long as what I said about mortgages

I was actually about to post that and forgot about

I OWN my car.

I don't have to keep paying property taxes on it to keep it.

I OWN my clothes and furniture.

I don't have to keep paying taxes on it.

How do you pay off a house and still have it taken away from you because you couldn't keep paying for the right to live in something you've already bought?

Some argue that it's not the house you're paying taxes on but the land the house sits on. But I haven't heard of any cases where people who couldn't keep up the taxes being able to dig up their house and take it with them leaving the earthworms wiggling in the ground, lol.

It's called a MORT-gage for a reason.

It was originally designed so that a person would be paying on it for so long that they'd die (mort) before it could be paid off, thus the debt would pass on to the surviving family.

Seems to me if a person takes out a mortgage on a home and pays 50% of it off before having to foreclose.....alteast half of the house still belongs to them!

But no, the bank actually takes the ENTIRE house back and re-sells it to someone else.

The bank can take a $100,000 home and make about $300,000 or $400,000 by mortgaging and foreclosing over and over again to high risk families whom they KNOW won't be able to pay it off.