You may have heard people say "the bank owns my house" — or s…

You may have heard people say "the bank owns my house" — or some similar phrase — when referring to their mortgage payments. Phrases like this are partially true, because while there is a balance on your mortgage loan, you do not own the property free and clear. Mortgage lenders used your property as collateral to fund the loan. By placing a lien on the property, via a mortgage document, they secure the promise to repay the loan.

Source by tad152