Meet The Squatters: Here Are The Millions Of Americans Who Live Mortgage-Free For Up To 5 Years And Counting
Submitted by Tyler Durden on 06/10/2011 13:14 -0400
The topic of Americans living mortgage-free in foreclosed homes on which banks do not have proper titles is nothing new – in fact we are surprised that there isn’t a robosignature app for that…yet. Neither is the fact that this ongoing reverse capital transfer provides as much as $50 billion in “rental” income for those same squatters. And while the ethical arguments for strategically defaulting on one’s mortgage can get very heated on both sides, one thing is certain: the ongoing foreclosure crisis is creating a new subclass of “entitled” people, who certainly enjoy living on the back of the banks, while not paying one cent, and not vacating the premises.
http://www.zerohedge.com/article/meet-squatters-here-are-millions-americans-who-live-mortgage-free-5-years-and-counting
————————————————————–
Please read the whole article it has the same “refinancing” paragraph I have seen elsewhere. By my rough calculations the owners of the Florida property took out $500,000 in equity and have NOTHING to show for it and yet claim it is the bank’s fault they are broke. They say they used the money to invest in their business but I can almost guarantee that there was many, many personal purchases and a lavish lifestyle thrown in as well.
Moe Lane
PG DeFreese
Victoria Coates
Daniel Horowitz
Dan Spencer
I don't see any problem here with the home owners' behavior
civil truth (Diary) Saturday, June 11th at 9:27AM EST (link)If the mortgage holders prefer to not foreclose and evict, that’s between them and the defaulting owners; it’s not my business – it’s a business decision on the part of the banks – plus a rational economic decision on the part of the defaulting owners.
And certainly not grounds for the government to intervene and make matters worse than they already have made. Indeed, most or all of the inventory backlog is due to ill-conceived government intervention already.
I don’t see any “entitlement” mentality that results from these actions, just envy on your part – and inappropriate moralizing about “entitlement”.
The operative word here is not entitlement but grace. The owners already chose to default and to take the consequences, and they happen to be receiving grace for a certain period of time. What’s your complaint?
Check out Matthew 20:1-15 for an historical perspective on the matter. Take your complaints to Him.
The greatest evil…is conceived and ordered (moved, seconded, carried, and minuted) in clean, carpeted, warmed, and well-lighted offices, by quiet men with white collars and cut fingernails and smooth-shaven cheeks who do not need to raise their voice. Hence, naturally enough, my symbol for Hell is something like the bureaucracy of a police state or the offices of a thoroughly nasty business concern. -C.S. Lewis
http://www.gmsplace.com/
So you obviously didn't read the whole
bobbymike (Diary) Saturday, June 11th at 9:55AM EST (link)article. These people are being foreclosed on but are fighting because the bank “ripped them off”
Ya giving them an extra $500,000 dollars of home equity is quite the rip off. No one is ever responsible for their actions are they. The contract was broken when they stopped paying. GET OUT of the house, end of story.
And your last sentence about for me to search Matthew, are you proposing a economic system run by the tenants of the Bible? Because I prefer the Torah or the Koran or ancient Babylonian teachings (sarcasm alert)
The CNN report does put a slightly different light on the matter
civil truth (Diary) Saturday, June 11th at 1:14PM EST (link)…insofar as it features some people fighting foreclosure rather than simply cases in which the banks have chosen not to foreclose.
The sentiments that the CNN article author narrates certainly contain a mixture of motives and rationales, some of which does amount to special pleading. But you know what, even if there is some “entitlement mentality” there, that’s still between them and the banks (who have their own “entitlement mentality” too, including riding roughshod over the law).
Not to mention there is the irony is that many of these folks would be better off just walking away rather than fighting to stay. So those folks may be reaping what they’re sowing. No problem there.
Nonetheless, I don’t see in the article anything to indicate that we’re dealing fundamentally with something other than a dispute between two parties (banks and home owners), which is why we have the courts if the two parties can’t settle the matter between themselves
The Matthew 20 text has no tenants, just contracted day labor. The point is that so long as your contractual agreement is being upheld with your employing party, don’t kvetch about how they’re treating others. That’s between them; you have no standing in that matter.
I’m not clear why this $50 billion (or whatever the actual number is) so bothers you. Whether it should be in the hands of the bank or the owners, in either case it’s not your money under any scenario: you have no claim on it.
Of course, if the government wants to take your (our) individual money by coercion (e.g. taxes) to pay the banks, that’s a different matter – but there the correct target is our elected representatives, not delinquent home owners.
The greatest evil…is conceived and ordered (moved, seconded, carried, and minuted) in clean, carpeted, warmed, and well-lighted offices, by quiet men with white collars and cut fingernails and smooth-shaven cheeks who do not need to raise their voice. Hence, naturally enough, my symbol for Hell is something like the bureaucracy of a police state or the offices of a thoroughly nasty business concern. -C.S. Lewis
http://www.gmsplace.com/
I like your second response
bobbymike (Diary) Saturday, June 11th at 6:36PM EST (link)I have been unemployed and forced to take poor paying jobs and have always met my legal commitments to lenders and have never defaulted.
Your response did make me think and maybe be more charitable with my thoughts. I do want everyone to succeed in life and the current economic situation is frustrating.
If we just unleashed the American economy, but alas we have a socialist in office.
I appreciate your willingness to listen
civil truth (Diary) Saturday, June 11th at 8:22PM EST (link)…on a topic that is obviously quite personal and emotional for you.
But, to take a pastoral role here, the frustration you’re feeling is what David spoke in the Psalms, esp Psalm 73. What we need to remember is whose we are andwhere we put our hope.
We’re not going to find much validation for doing right (c.f. your first sentence above) in a society whose dominant ethic is that the ends justify the means and that anything is allowed in the absence of a controlling legal authority.
Which means we need to look to Him for consolation and endurance.
The greatest evil…is conceived and ordered (moved, seconded, carried, and minuted) in clean, carpeted, warmed, and well-lighted offices, by quiet men with white collars and cut fingernails and smooth-shaven cheeks who do not need to raise their voice. Hence, naturally enough, my symbol for Hell is something like the bureaucracy of a police state or the offices of a thoroughly nasty business concern. -C.S. Lewis
http://www.gmsplace.com/
I am pretty sure this breaks a site rule
michael_j_lambert (Diary) Saturday, June 11th at 7:32PM EST (link)The bit where you only posted half of your article and seem to be attempting to draw people to read it somewhere else.
As to the banks being unable to oust people from homes: if the banks do not have paperwork, contracts, etc. giving them title to the home, then I think this is a case of buyer beware. Sure, the banks claim to hold title, but if they are short of documents, then they have no legal standing.
Ultimately, this article barely brushes the surface of the issue. Based on what you posted here, I can make no more of an informed decision than I could before reading the article.
It is not my article only a link
bobbymike (Diary) Sunday, June 12th at 1:50PM EST (link)I am trying to follow fair use guidelines of posting under 1/3 of an original article and then sharing the link. I apologize if this was done incorrectly.
And of course I agree that a single article concerning such a complex topic can hardly be expected to explain everything. I am sure there are people trying their best and other openly flouting and ripping off the extended foreclosure process. No single article will ever illuminate the issue to everyone’s satisfaction but maybe open a dialogue and send people to find other stories about the issue.
Squatters perform a valuable service.
bigalsouth (Diary) Sunday, June 12th at 6:11PM EST (link)Seriously. Who assumes the cost of maintaining the property once title transfers to the Bank? Yes, the Bank. Yard maintenance, utility bills, water and most of all, the security that comes with having an occupied dwelling. Have you seen the cost of “force placed” insurance for a vacant house? IF you can get it? Through the proverbial roof.
I have had friends who stayed in contact with the bank during the foreclosure process and the banks greatest concern was that the property would become vacant. They were allowed to stay there until the bank made a decision about marketing the house. Also, as part of the new federal law, home owners can be paid up to $3000 if they leave the house in good shape.
I guarantee you one thing: If the bank thought it could move the property, they would have the “squatter” out in a NY second.
Educate, vent, discuss conservative issues at
http://itsaboutliberty.com