Man Uses Legal Loophole to Buy $300,000 House For a Whopping $16

This just goes to show how fracked up our economy is.

That is terrific and kudos to that guy. Good thing about squatting is that he can get all of his utilities hooked up in that house under his name and the utility companies won’t care so long as they’re getting paid.

How do I get a list of these abandoned homes- I’m looking for a place overlooking Muir Beach :)

I laughed. This man is a god.

The taxes on it would totally suck, though.

All the mortgage company has to do is send him a letter telling him to leave, or have the sheriff show up and do it.  He also has to pay all the property tax/HOA fees to validate his claim.  Lastly, it will take longer than 3 years, probably 7 but most likely 10.

The mortgage company has gone bye-bye. I’d pony up the taxes and fees! It’s still a considerable savings!

Damn flower mound is like a few minutes from me. I wanna hire this guy to find my next house!!!!

lol, adverse possession is not an “an obscure and magical property law.”  this guy probably did 5 mins of research on wikipedia to find out about it.

Maybe if the mortgage company still existed.

This man is a genius, and he deserves it after sifting through obscure laws.  Not like that asshole who asked for a million bucks on Youtube and got it.

i bet his family want to know him now.

Even if the guy gets kicked out 2marrow, he already got his moneys worth, since I have never heard of a Hotel renting a ONE room ONE bathroom studio for less than $50…

At least not a decent one, and that means if he’s spent ONE night in the house and somehow LEGALLY, he gets booted, he can literally tell everyone to go fuck themselves, seeing as he only paid $16 for the damn house in the first place….

But now stands the question about Taxes and Insurance…

He will probably take better care of this house than his neighbors!  Kudo’s to him.  In Florida you can drive through so many sub-divisions and see the houses that have been foreclosed on out-number the houses that people are paying thier mortgages!!

uh… mmmm don’t think so…. the mortgage co is bankrupt…  member…?  he in fair and square…. lol… alls i can say is kudo’s kiddo… heck man … I would help him pay the taxes… :) 

LOL @neighbors LOL Y U MAD THO?

I watched the video for this story on another site.  It’s pretty obvious why everyone in the neighborhood is mad, the man is Black.

Jealousy might just make underserving personalities move out – good. 

all the mortgage company has to do is send a letter stating that he’s allowed to live there for the next 90 days and then he has to move at that point his occupancy is no longer hostile to the interest of the owners and the chain of continuity has been broken for adverse possession

there is NO mortgage company!! The mortgage company folded, Bankrupt! read the article please!

It’s amazing how a country can get in recession because poor people could not afford decent housing, yet a few years later they can have the same houses for free. Is it greed or stupidity? We’ll always find some people happy to capitalize ones misfortune.

just becaue a mortgage company goes under doesnt mean that all the money they have out and all the properties they are “mortgaging” will be forgotten about. Some other company will be taking up their assests when they buy them out then they will be the ones to kick them out. Before you get too cocky about it, think about what you are saying

“Before you get too cocky about it, think about what you are saying…”

That goes for Mercedes, too, doesn’t it? 

THERE IS NO MORTGAGE COMPANY CLAIMING OWNERSHIP OF THE PROPERTY.

Even though it seems impossible for people with law degrees to believe, as well as economists and other elite groups, organizations CAN, DO and WILL go out of business and there will be no one there to pick up the pieces…especially the government.

$9,000 a year for insurance.

    u r  soooooo right ………

The only reason the neighbors are mad is because for one its a black man living in the house and second they weren’t smart enough to do what he did. Good for him and to hell with the neighbors! Their just mad because they paid thousands for their homes and he paid a wopping $16. The man deserves an award…

What can I say, knowledge is power

You failed to understand the loophole. The loophole is that since he moved in after the property had been abandoned and before the mortgage was sold to someone else, that mortgage cannot be sold to anyone but him. No other bank can take over the mortgage since he is the only one that they can negotiate with. If the trustees want to sell that mortgage as part of the fire sale on the bankrupt companie’s assets, they must sell it to the squatter, not to some other bank.

Good for him!  I live in Flower Mound as well.  Really weird I heard about this on Geek-o-System and not in the paper.

Yeah cause if he was white lika all of them it would be ok. Just goes to show you some white people hate to see other races move up in the world i will be praying for that guy to be able to keep the home.  

Poor neighbors i hope you all roll over in your own shit i hope he becomes your worst nightmare just for being sooooo pathetic & ignorant quit hating already if you had that chance you would of done the same you are just pissed cause the BLACK man was smarter than the WHITE man this time since you didnt get a warm welcome im sending a warm welcome my way.  

All he’d have to do is openly deny their offer. Researched this ALL last week and even spoke with my closing attorney. This guy is the odds on favorite to come out on top of this situation.

people who are in shock (hating) can not understand that the morgage company does not exist. good one mate god has sent u a home to live in.

You realize that you have no proof of this being true, in fact you’re probably wrong. This probably has nothing to do with the man being black, and you sound very racist to white people suggesting that all white people in this neighborhood are racist. Don’t even act like you know what you said is true, cause you already know you can’t prove it based off of two other people on this site who suggested it.

What! No it’s like $600-$1000. If you are paying $9000 grand for insurance, you are getting ripped off. I own three homes and I have NEVER paid more than $1100/year.

About insurance…technically…at least every where that I have lived…if you own a property out right…in other words…no mortgage…then you are NOT obligated to pay insurance on something you out right own…why would this man take out insurance on something he paid $16 for?! NOW…a car that’s a different story. My parents built their home with cash & they did NOT have to purchase insurance, but because they did spend waaaaay more than this guy did for a house and all the possessions in it, oh & for the simple fact ppl are sue happy…they DO have insurance…but the key answer here is…it’s totally up to him if he wants to take out insurance. Taxes…different story…we all have to pay that regardless, not sure if there are loopholes to be found there so that he could afford them. BUT who’s to say this guy CAN’T afford it or HOA fees, etc.?! BUT I’m sure the guy did his research on THAT, as well! If he did THAT much research…don’t ya think he would’ve research everything else, as well? Just something to think about! And by the way…for all the skeptics…there are loopholes EVERYWHERE in our laws! He just happened to have obviously a lot of time on his hands & used it to his advantage…what’s wrong with that?! I say…kudos to him! Banks & other companies have been taking advantage of us for years…what’s wrong with the tables finally being turned?! The neighbors problem…their own homes value dropping! I guarantee it! Oh, and another thing for those who think this guy’s gonna get tossed…EVEN if another company buys out the one that went belly-up…that doesn’t happen overnight! I wouldn’t be surprised if it takes longer than the 3 yrs he has to wait! My only concern for him is if he’s using the squatters’ rights to get this house…in most states that has been completely outlawed, so I’m a little shocked that if it is under these rights/laws, etc….3 yrs is awfully low…it used to be at LEAST 7-10 yrs where I come from! And as far as the company that has gone bankrupt…this is to who ever said all they had to do was send an eviction letter & have it served, etc….if you are bankrupt…no company has the money to do that…there’s way more involved in doing that than a common person realizes & it’s not cheap either!…and a bankrupt company, much less…who the heck is going to pay all the legal fees to have that done?! NO attorney works for free…I don’t care who you’re client is…especially a bankrupt one! It’s not worth the bankrupt companies time to even go there!

I have to agree…do we know what neighborhood this house is in…the demographics…the ratio of white to black to hispanic to any other one of God’s people he created different, but equal?! If not…then we can’t assume just because it’s a $300K home…that it’s neighbors are ticked because the guy is black…do we know what the race of the neighbors are or the neighborhood for that matter? Probably not! If so, assuming gets you no where…that’s what’s wrong with this country and the people in it for the most part…racism! The neighbors, like I mentioned in another post above…are probably more ticked about their OWN home values going down now for what he paid for his! Oh & some jealousy because they ARE paying a hefty house note! Why does EVERYTHING always have to end up racist?!! Jeez!!

Flower Mound, Texas’s own Kenneth Robinson adverse possession class coming soon!!!

https://www.flowermoundtxofficial.com/23.htm

alt site:
http://www.adversepossession.com/?hop=flowerm

its really simple why theyre pissed off. they worked hard and paid their own money for their homes. he got his through a loophole. how would you feel working hard and paying hard earned money for something then someone coming along and getting pretty much the same thing and not even paying pennies on the dollar for it because of a loophole? it pretty much says to them hey all your hard work and savings were for nothing. myself im not really happy for him nor am i against him. if i read right the time varies between 3-10 years.

It’s like winning the lottery…make more $ than ur neighbor…it’s all the same in my eyes! the dude busted his tail to find that loophole & succeeded! Yea, you’d prob be jealous if someone won the lottery or made more than you! It’s human nature! These ppl are blatantly jealous of his hard work…his way was just more clever!

Just sayin…wouldn’t you be jealous if your neighbor won the lottery?! It’s a jealousy thing, most definitely! Would I be mad? or hate the person? NO! They need to grow up!

When did it become OK to STEAL! And that is what he did, oh and it didnt take a video to guess what this guy looked like

MMS. ARE YOU OUT OF YOUR MIND???? Your post answers that question, if this man actually did work hard he would NOT have had to STEAL, and make no mistake about it, when you take something that does not belong to you it is STEALING, I would LOVE to see the follow-up in a couple months, oh and to you people that think cause the mortgage company went under there is no ownership, well lets just say YOURE ALL IDIOTS! When a company files for bancruptcy in most cases their assets are disbursed by the court to cover liabilities. to the person that told the young lady to “read the story” maybe you should do some readin, because you obviously are an idiot!!

Sir, your statement is blatantly ignorant and racist.
“Squatting” is not theft, the property in question had not been properly handled upon the folding of a company and this is exactly what a mismanaged property runs the risk of becoming. What Mr Robinson has done at absolute worst is exploited the inadequacy of property law, the ineptitude of a mortgaging company, and the general failings of our convoluted (and frankly archaic) law system for the sake of his own personal gain. Is this questionable? Yes. Does this fly in the face of the ‘value’ of a dollar? Yes. Is this in the very -spirit- of the American Dream? I challenge you to explain, without reference to ‘theft’ or other unlawful acts , because this action was in no way unlawful, how this cunning individual’s applying himself, making do with what he had, and finding success through sweat and perseverence isn’t a paragon of the American Dream.

I’d feel stupid.  Man, I coulda got that for 16 bucks?
BTW…It’s not a loophole…it’s the Law.  That’s what Goldman Sachs, General Electric, Exxon Mobile all say when they make record profits and pay zero ZERO ZIP ZILCH NADA CERO NOTHING IN TAXES!!!  Why is it that they are not taking advantage of the system?  A loophole is a fallacy, coined by people who are pissed off because they didn’t think of or do something themselves.

BTW AGAIN…Most companies, especially large multi-national corporations like GE Goldman, Exxon, Monsanto buy politicians to introduce and vote for bills that were written by the company lawyers.  

Heads of Monsanto move to the FDA to pass regulations snuffing out small business, unknowingly forcing the American people to buy products from only them just like Goldman Sachs CEO’s and members of the board move back and forth into the economic branch of the Government and “advise” the president to introduce a stimulus bill to spend more than every President in US history combined and then do it again…and again…and then a jobs bill…after they decided which banks to bail out and which of the competition gets destroyed..STFU

I’m glad he did it…I just wish it was your house he did it with.Stop whining and mind your own business!

Really nice

Just because the mortgage company is bankrupt doesn’t mean their interest in the property can’t be claimed.  Eventually someone will own the interest in the property (one of the mortgage corp debtors or someone who buys it from the bankruptcy trustee) and it would make sense for them to go after him.  It might take a year or even two for the dust to settle on the bankruptcy but I don’t see him being able to remain in the house unchallenged for three years – especially not that it has now been reported in the media.  It’s important to remember that the legal system has been dealing with issues like this for centuries.

The article says that he has exclusive negotiation rights.  What if he can’t come to an agreement with the owner?  The article doesn’t say what occurs if he can’t come to an agreement with the owner through negotiations.  If this is not a well tested area of law he may find himself in court spending a bit more than $16.

This is what is wrong with America today. Some idiots want everything for nothing. Entitlement minded liberals need to learn to work for what they have, otherwise nothing has any real value. Go get a job, after you bathe of course.

you are the best.

This is really wrong. If someone owns the house , whether it is the bank or whatever, they own the house. Tresspassers should be shot on site, pity the world laws are so “soft” and weak. Nowadays, it is only the weak that survive.!

Agree totally, Kenneth Robinson is the BEST!  Majority of non-researching  people spouting negative remarks toward LEGAL Loophole are why this “so called Equality for ALL U.S.A. is facing a MAJOR Depression”. Government LOVES them.. being they are thoroughly Programmed/Mind Controlled to believe they DESERVE nothing more than treated as meek Sheep to the slaughter. Do not recall ANY BIG NEWS CHANNELS FEATURING THIS STORY…d o n “t  h a v e t o  w o n d e r  w h y! A small Part of the big overall Game Plan Government has in store and presently implementing.    

Precisely what the Government has successfully been doing to Americans for hundreds of generations “STEALING”, they will now find ALL LOOPHOLES O R  CREATE NEW ONES TO STEAL MUCH MORE,  greed throughout Government is running out of OUR money? 

 no he’s a scum head!

Why are you calling him a scum head?  He did not break the law in any way, shape, or form.  He knew the law and made it work for him. 

@ Sjarrell don’t hat because he’s smarter than you :)

hate*

 your probably stuck in some mortgage that you’ll be paying off for the rest of your life, jealous cunt.

How is he scum?  Every other party that had a legal right to the house gave up their right?  So you’d rather the house rot so long as thing guy doesn’t get it for cheap?

Jealous people think he’s a scam, but he never broke any laws. They issued a Grand Jury, just as to see if he will say he scams people, but they have nothing on him Of course, they can pay off the debt and kick him out, but that doesn’t mean he did anything wrong. Those laws were written so people can afford a house, now it’s wrong? 

How so?

The bank loses, how do they get the money back? Insurance…

For once the people win…..

He’s simply someone who’s figured out this loophole in the system.  If anything, his neighbors should be happy that he’s going to take care of the property, thereby ensuring that this house won’t be causing a drain upon their Own House Values.

This guy did what we should all be doing. Taking the system for what they can, because the system is gonna take you. God speed squatter. 

for vita eternam,  opportunists have found and capitalized on this kind of thing. It is the law of the fittest.

What a fantastic story. God Bless you guy…..keep on keeping on !

Now when did breaking and entering not become a police matter, and why is breaking and entering a home considered squatting when it’s an extended stay?
If he took just one item out of that home he’d be considered a thief, isn’t that how they can turn around the technicality?  The squatting law is for the home, but not items or possessions in that home, therefore if he threw away one bar of soap, an old appliance, old lamp or fixture or seat or shower curtain he’d be technically stealing property.

 Why is he a “scum head”?  All he is doing is what the law is allowing him to do.  Sjarrell, you would do the same thing if you had the opportunity.  Stop trippin.