Squatters File Bankruptcy To Keep Homeowners Out

[BOP]

Originally Posted by nutz

Texas is supposed to be having real issues with this. This guy took a house for $16.00

Under the law, if someone moves into an abandoned home they have exclusive negotiating rights with the original owner.
If the owner wants them to leave, they have to pay off the mortgage debt on the home and the bank has to file a complicated lawsuit to get them evicted.
Mr Robinson believes that because of the cost required to move him out, he will be able to stay in the house. Under occupancy laws, if he remains there for three years he can ask the court for the title.


Read more: Man uses obscure law to claim ownership of $300k home in upscale Texas town... for just $16 | Mail Online

The most amazing, appalling, f-ed up part of that story is that 10 to 1, people are applauding him for doing what he did.

Hell, let's everybody do it. What am I paying a mortgage for?

[czygvtwkr]

Some how i bet if the real owners quit paying the mortgage and it gets repossessed by the bank the squatters could sue them.

[Lurk]

Sounds like a great scam. Wonder if La Raza is behind it in Baltimore.

[nutz]

Originally Posted by BOP

Hell, let's everybody do it. What am I paying a mortgage for?

I've been debating that very thing for awhile now. Friends of mine have filed for bankruptcy "protection" and it sure does seem like I am a big DA for paying my own bills. According to their attorney, they won't have to physically move for at least 2 years AFTER their court date. So, under his advisement, they do not make any principle, interest or tax payments on their residence with an estimated "have to move" timeframe of 2 1/2 years living rent free. Of course, their credit plummets, but they get to pocket the rent (north of 4g's a month) plus other cc's and such. If they can actually save it, would be well over 100K in cash. I'm thinking I should do the same and then get someone else to buy back my home at the reduced value, then transfer the deed to my name.
Another friend had an employee default on his mortgage. The mortgage company gave him a cash settlement to vacate the property early

Conclusion being that a blue collar, non-minority is a huge sucker.

[somdfunguy]

The Consumerist » Family Battling Squatters Finally Able To Move Back Into Their Own Home After Almost 9 Months

CBS Denver says while the squatters fought hard to stay, the grand jury indictment was returned and they finally gave up the goose and moved out.

“It’s wonderful, great, couldn’t ask for anything more,” the family's father told the news station, adding that despite some overgrown weeds in the backyard, the home is in good condition.

“They actually did think that they bought the home, so they took really good care of it,” he explained.

[Lurk]

Originally Posted by somdfunguy

The Consumerist » Family Battling Squatters Finally Able To Move Back Into Their Own Home After Almost 9 Months

Here's hoping the real owner, now that he has possession of the property, makes sure to change ALL the locks.