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Old 05-12-2010, 11:58 AM
 
575 posts, read 1,595,557 times
Reputation: 306

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Quote:
Originally Posted by nmnita View Post
I don't believe anywhere in the country this is widespread like the OP seems to think. There will always be a few and some will get away with it, but most, not for long.


You're kidding, right?

You all must be defining squatters as scammers, or maybe homeless folks, who just move into abandoned houses. I don't think that's widespread, although there are isolated cases out there.

But if you're defining squatters as "homeowners" who have stopped making payments, but are still living comfortably in "their" houses... by all means it's happening; and yes, it's happening big time in Orange County.

A January 2010 Mortgage Monitor report showed that over 10% of loans in the United States are delinquent. Lenders are overwhelmed by the volume, and since lenders know that foreclosing on all those loans would cause catastrophic losses when the numbers were realized on their books, in addition to crushing home prices, thus causing further losses, they are choosing not to do anything.

More than 50% of scheduled trustee sales in OC are postponed, often multiple times. I've seen cases where the "owner" last made a house payment sometime in 2008, but are still living in "their" house in 2010.

One recent report indicated that more than one-third of all delinquent borrowers have been delinquent for more than a year.

Squatters are everywhere!

 
Old 05-12-2010, 12:16 PM
 
726 posts, read 921,564 times
Reputation: 1319
I thought it was the defaulted homeowners who were squatting? Our neighbors didn't pay their mortgage for more than a year. I sure wish I didn't have to pay rent for more than a year. I could actually afford to buy a new car. Maybe I'll look around for a house to squat in.
 
Old 05-12-2010, 08:31 PM
 
10 posts, read 26,954 times
Reputation: 15
You guys should check out Irvine Housing Blog (Irvine Housing Blog - Irvine Real Estate and Irvine Homes). They profile a new property each day and most are the scenario described here. Squatting for a couple months is nothing... we routinely see homeowners squatting for years. Strategic defaulting is the new hotness. You really should check out that site. It's written by the author of "The Great Housing Bubble: Why Home Prices Fell". His work has been featured in the Orange County Register and all.
 
Old 05-13-2010, 09:10 AM
 
Location: Bella Vista, Ark
71,683 posts, read 83,244,992 times
Reputation: 41524
Quote:
Originally Posted by Axiom View Post
You're kidding, right?

You all must be defining squatters as scammers, or maybe homeless folks, who just move into abandoned houses. I don't think that's widespread, although there are isolated cases out there.

But if you're defining squatters as "homeowners" who have stopped making payments, but are still living comfortably in "their" houses... by all means it's happening; and yes, it's happening big time in Orange County.

A January 2010 Mortgage Monitor report showed that over 10% of loans in the United States are delinquent. Lenders are overwhelmed by the volume, and since lenders know that foreclosing on all those loans would cause catastrophic losses when the numbers were realized on their books, in addition to crushing home prices, thus causing further losses, they are choosing not to do anything.

More than 50% of scheduled trustee sales in OC are postponed, often multiple times. I've seen cases where the "owner" last made a house payment sometime in 2008, but are still living in "their" house in 2010.

One recent report indicated that more than one-third of all delinquent borrowers have been delinquent for more than a year.

Squatters are everywhere!
As in years past, it takes close to a year to foreclose and remove someone plus what you are calling squatters and I am calling them are certainly 2 diffeerent things. Go back and read the ops original posting. He/she was referring to, or it appears to people moving into foreclosed on homes, not people staying in their homes after falling behind in the payments. The question was also addressed to other parts of the country, no not all parts of the country have the same problems that exist in California.

Nita
 
Old 05-15-2010, 02:33 PM
 
Location: South of Northern California
378 posts, read 641,068 times
Reputation: 255
The Sea Bright property's more complex than mere squatters. The OC Register is following that story. The police won't remove the squatters because they're renting from a guy who has found a way to deed vacant homes to himself without the owner's knowledge and rent them to people. He's done it with several houses. There's another prominent case with some of his squatters in Anaheim Hills. So the police have refused to remove the squatters because they say it's a matter for the civil courts. Hopefully the state will nail this guy now that it's out in the open. I hope for the sake of the neighbors on Sea Bright who have to put up with those obnoxious and noisy squatters that they'll have some legal recourse to remove them soon.
 
Old 05-15-2010, 04:32 PM
 
Location: Newport Beach, CA
131 posts, read 358,232 times
Reputation: 58
Quote:
Originally Posted by matzoman View Post
Lots of foreclosures in Laguna Beach. A few squatters have been caught. I think quite a few are squatting in the south village.
As well as in Newport. We had some Jehovah's Witnesses squatting in Newport coast, right in the Crystal Cove homes!

And everyone wondered where the hell these people were coming from...
 
Old 06-18-2010, 11:32 PM
 
3,878 posts, read 3,284,276 times
Reputation: 2516
Quote:
Originally Posted by killer2021 View Post
For the banks I don't really see the big deal in letting people squat. A major problem to vacant homes is that people vandalize them and cause tens of thousands in damage. At least if there is a squatter, they'll call the cops if someone breaks in.
That sounds a little far fetched. A squatter in a home illegally calling the police on another criminal. Squatters also vandalize and steal things, it's not like they're ethical and honest.
 
Old 06-21-2010, 07:18 PM
 
Location: Earth
17,447 posts, read 23,872,739 times
Reputation: 7264
Quote:
Originally Posted by antarez View Post
That sounds a little far fetched. A squatter in a home illegally calling the police on another criminal. Squatters also vandalize and steal things, it's not like they're ethical and honest.
There was a group of homeless men in Florida who offered to occupy the large number of foreclosed homes in a subdivision there in order to keep out criminal elements amongst the homeless, drug dealers, addicts, etc. from squatting there. The HOA was fine with that, and their proposal worked, as the men squatting in the homes wound up keeping the neighborhood safe and the crooks, addicts, teen runaways, dealers, gangs, etc. out of the development. Local LE was skeptical at first but wound up coming around and supporting the proposal.

Another issue: California does have adverse possession laws ; while squats rarely last seven years, would it not be possible for squatters who live in a dwelling that long, if they could come up with the money for back taxes somehow, to earn title to the property by adverse possession?
 
Old 06-21-2010, 07:35 PM
 
Location: Mission Viejo, CA / San Rafael, CA
2,352 posts, read 4,653,164 times
Reputation: 537
Rewarding people for stealing homes? Great, why don't we just legalize recreational drugs too?
 
Old 06-22-2010, 11:01 AM
 
575 posts, read 1,595,557 times
Reputation: 306
Quote:
Originally Posted by nmnita View Post
As in years past, it takes close to a year to foreclose and remove someone plus what you are calling squatters and I am calling them are certainly 2 diffeerent things. Go back and read the ops original posting. He/she was referring to, or it appears to people moving into foreclosed on homes, not people staying in their homes after falling behind in the payments. The question was also addressed to other parts of the country, no not all parts of the country have the same problems that exist in California.

Nita

My post was slightly tongue in cheek. Intention doesn't always come across well online.

I stand by what I said regarding plenty of squatters being out there though. If someone is living in a house they're not paying to live in (and they don't own it outright) they're a squatter in my book... even if their name is on the mortgage.

We'll have to disagree when it comes to foreclosures taking the same amount of time they've always taken. I don't think that's correct, at least not in Orange County, which the original post specifically addressed. Extend and pretend seems to be the name of the game with many mortgage holders right now.
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