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The bank can't take your property unless you fail to meet your obligations, which means you, not the bank, are in control of the situation.

I understand the point being made. It's a commonly held opinion, and it's fine for inspiring people to get out of debt, but legally it's not correct. Your home is your property, even with a mortgage.

Also, a foreclosure is not the only way to lose your property. Stop paying your taxes and see what happens. Even unpaid unsecured debt (like credit cards) can lead to your home being taken in some situations. Or the government can take your property via eminent domain.

So there is no such thing as REALLY controlling property, in terms of excluding any way it can be taken from you. But you do have specific legal rights to your property, and those apply to mortgages too.




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