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Man Pays $16 For $300,000 Home Under Little-known Texas Law

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posted on Jul, 23 2011 @ 02:56 PM

Wow, talk about making a loophole work for you. The law is called Adverse Possession, and if a home owner abandons theri home, and it goes up for for foreclosure, AND the mortgage co goes out of business, then a person can occupy the house under protection and after 3 years ask for the title to the home. If a mortgage co wants him out, they have to pay the value of the house. I can see how neighbors would be tee'd, jealous if nothing else.
Wonder how many will take advantage of this before the loophole is closed? Sounds awesome really!

More NEWS at A little-known Texas law and a foreclosure could have a man in Flower Mound living on Easy Street. Flower Mound’s Waterford Drive is lined with well-manicured 0000 homes. So, when a new neighbor moved in without the usual sale, mortgage-paying homeowners had a few questions. “What paperwork is it and how is it legally binding if he doesn’t legally own the house?” said Leigh Lowrie, a neighboring resident. “He just squats there.” Lowrie and her husband said the house down the street was in foreclosure for more than a year and the owner walked away. Then, the mortgage company went out of business. Apparently, that opened the door for someone to take advantage of the situation. But, Kenneth Robinson said he’s no squatter. He said he moved in on June 17 after months of research about a Texas law called “adverse possession.” “This is not a normal process, but it is not a process that is not known,” he said. “It’s just not known to everybody.” He says an online form he printed out and filed at the Denton County courthouse for gave him rights to the house. The paper says the house was abandoned and he’s claiming ownership. “I added some things here for my own protection,” Robinson said. The house is virtually empty, with just a few pieces of furniture. There is no running water or electricity. 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 …

Home shopping anyone?


Mods, if there is a better forum, I'm down...
edit on 23-7-2011 by speculativeoptimist because: (no reason given)

posted on Jul, 23 2011 @ 03:06 PM
Already existing thread on this HERE

posted on Jul, 23 2011 @ 03:08 PM
reply to post by jonibelle

My bad, thanks

Mods close if necessary

posted on Jul, 23 2011 @ 03:19 PM
late night infomercials ftw.

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