I believe if you live there for a certain amount of time (years), and can demonstrate improvements to the property, you may obtain legal title to the property. Both the banks & the city would probably prefer that (to sucker someone else into paying the property taxes) to having the bank hold it as as abandoned, probably un-sellable property.
Do you REALLY think these people will EVER pay taxes? They are selling drugs out of these houses you can be sure. I know b/c I used to own rental property in these areas. The tenants/squatters are uber destructive when someone else is footing the bill.
If I were the bank, I’d burn the property before I’d give it away like that. The vast majority of these “homeless” are nothing but bums, consistently living off whatever they can swindle or steal from others (just like democrats). Make them earn their keep like the rest of us.
Well that lady’s story really pulls at your heart but the crux of the matter is property rights. We have to protect the right to own property. This group is organized and has a communist agenda. They need to be stopped.
These homes aren't abandoned any more than your home is abandoned while you're out at the movies.
The banks legally own these homes (they lent real money to the former buyers, who defaulted on the loan).
The banks are intentionally holding off on selling all their assets at once in order to avoid further declines in property values, which is probably a wise strategy.