This sticker is saying anyone who has a mortgage doesn’t own their home.
A mortgage is a loan the homeowner takes out and uses the house as collateral for the loan. So my own home is mortgaged, I needed 5% of the purchase price to buy it and I borrowed the rest. I have lived in it since and paid the mortgage monthly.
If I stop paying the bank will foreclose and kick me out.
That is severely limited in most states. Our constitutional protections are minimal but our state constitutions and laws were largely changed following Kelo
Cool sticker, yes boo capitalism, but that’s not how mortgages work, and yes the cops will protect the bank.
Can you explain?
This sticker is saying anyone who has a mortgage doesn’t own their home.
A mortgage is a loan the homeowner takes out and uses the house as collateral for the loan. So my own home is mortgaged, I needed 5% of the purchase price to buy it and I borrowed the rest. I have lived in it since and paid the mortgage monthly.
If I stop paying the bank will foreclose and kick me out.
If the bank can take your home away, I don’t think you really own it.
So can the local government. And on both counts only if I don’t pay as agreed.
Actually the local government can take it without your approval as long as they deem whatever they give you in exchange acceptable.
That is severely limited in most states. Our constitutional protections are minimal but our state constitutions and laws were largely changed following Kelo