Actually they do own them and have the the bundle of rights of ownership, including exclusive use, renting, encumbering, and selling. The mortage is a lien interest by the lender and has legal consequence. Even if the home is free and clear of a first mortgage (or first trust deed in Calif and some other states) the property is still burdened by property taxes. Failure to pay those also has legal consequences, including potential public sale by the taxing authority. So whether there is a lien interest by a lender or by the state, a person whose name is on the deed does own the property.
So Obama is the landlord for several years then? He’s gotta do the maintenance and cut the grass and fix the plumbing, etc.?
Sounds interesting.
But if you give up ownership and rent the place, why would you be liable for property taxes or maintenance costs?
I own a house free and clear, and I also rent an apartment.
I only cut the grass and pay taxes on one...