A canny gentleman has taken adverse possession of a $300K McMansion in Flower Mound, TX. The house had been in foreclosure and the mortgage company that held its paper had gone under, so Kenneth Robinson spent $16 filing adverse possession paperwork with the county courthouse. He's living there without power or water, but if he stays for three years, the house is his. Predictably, his neighbors are upset because he figured out how to legally acquire a house without going into hock for the rest of his life.
But, Robinson said just by setting up camp in the living room, Texas law gives him exclusive negotiating rights with the original owner. If the owner wants him out, he would have to pay off his massive mortgage debt and the bank would have to file a complicated lawsuit...
Stranger moves into foreclosed home, citing little-knownTexas law
Robinson posted "no trespassing" signs after neighbors asked police to arrest him for breaking in...
Lowrie and her neighbors continue to look for legal ways to get him out. They are talking to the mortgage company, real estate agents and attorneys. They're convinced he broke into the house to take possession, but Robinson told News 8 he found a key and he gained access legally.
"If he wants the house, buy the house like everyone else had to," Lowrie said. "Get the money, buy the house."
David Adier missed two mortgage payments on his home in Morris Township, NJ, so Wells Fargo, his mortgage lender, sent contractors who illegally broke in and “trashed-out” his home as though it was abandoned, stealing the family treasures his father smuggled out of Nazi-occupied France.
Over the holiday weekend, The Detroit News published a remarkable analysis of what happened in Detroit’s foreclosure meltdown. One block on Greensboro Street saw 33 of 38 homes go into mortgage or tax foreclosure in the last ten years.
When a giant hedge fund is bidding on all the foreclosed houses in a poor neighborhood, living humans don’t stand a chance — but that’s OK, because rapacious investors make great landlords.
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