I’m confused. How is it that when I pay off my mortgage, I won’t own my home? What am I missing here?
Because the institution you paid may or may not actually own the 'note' on your home. In fact they may not even know where your original Title Deed is at all. So you could pay your mortage off and then your mortgage company can't give you a clear, unencumbered Title Deed.
Without that you can't sell it. Ever. And if you can't sell it, you don't really own it.
If your mortgage was fed into this system than legally speaking no (if this ruling holds).
You have been paying people who don’t have the right to be paid because they can’t claim the house. Therefore even if you pay them the full amount they can’t give the house to you because they never owned it.
IF, the people you originally got the mortgage kept i or transferred it but did so properly then after paying them all the money you get to own the house. You should check the records at your county to see if the people you are paying money to really own the house you are paying them for.