Working hard to pay off an underwater mortgage? I am — but Kenneth Robinson sure isn’t. Due to one of the many screwball quirks that characterize our legal system, he has achieved ownership of a $300,000 home in Flower Mound, Texas for $16.
The house had been in foreclosure for more than a year and its owner walked away. Then, the mortgage company went bust. … Mr Robinson used the obscure law ‘adverse possession’, filled out some paperwork costing just $16, and moved some of his belongings into the home.
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.
The New American Dream: something for nothing.
The house has just a few pieces of furniture inside and has no running water or electricity.
No doubt Mr. Robinson is doing for the value of other houses in the neighborhood what Democrats and their Community Reinvestment Act continue to do for housing prices nationwide.
In a world run by liberals, whose of us who work hard, honor our commitments, and pay our bills are suckers. The system is designed to be gamed by those who take what they haven’t earned.
On a tip from Don M. Cross-posted at Moonbattery.