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A few questions/comments about your master plan:
If you still have a mortgage on a property that the bank hasn't foreclosed on, are you sure you are possessing it adversely? It seems the bank is just giving you a temporary free pass, not that you are adversely possessing it.
Something to keep in mind from another article:
When a squatter gets into the position where adverse possession becomes a possibility, the greatest hurdle is often the payment of taxes, mainly because the landlord (in this case bank) can pay the taxes on the 364th day of the 5th year and defeat the squatter's claim to adverse possession (which is exactly what happened at a San Francisco squat in the 1970s).
I see how the banks can actually use this to their advantage. As Camping has said, the bank will just use you as a sucker to pay the property taxes and bills for 4 years and come in to intercept as Camping has said, the 364th day of the 5th year and pay the property taxes. That will have ruined your efforts for the past 4 years. It just doesn't seem like a safe thing to do. If it was really that easy, there will be many people that will start to salvage homes like this.
I don't see how the ability of the bank to come in at the last moment is much of a problem. If you pay the property tax and utilities for five years even if you aren't able to claim the house free and clear under adverse possession, you will have lived in a house for five years for much less than the cost of renting it.
You're right that bank attorneys know about adverse possession. So does every other attorney in the country. They teach it during the first year of law school.
Hey, look, the state already provides resources on it. Even says how to STOP adverse possession claims.
http://www.dot.ca.gov/hq/row/landsurveys/Study_material/California-Adverse-Possession.pdf
justme
2010 Mar 17, 2:05am
gavinIn,
> you will have lived in a house for five years for much less than the cost of renting it.
That seems like a big gamble. You'd live there for free if you didn't pay the property tax at all.
I don’t see how the ability of the bank to come in at the last moment is much of a problem. If you pay the property tax and utilities for five years even if you aren’t able to claim the house free and clear under adverse possession, you will have lived in a house for five years for much less than the cost of renting it.
Well, it's a problem if you want to take title to the property. You're right, if you just want to live in the house for less, then this could work, but as justme pointed out, why pay anything if that's your goal?
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Pay VERY close attention to this post. If you are a bank property manager, you better learn what I'm about to teach you.
If you are home owner, you better try to hang on to your house and live in it for free.
In the state of California, a person can take an abandoned home, move in and live in it. Provided, nobody is going to contest it.
I'm not going to give you all the gory details, but it's called "adverse possessionâ€.
Essentially, if you live in the house for five years, pay the bills, including the property taxes, the house is yours. You can get a new title on it.
Even if there is an outstanding mortgage. All lien holders are wiped out.
So, for all your "squatters†out there, if your bank keeps dragging out your foreclosure, if you can hold out for a total of five years (for those of you who are two years in, you just have three years to go.) you will be able to 100% get out of your mortgage, and own your home scott free.
I'm sure you doubt me, but it's true. You would go to a judge, and demonstrate your case of adverse possession, and the banks existing lien, that you OWE on will be wiped out. The house becomes yours, with no mortgage payments. Zero, nada, nothing.
Now, I debated about writing this publicly, because I want to jealously guard this "open secret†to my advantage. However, it's more to my advantage if the banks are schooled in the law, and get motivated to start dumping their holdings. I'm sure the attorneys on staff at banks know about this law, but I'm willing to bet, most of them don't really understand it, because they haven't read it in detail, nor do they have any experience with it.
So, you bankers out there, that eventually read this post, you better get schooled real fast. If you wait over five years to foreclose, you are going to lose any claim you have on a property. That means all your backed up properties are going to be lost.  You banks have corrupted the regulators who are over seeing you, and you aren't motivated to clean your books by those regulators anymore. However, you damn well will be motivated when thousands of homeowners start taking their houses back, and wiping their mortgage obligations to you.
Homeowners, you need to scheme and plan on how to PHYSICALLY stay in your house for five years, PAY your property taxes (don't let the bank do it) If you send in your mortgage payment, the bank will pay your property taxes. You need to pay your property taxes directly to the county, AND not let the bank do it. You need to keep all your payment records of your utilities, insurance, etc to prove you have lived there for five years.
After five years, of living there as a defaulted home owner, go to court, and get those liens wiped out.
Maybe I should write a book on how to do this…..
Larry P. Maloney
Mountain View CA.
** Update:Â Here is how it's done: http://www.infowars.com/toledo-man-streams-foreclosure-occupation-over-internet/
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