Replying to 516add19...

Not exactly. Yes you legally control the property. But ownership means holding the title to the house. This is held with the bank. When the mortgage is paid off you can request it and they will mail it to you or you pick it up from a bank branch. This is what home ownership is. This is what I think should be required to rent a house. People get mortgages for houses they cant afford and pay it off with another families earnings. It is disgusting and should NOT be allowed. My opinion.
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Nate 1y ago

I do agree lending standards could be improved.

You are correct that your equity ownership is subordinate to the lien holder's. Yet legally you control it and your name is listed on the title. 🤷‍♂️

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516add19... 1y ago

I know all this. Paperwork needs to show your name otherwise you wouldnt even be allowed to do renovations or work on your property. Your name is on the title. But the physical title is your ownership and the bank physically has it. Like imagine if a company held your marriage licensed documents and youre legally not allowed to have them unless you pay it off. Oof.

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Nate 1y ago

Respectfully, you don't need the physical title in hand to be considered the legitimate owner. It is not a bearer asset. If you lose your paper title, you don't lose equity ownership.

I didnt mean to argue about this. I really just wanted to comment that I think you have accurately identified a legitimate problem in some local housing markets, and while I agree some solution is needed, I dont think that a broad ban on renting indebted houses would solve more problems than it would create.