Government Considers Ways to Rent Foreclosed Homes

[Yooperkat]

If Barney Frank gets involved ..... I can't see how this could possibly fail.

[KUchief25]

This is what it is leading to...............

FLOWER MOUND — A little-known Texas law and a foreclosure could have a man in Flower Mound living on Easy Street.
Flower Mound's Waterford Drive is lined with well-manicured $300,000 homes. So, when a new neighbor moved in without the usual sale, mortgage-paying homeowners had a few questions.
"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."
Lowrie and her husband said the house down the street was in foreclosure for more than a year and the owner walked away. Then, the mortgage company went out of business.
Apparently, that opened the door for someone to take advantage of the situation. But, Kenneth Robinson said he's no squatter. He said he moved in on June 17 after months of research about a Texas law called "adverse possession."
"This is not a normal process, but it is not a process that is not known," he said. "It's just not known to everybody."
He says an online form he printed out and filed at the Denton County courthouse for $16 gave him rights to the house. The paper says the house was abandoned and he's claiming ownership.
"I added some things here for my own protection," Robinson said.


A $330,000 home for $16? 'This is not a normal process' | wfaa.com Dallas - Fort Worth



"Lowrie and her neighbors continue to look for legal ways to get him out. They are talking to the mortgage company, real estate agents and attorneys. They're convinced he broke into the house to take possession, but Robinson told News 8 he found a key and he gained access legally.
"If he wants the house, buy the house like everyone else had to," Lowrie said. "Get the money, buy the house."
Robinson said he's not buying anything. As far as he's concerned, the $330,000 house is already his and he has the paperwork to prove it."

[HappyTexan]

Yet another bank bailout ?

The government is going to rent out their foreclosed homes for them and send them government money.

And who doesn't see the transfer of wealth here ??

What is preventing the banks from becoming landlords themselves WITHOUT government intervention and money ?

[shadowne]

Originally Posted by KUchief25

This is what it is leading to...............

"Apparently, that opened the door for someone to take advantage of the situation. But, Kenneth Robinson said he's no squatter. He said he moved in on June 17 after months of research about a Texas law called "adverse possession."
"This is not a normal process, but it is not a process that is not known," he said. "It's just not known to everybody."

A $330,000 home for $16? 'This is not a normal process' | wfaa.com Dallas - Fort Worth
"Robinson said he's not buying anything. As far as he's concerned, the $330,000 house is already his and he has the paperwork to prove it."

This guy is a hero to some.
Kenny Robinson: My New Hero « From Ashy to Classy

[KUchief25]

This is the new American Dream it appears. Get a house for free. Hard work? Ahh who needs it.

[Swingblade]

It is a gift to his bankster buddies. Think about it, a home that has been sitting empty gets broken into and stripped, or mold occurs,busted pipes etc etc. The plan will let sec8 renters move in mostly on tax payers dime to maintain the home. If the sec8 renters cause damage it will be repaired by HUD,thus the value of the home retains some of it's value. Of course home values will continue to decline because of free market 3rd grade economics of supply and demand.

[southbel]

And the government can't understand the anger of taxpayers? Here's a clue...policies like this. You know, on some level, I wish they would have just bought all those foreclosed homes rather than just giving the banks free cash and then bulldozed the flipping things. When will this end? Hey, for all of you hard working taxpayers, the Obama administration has a section 8 renter moving in near you! So much for all that hard work, researching neighborhoods, getting into the best schools...I'm just more and more disgusted each day.