[dedward]

Just to clarify - when you refer to buying (or not buying) a property - do you mean actually buying it, or taking out a loan (mortgage) to "buy" the property. I've noticed, especially in north america, people tend to refer to "buying" a house when really they are borrowing it and paying for it for a long time...... just curious.

[sopooneo]

That's the reality of the situation when you boil it down. But technically, a mortgage holder did completely buy his home form its previous owner, and does now own it himself. It's true he paid for it with money borrowed from the bank (and the bank lent it under certain conditions), but it legally his house, not the bank's.