Quote:
Originally Posted by OkieSnuffBox
Isn't that a tautology? If it isn't paid off, you don't own it. The bank does. Right?
But, for example, even if you have paid off the mortgage on your home, you don't really own it. Because if you don't pay your property taxes, you no longer have your property.
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You own it, you're just being an idiot and risk potential foreclosure and the property being sold at auction at which you get the remainder after fees, interest, etc. That's a pretty rare thing to happen too, BTW. Same stuff could happen with your car, your boat, etc.