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Reply #55: That's not entirely correct. [View All]

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Llewlladdwr Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-01-11 03:32 PM
Response to Reply #52
55. That's not entirely correct.
I own my house even though I still owe on the mortgage. I'm responsible for all taxes and upkeep, not the lender. I don't have to get my lender's approval before redecorating or getting a pet or changing the landscaping. However, I did use the house as collateral on a loan so if I default I agreed that the lender can TAKE ownership in order to recover the money I owe. Not the same as renting at all.
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