patrick.net

Thought this was flame war but it's been going on for over a year now it seems...

My question pretty much is what if someone does not know who specifically is the bank? Given how much has been consolidated and sold to other banks it isn't always as clear as what some might think. If there is just one bank and they are assured it is just that bank then this should be simple.

This might also apply in Texas. A man bought a house for $16!
http://www.youtube.com/watch?v=OsW-qDCA-oU

On the same level there is a thing called a tax lien certificate in that if someone doesn't pay property taxes they put a lien up at auction. If you buy it (assuming you win) you are paying those property taxes. The debtor has a given period of time to pay it off plus a penalty of interest to you. If they don't pay it then you get the house. This process varies all over the place depending on the state and some states vary by the locality. In RI it is 10% and a addition 1% each month for the next six months. Even if they can suddenly pay it off the next day they still legally have to give you 10%. There are groups that did this for investment purposes (16% solution - a book details this but it's 20 years old). Now it is iffy for an investment unless you really want to put money into these houses and flip them.

First you need to understand WHY banks are not pursuing foreclosures. Its not what you think. Ever heard of BALANCED BOOKs??? Yes you have. You have two columns, and what you put in them has to balance.

When bank A makes a $200,000 loan, it goes on their asset AND liability side. When you stop paying, they charge fees, fees, fees, and penalities which go on the ASSET side ONLY (because they did not lend you that money). Due to corruption at the highest level, banks are allowed to carry 'AT PAR' because if they had to mark to market, they would (and are) insolvent.

How much is a 2nd mortgage behind a 1st on a property that is underwater on the 1st worth??? Its worth $0.00 right? To you and me , yes. To the bank, its worth 'PAR' or full face value.

Example $200K first, 50K second, value of house $150K.
House is 50K underwater on first, making the second worth exactly $0.00, actually less than zero because someone somewhere has to do something which is going to cost money.

Anyway, for the meantime, the loans are marked at full face value.

IF THEY FORECLOSE and sell the property for $140K-expenses and net $125K, they now have to write a LOSS of $150,000 as in Asset= $0.00 Liability $150,000.

This is very BAD for banks, as if you can do multiplication and you use a factor of say 10million, you have a loss in the hundreds of billions.

All big banks are insolvent. This is a just a game in the Matrix folks.

Nomograph says

Bap33 says

How are you getting along Doc?

Pretty well, thanks . . . I just flamed you in a different forum.

yea, I kinda found that right after I left here earlier ... funny it was, the timing, yes. (say that last part like Yoda)

It's starting to happen. :)

http://www.youtube.com/watch?v=scW8oByzYsk&feature=player_embedded

LarryPatrickMaloney says

Wanted to follow up on my original post, and provide an interesting article.

In case I wasn't clear, if you are foreclosed upon, you should try to stay in the house. Fight to stay, and if you can stay for five years after foreclosure, you have a case for adverse possession.

Also, check out this article:

http://www.miamiherald.com/2010/05/24/1645122/new-rule-says-banks-must-prove.html?story_link=patrick.net

Actually, the decent and moral thing to do would be move out, clean, and call the bank and ask where to drop the keys. All before being evicted or foreclosed on.

One requirement to take title through adverse possession, is that your possession is "hostile to the interests of the owner."

If you're already on the title as the owner, this wont work because you can't possible be possessing the property, hostile to your own interests.

Please do not take this guys advice!

It would be difficult to convince my fiance that breaking into a foreclosed house and living there like hobos for 5 years while hoping the bank doesn't notice is a good life choice.

Nomograph says

WHERES MY FREE HOUSE LARRY YOU PROMISED ME A FREE HOUSE ON THE INTERNETS

Here you go "Nomograph":

http://detroit.cbslocal.com/2012/02/06/detroit-squatters-may-be-allowed-to-keep-homes/

Well this guy got to live in a nice house for $16 for 8 months. I guess he can try to find another.

http://www.khou.com/news/texas-news/Original-adverse-possession-squatter-gets-eviction-notice-138405394.html

He wrote the book and he got the boot.

So, did anyone read this post, from this great Dr. HousingBubble article about 9 years of properties in CA?

http://www.doctorhousingbubble.com/california-has-nearly-9-years-of-housing-supply-58-county-mls-supply-and-foreclosures/#comment-58724

"Lyle
October 4, 2010 at 10:15 pm

Note that in Ca the adverse possession laws apply after 5 years of paying taxes and with color of title. So that means any action against the foreclosing bank, can only get the house back for 5 years, because after that the current owner (or member of a chain of owners since the foreclosure), has aquired the ownership by adverse possession. So if people want to reclaim then need to start filing now. Of course this is a great way to solve the surplus of Lawyers in the US."

Can I get some smilies?

Somebody has to pay the taxes in a timely fashion, not necessarily the adverse possessor. See below.

California Code of Civil Procedure Section 325
Legal Research Home > California Laws > Code of Civil Procedure > California Code of Civil Procedure Section 325
(a) For the purpose of constituting an adverse possession by a
person claiming title, not founded upon a written instrument,
judgment, or decree, land is deemed to have been possessed and
occupied in the following cases only:
(1) Where it has been protected by a substantial enclosure.
(2) Where it has been usually cultivated or improved.
(b) In no case shall adverse possession be considered established
under the provision of any section of this code, unless it shall be
shown that the land has been occupied and claimed for the period of
five years continuously, and the party or persons, their predecessors
and grantors, have timely paid all state, county, or municipal taxes
that have been levied and assessed upon the land for the period of
five years during which the land has been occupied and claimed.
Payment of those taxes by the party or persons, their predecessors
and grantors shall be established by certified records of the county
tax collector.

StoutFiles says

It would be difficult to convince my fiance that breaking into a foreclosed house and living there like hobos for 5 years while hoping the bank doesn't notice is a good life choice.

She/he sounds unreasonable. Dump him/her, find someone who appreciates squatting and have at it.

APOCALYPSEFUCK is Tony Manero says

I believe everything I read on the Internet.

I'm the Queen of England, just haven't posted pics of my corgis 'cause it would have given me away.

Nomograph says

LARRY I WANT MY FREE HOUSE WHERE IS IT LARRY YOU PROMISE ME

Take your neighbor's while they're on vacation. Duh.

I don't think the banks are that stupid.

[...]

Looks like CA might start taking the houses from Banks...

http://online.wsj.com/article/SB10001424052702303933404577505013392791018.html

'Squatters' win restraining order against RE Agent.
=========================================

Area real estate agent said she's being taken to court by squatters in Antioch who have taken over a house she's trying to sell.

As many as three people have been living in the Concord home since December. Even though the owner never gave them permission to move in, they're apparently not moving out without a fight....

http://www.ktvu.com/news/news/squatters-issue-restraining-order-against-real-est/nMfBm/

How did we miss this?

LarryPatrickMaloney says

'Squatters' win restraining order against RE Agent.

=========================================

Area real estate agent said she's being taken to court by squatters in Antioch who have taken over a house she's trying to sell.

As many as three people have been living in the Concord home since December. Even though the owner never gave them permission to move in, they're apparently not moving out without a fight....

http://www.ktvu.com/news/news/squatters-issue-restraining-order-against-real-est/nMfBm/

How did we miss this?

Imagine what would happen to these squatters if this were in Texas. Welcome to California. :)

I like this quote: "Best time to be a squatter..."

http://ochousingnews.com/oc-beach/dana-point/banks-increase-foreclosures-30-notices-plummet-reo-pipeline-stabilizes?source=Patrick.net

Again, nobody is putting 2+2 together.... The banks are allowing squatting, and if you can do it long enough, you could clear your liens.

http://ochousingnews.com/news/september-delinquencies-skyrocket-7-72-foreclosure-filings-decline-20-4-shadow-inventory-grows

Im not sire the details, but happens to people in prison, or did in one instance, happened to a familly member of mine here in California. How I fit in this whole thing, I will explain. sucks for me and my brother is how. Now im buying a old rotten stick in sand house next door. When house squat heisting try really hard not to due it to people you know! Someone fathers thatn has kids may be doing time and you may know that because your friend or familly and you might move in and you might legally end up owning there home! Understand that its usually people you know that you get the opportunity to take everything from. Marry there gal, quit there company start your own. Unfortunate fact of life. It hard to be straight, I am, and im broke and I will own my shack in 8 more years.

Zombie Foreclosures: Yet another reason to get your 'free' house.

Remember, in California, you just have to go FIVE years, and you can 'quite' your title.

Just like this guy found out the hardware. Adverse possession laws can be a good thing.

http://www.nbcnews.com/business/zombie-titles-haunt-victims-home-foreclosure-1B7933378#

Ya, my spelling has prolebms sometimes. ;)

The bank still has a lien on the house. He could have that lien removed if he was in CA (by now), but in Ohio it takes 20 years. :(

You mean like this?

http://stopforeclosurefraud.com/2010/09/16/california-quiet-title-victory-paul-nguyen-v-chase-et-al/

Quiet Title, Rescission and Damages, and Unfair Business Practices
JUDGMENT

1. This Court has jurisdiction over the subject matter of this case and over the Defendants.

2. Venue as to the Defendants in the Central District of California is proper.

3. Default judgment is hereby entered against Chase Bank USA, N.A. and Chase Home Finance, LLC and in favor of Plaintiffs Paul Nguyen and Laura Nguyen on all claims in Plaintiffs’ SecondAmended Complaint.

4. IT IS THEREFORE ORDERED that the Deed of Trust recorded with Orange County Recorder as instrument No. 2007000731120 on 12/12/2007 is wholly voided as to plaintiff Laura Nguyen.

5. IT IS FURTHER ORDERED that Defendant First American Loanstar Trustee Services record a DEED OF RECONVEYANCE to reconvey unto Plaintiffs thereto all right, title and interest which was heretofore acquired by First American Loanstar Trustee Services under deed of trust recorded with Orange County Recorder as instrument No. 2007000731120 on 12/12/2007.

6. IT IS FURTHER ORDERED that all adverse claims against property known as 16141 Quartz Street, Westminster, CA 92683 are quieted.
The legal description of said property is..

=========================
PS: I'm not peddling anything. Just trying to inform people.

And, here is another great story...

"The 23-year-old has moved into an empty $2.5 million mansion in a posh Boca Raton neighborhood, using an obscure Florida real estate law to stake his claim on the foreclosed waterside property."

http://www.orlandosentinel.com/fl-boca-squatting-in-style-20130122,0,1530279.story