Posted on 12/21/2010 3:21:43 AM PST by AbolishCSEU
You are making good points. The banks know the ramifications. Adverse possession is one of the hardest things to win in court. Modern day times, courts might consider the case of a family using a driveway for 15 yrs and finding out they didn’t own it. Squatters don’t have a chance so far in my opinion. Of course that may change if the current administration doesn’t go away. BTW, your comment about a very learned person caused a good laugh. You don’t sound like a socialist to me.
This has been happening since the nineties. Section 8 has many programs to give “urban” tenants a free magic carpet ride out to the ‘burbs all expenses paid. Coming to a neighborhood near you.
It was either support my family or the rental property. It’s sustainable in that there is no end to gov’t programs willing to move “urban” tenants out to the ‘burbs free of charge.
Teach a man how to fish... and he’ll sit all day in the boat drinking your beer.
I’d imagine there are clear indications that the properties are abandoned, but you certainly have a valid point. Until that legal threshold is reached, the banks are free to re-claim their properties at bayonet-point if need be. It isn’t a fast process to have your property taken by squatters; it takes years, and if you haven’t evicted them in the meantime then it truly was an abandoned property.
Thanks. While the current administration seems to be all for the serfs storming the estate house and appropriating the land, the banks themselves may find that in the worst of areas, passing off responsibility to someone else may make good business sense. If you have an area where properties won’t sell for the foreseeable future (parts of Newark, NJ, for instance), the banks would have 3 choices: demolish the structure (which has its own costs), wait for someone to buy it (and face constant fines from the city due to the condition of the property), or give it away to some housing charity (Habitats For Humanity type) and be rid of it. I see the squatter option as a variant of the third option.
Banks are terrified of people just walking away from “underwater” homes; they’d have to hire so many people just to “mothball” the homes until better times...
True that!
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