Tag: judicial foreclosure
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If I Have a Mortgage, Who Really Holds the Title to My Home?
A home buyer who uses financing — as most people do — is considered a homeowner, as opposed to a renter. The buyer has paid the seller, so the buyer owns the home, regardless of whether the deal is done with cash or financed. If the property’s value rises (or falls), then the gain (or…
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Who Owns Your Home—You, or the Bank? Check for a “Defeasance Clause”
Defeasance? What’s that? Some home loans contain a defeasance clause. It means you’re giving up collateral. Do your home loan documents have defeasance language? If so, your lending institution holds your home’s title for as long as you owe the lender money. Although the legal owner is your lender, you are still called the homeowner.…
