jessda t1_j6ibnub wrote on January 30, 2023 at 3:21 PM

Reply to comment by NotYourDude in How to leave house to fiancé in the event I die before we marry? by [deleted]

Just to clarify, until you pay off the mortgage the bank has the title and owns the house.

hellolittlebears t1_j6idpo9 wrote on January 30, 2023 at 3:35 PM

That’s not accurate. You do in fact own your home, but the bank has a claim to it if you fail to pay your mortgage.

itsdan159 t1_j6iearq wrote on January 30, 2023 at 3:39 PM

Yeah I usually say "let someone slip on some ice on your property, you'll find out fast who actually owns it, and it's not the bank"

KennstduIngo t1_j6imgwr wrote on January 30, 2023 at 4:32 PM

And the bank has never, not once, come to cut the grass when I called them and told them it was getting long!

jessda t1_j6kquj7 wrote on January 31, 2023 at 12:41 AM

The bank holds the title until it’s paid. That the “legal owner”. Very confused as to why that’s a debate.

NotYourDude t1_j6ibzih wrote on January 30, 2023 at 3:23 PM

Yes I know, and is the real genesis of my question.

kylejack t1_j6ii0ax wrote on January 30, 2023 at 4:03 PM

This varies by state. In some states the homeowner is the listed owner on the title, with the bank having a lien. Even in states where the bank is listed as the owner, they don't have a lot of powers you might expect of an owner, such as the right to sell the house whenever they want.