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Main Money Get-rich-quick Schemes A guy got a house for 16 bucks

A guy got a house for 16 bucks

flower_mound_houseTalk about getting rich and quick! A man moved into a house in Flower Mound, Texas by taking advantage of a little known Texas law and only paying $16 for a form to fill out. The house was on foreclosure for more than a year and the owners walked away. Finally the bank that financed this house went out of business (I don't think it was because of that particular house, but as you can imagine they've probably have given out a lot of mortgages like that).

Kenneth Robinson says he filled out an online form at the Denton County courthouse for $16 and got the rights to the house. The paper says the house was abandoned and he's claiming ownership. If the original owner wants him out, they'll have to pay off the mortgage first. If the bank wants him out, they'll have to file a lawsuit against him. Robinson believes that neither case is likely.

The house has no running water or electricity, but that doesn't bother the new occupant - he's just setting up a camp there. All he has to do now is stay in that house for three years and then ask the court for the title.

You bet the mortgage-paying neighbours are pissed off! "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." The new owner (sort of) said he's no squatter. He moved in on June 17 after months of research about a Texas law called "adverse possession."

Robinson posted "no trespassing" signs after neighbors asked police to arrest him for breaking in. Police officers say they can't remove him from the property because home ownership is a civil matter, not criminal.

 
Comments (4)
house for 16 bucks
4 Sunday, 14 August 2011 20:47
bobby
The house is still not his, he may be camping at it, but he's not out of the woods yet.
but yeah, I can sympathize with the neighbors.
house
3 Tuesday, 09 August 2011 07:32
Economy Victim
This is the time when smart people make money.
house
2 Tuesday, 02 August 2011 10:00
stanley
this goes to show you the mess that the economy is in.
nice house
1 Tuesday, 26 July 2011 11:36
Dave
I'd be pissed too if I was the neighbor!

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