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Started By
Message
6
Posted on 7/29/15 at 4:16 pm to rocket31
quote:Uh no. I owe money on my house, but it's mine. I own it. I can sell it and collect the proceeds, the bank can't. The bank owns my debt, not my house. My house is my asset, my debt is the bank's asset.
The bank owns the house if you still owe $180k on it.
quote:Wondering the same thing.
Honestly wtf am I reading.
Posted on 7/29/15 at 4:17 pm to rocket31
quote:
rocket31
No one is disputing that. You should probably log out.
Posted on 7/29/15 at 4:27 pm to rocket31
No. The bank has a lien on the house that you own. Just like if you finance a car, or anything else. You are confusing leasing with financing.
After seeing how many people in this thread can't wrap their heads around addition and subtraction, I don't think I will bag on the Ramsey method on this board going forward. Clearly there are some lukewarm IQs that read this board.
After seeing how many people in this thread can't wrap their heads around addition and subtraction, I don't think I will bag on the Ramsey method on this board going forward. Clearly there are some lukewarm IQs that read this board.
Posted on 7/29/15 at 4:44 pm to rocket31
quote:
The bank owns the house if you still owe $180k on it.
And therefore you cannot have equity in the house?
Posted on 7/29/15 at 6:03 pm to rocket31
quote:The bank doesn't own the house until they foreclose on your loan. You own the house. They own the loan. The concept really isn't that hard to understand.
The bank owns the house if you still owe $180k on it.
Posted on 7/30/15 at 7:52 am to rocket31
quote:
rocket31
quote:
The bank owns the house if you still owe $180k on it.
Honestly wtf am I reading. I gotta log out
Aren't you the one that likes to do the alpha/beta threads on the OT?
Well...I'ma be real honest. Your response in this thread was pretty damn beta.
I've read silly arguments from some trying to exclude primary home equity from net worth, but it just doesn't hold up. The equation is pretty cut and dry...or at least I thought it was.
Carry on with the measuring contest.
This post was edited on 7/30/15 at 7:53 am
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