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Posted on 07/18/2011 11:49:23 PM PDT by lowbridge
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 $300,000 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 $16 gave him rights to the house. The paper says the house was abandoned and he's claiming ownership.
(Excerpt) Read more at khou.com ...
I think you can offer the property tax arrears to the county
in some places and get title. Is TX one of those?
Well dang....I’ve been going about this all wrong! ;-)
If I met this guy, I don’t know if I’d want to punch him or buy him a beer.
You can bet, however, they will be sewing up that loophole pretty darn quick.
I know someone who did this in CA, I think. It’s available in OK. Takes a year or so to pull off, IIRC.
I wonder how he found out about this home and that the mortgage company was out business.
I suspect that the claimants against the broke mortgage company will be glad to have this guy take ownership of the house and then they will expect him to pay the $330,000 into the pool to settle the debts of the company. He may not find that so much to his liking, but he may find that is his legal obligation.
Not that I know of. This guy is basically cheating the system and the neighbors are upset. This is a community with an HOA and he is going to be in a world of hurt when all the sudden he is required to maintain the house, pay HOA dues, and property taxes.
With no running water or electricity, I imagine endangering the areas health would be an angle to get him out.
Search tax lien properties. A lot of people are forced out of less than desirable properties because they can’t afford the taxes. No one buys up the properties so anyone can come in after a year of default and take over the property just by paying the back taxes. This is only unique in that the mortgager went out of business at the same time so no one noticed it. This guy did. He’s probably within the law. Actually, pretty smart.
Search tax lien properties. A lot of people are forced out of less than desirable properties because they can’t afford the taxes. No one buys up the properties so anyone can come in after a year of default and take over the property just by paying the back taxes. This is only unique in that the mortgager went out of business at the same time so no one noticed it. This guy did. He’s probably within the law. Actually, pretty smart.
I’m no financial or real estate genius but my understanding is if he pays the back taxes it’s his. You have to put in a claim and then wait a yr. Don’t know TX law but this is available in OK and CA.
What is it any of their business. This matter is between the laws of the town, a non existent mortgage holder and this dude. If this guy isn't causing a disturbance, they should be happy that now someone is responsible for maintaining this elephant to the neighborhood standards. I see what happens to foreclosures in nice neighborhoods here. It is an absolute eyesore when no one maintains a house for even a few months.
The only stumbling block I see is the title. He may get one from the courthouse, but when he goes to sell he’s going to have to convince someone of his legal theory to get insurance, and a future lender to believe.
Methinks that may be where his plan is a little murky.
BTW this is Flower Mound. Nice place to live, 330000 will
get a decent property there, or used to. When I worked in Ft Worth I thought about living there but the prices were a ‘limiting factor’. Same for places I liked such as Pilot Point. Can catch either 35E or 35W into work depending
on where that was - close to Big D or across to where the West begins.
As I said, this is the law in OK and CA. I don’t forsee this being a problem. With all of the current title issues in general, I see your point, though.
I think this guy was extremely acute of the law. Probably no one special, just saw a opening. After this article wouldn’t be surprised to see a run on all of the properties this mortgager forfeited on.
What is it any of their business.Reverse class envy? They're having to pay for theirs, he's not.
Kind of like illegal immigrants just walking in and setting up housekeeping...
Damn homesteaders always picking the choice acreage.
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