Re: ADVERSE Possession - Jacksonville Man Takes Foreclosed Homes For Vetarans

In Hawaii at least, mortgages that were sold by Countrywide and BofA among others, and then re-packaged and sold to Fannie and Freddie don't have titles.

In order to save money, the mortgage seller 'robo signed' the paper saying they had transferred the deed but they never did.  Then some bank or lender ended up buying the paper to 'service the loan' - that is, to collect money.  But they have no title and they cannot EVER get title because no real person ever signed the title papers. That's called a 'clouded' title because there is no verifiable (or even extant) chain of ownership - they were just shuffling paper around and no one did anything about it.

So....because they can never get clear title, if they want the property, they have to  let the taxes go to arrears for three years until the county takes the property for back taxes and auctions it.  Then they buy it and get a new, clear title from the county.  That takes three years; that is to say the property must go three years in arrears before the county can take it for back taxes and sell it.

What one does, therefore, is to identify properties for which back taxes are owed for at least two, but not quite three years.  There are thousands of them.  They are typically unkempt and look abandoned - which they are.  And the law Abercrombie signed makes clouded titles un-clearable except by the way I mentioned.

So you amble down to the county and pay two years of back taxes and give them a letter notifying them that you are occupying the property as a homestead and you move in.  You actually have to move in in this state.  And you have to live there for 20 years - in this state.  

But no one has a title and no one can evict you. Ever. As long as you pay the taxes. You are not sneaking into an unattended property and hoping no one notices. You are equating this with squatting.  It is a completely different thing.  In fact, you have to announce that you are homesteading and actually live there.  You aren't 'squatting' in a home someone owns. Not at all. No one owns it - you are homesteading an un-owned property and that is perfectly legal to do.

The other way is that you can wait until the county auctions the property and then bid against the bank for it - but the banks have deep pockets.

So you can do exactly what the banks are doing, except you can get in early.

You have a mistaken idea that some bank owns the property and can toss you off - but they can't toss you off because they don't have clear title and cannot get it. NO NOE DOES. The paper was sold illegally several times and the mess cannot be untangled.  They can bullshit you and they can make noise, but unless they are the registered titleholder, which they are not, they cannot do shit.

Here it becomes interesting.  MOST of the equity banks and funds have are bad mortgages.  They carry them as assets, but they don't own them and people are starting to realize that.  These toxic assets were paid by the FED, so the banks didn't lose the money, but NO ONE actually owns the properties.  That's why the economy is going to tank.  The banks have no assets.  We paid them so they didn't lose the money, but they never owned that the taxpayers paid for - which is why Freddie and Fannie are suing he banks - they got scammed and now THEY have no assets either.

On Mon, Oct 3, 2011 at 20:43, Joseph Ayer <josephayer@gmail.com> wrote:

usucapio is the new Tango for the times.....

adverse possession is a concept that I'm not fully able to grasp. If one takes over a unattended property, and no one notices for a certain length of time (how long) one has the legal right to occupy (own?) said property.

It sounds like great populist ju jetsu to me. I would like to understand it better. Do banks hire someone to check on properties for such squatters? If one is removed for 15 days of disputed property is the gig over? I know you got the answers - fill me in.
Joe

On Mon, Oct 3, 2011 at 5:14 PM, TC Burnett <tcburnett@gmail.com> wrote:

We are starting this on the Big Island.  It is legal.  Contact me for details.

ADVERSE Possession - Jacksonville Man Takes Foreclosed Homes For Vetarans
http://www.news4jax.com/news/29329310/detail.html






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90% of success is showing up.  Getting the math right is the other 50%.

-T

Aut viam inveniam aut  faciamaut viam inveniam aut faciam.

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--

90% of success is showing up.  Getting the math right is the other 50%.

-T

Aut viam inveniam aut  faciamaut viam inveniam aut faciam.

-Hannibal