Gotta love texas
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Joined: Feb 2002
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From: arlington, tx
Vehicle: 1999 tiburon fx
Gotta love texas
http://www.blippitt.com/kenneth-robi...e-for-just-16/
Kenneth Robinson Buys $330K Texas Home for Just $16
Let’s hear it for good, old-fashioned ingenuity.
Last month, Kenneth Robinson found a home in Flower Mound, Texas that had been valued at $330,000. The home had been in foreclosure for more than a year and the mortgage company that held the note had since gone out of business.
That meant Robinson could took advantage of a little-known Texas law called “adverse possession.” After filling out some paperwork and coughing up a hefty $16, Robinson moved in to the home.
His certificate says that the house was abandoned and that he’s claiming ownership.
The house is practically empty, with only a few pieces of furniture. There is currently no running water or electricity.
Texas law gives him exclusive negotiating rights with the previous owner of the home. If the previous owner wants him out, he would have to pay off his existing mortgage and the bank would have to file a complex and intricate lawsuit.
Robinson thinks neither of those scenarios is very likely.
Neighbors are less than pleased with his ingenuity, however.
“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. If he wants the house, buy the house like everyone else had to. Get the money, buy the house.”
Robinson erected a few “no trespassing” signs after neighbors asked police to arrest him for breaking in.
“I added some things here for my own protection,” Robinson said.
He says his goal is to eventually take title to the home and become its legal owner.
“Absolutely,” he said. ”I want to be owner of record. At this point, because I possess it, I am the owner.”
What do YOU think? Should Kenneth Robinson be allowed to keep this Texas home, or should have get a mortgage and buy it like everyone else?
This guy to his neighbors -
Kenneth Robinson Buys $330K Texas Home for Just $16
Let’s hear it for good, old-fashioned ingenuity.
Last month, Kenneth Robinson found a home in Flower Mound, Texas that had been valued at $330,000. The home had been in foreclosure for more than a year and the mortgage company that held the note had since gone out of business.
That meant Robinson could took advantage of a little-known Texas law called “adverse possession.” After filling out some paperwork and coughing up a hefty $16, Robinson moved in to the home.
His certificate says that the house was abandoned and that he’s claiming ownership.
The house is practically empty, with only a few pieces of furniture. There is currently no running water or electricity.
Texas law gives him exclusive negotiating rights with the previous owner of the home. If the previous owner wants him out, he would have to pay off his existing mortgage and the bank would have to file a complex and intricate lawsuit.
Robinson thinks neither of those scenarios is very likely.
Neighbors are less than pleased with his ingenuity, however.
“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. If he wants the house, buy the house like everyone else had to. Get the money, buy the house.”
Robinson erected a few “no trespassing” signs after neighbors asked police to arrest him for breaking in.
“I added some things here for my own protection,” Robinson said.
He says his goal is to eventually take title to the home and become its legal owner.
“Absolutely,” he said. ”I want to be owner of record. At this point, because I possess it, I am the owner.”
What do YOU think? Should Kenneth Robinson be allowed to keep this Texas home, or should have get a mortgage and buy it like everyone else?
This guy to his neighbors -
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From: Houston, Texas
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Those people need to get over it. I am sure someone will pressure legislators to change the law.. probably go to the State instead. However, the guy beat the system. I hope he keeps it. I am sure he, because I would, sell the freaking thing after he gets the title and give the bird to the snobby people next door on his way out with the cash from one HELL of an investment..
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Joined: May 2001
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From: San Antonio, TEXAS!!!
Vehicle: 01 Tiburon Turbo, 99 Tiburon F2E, 2013 Avalon XLE Touring
Adverse possesion applies to more than just houses. I highly doubt they'll change that law.
Someone owns that mortgage, and NOT the previous owners. Just because a bank goes out of business, doesn't mean the mortgages go away. Another bank will step in and buy the mortgages. I think he's just legally there until the transfer of documents happen.
Someone owns that mortgage, and NOT the previous owners. Just because a bank goes out of business, doesn't mean the mortgages go away. Another bank will step in and buy the mortgages. I think he's just legally there until the transfer of documents happen.