If i have the deed to my house do I really own it or does the bank still own it.

Question

If i have the deed to my house do I really own it or does the bank still own it.

Answer

You own your home, but it is probably subject to a mortgage. A mortgage is a lien you have given the bank against your property, granting them the right to take the property from you under certain conditions (default on loan).

Possession of a deed does not mean someone owns the property. Deeds are not like car titles. They do not get handed over, signed on the back side like a car title. Instead, new deeds and other documents are prepared and recorded with the county and someone would have to look at the history of documents recorded to determine who owns the property, who has liens against it, etc. For example, the person(s) from who you bought the property may still have their deed from when they originally bought the property. When you sell the property, you will be able to keep your deed. Your attorney will prepare another deed from you to the buyer. You would then be able to go down to the county, search your property and find a deed from someone to you and then from you to another person. Keeping it at its simplest, assuming there are not any title issues, the last deed governs.

Even should you lose your property in foreclosure, you could still be in possession of your deed. The title will have passed by another deed referred to as a Judicial Deed.