Quote: vastman "That is so flawed.
You simply do not own your house outright which is the only real form of ownership until the debt is settled in full.
Even with one payment left if you were to default the house would be repossessed and sold at auction for a price (theoretically) that covers the payment plus costs. In theory the BS can flog your £100,000 house for £500 if they wished. Though this is unlikely they will accept any auction price that meets the reserve which could leave you many thousands of pounds worse off.
How can you possibly own something that someone else can sell at a loss after as little as 8 weeks if you hit trouble.
Same applies to Saints. I fully agree they seem to have a very good deal and I honestly doubt Saints will ever look back if they are sensible. However they don't as a company or as individual own the club outright as suggested.'"
Errr, no!
Saints own the Stadium, it is theirs and their alone, however, what they do have is LOAN secured on the property. If they default on the LOAN, then, and ONLY then, can the Bank/BS seek to get their money back. The same applies to you, me and anyone else who may have a loan secured on property be that a house, car or ancient artifact!
As has been pointed out - that's why it's called RE-possession.
