Squatter Seeks To Occupy $2.5 Million Boca Raton Mansion

[Rickson9]

The 23-year-old has moved into an empty $2.5 million mansion in a posh Boca Raton neighborhood, using an obscure Florida real estate law to stake his claim on the foreclosed waterside property.

The police can't move him. No one saw him breaking into the 5-bedroom house, so it's a civil matter. And representatives for the real owner, Bank of America, said they are aware of the situation and are following a legal process.

But the situation is driving his wealthy neighbors crazy.

"This is a very upsetting thing," said next door neighbor Lyn Houston. "Last week, I went to the Bank of America and asked to see the person in charge of mortgages. I told them, 'I am prepared to buy this house.' They haven't even called me back."

Squatter Occupies Bank Of America-Owned $2.5 Million Boca Raton Mansion, Hilarity Ensues | Zero Hedge

 

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[GPM]

Crazy eh? I have heard about this a few times since 2008 in Florida, but nothing so ritzy as this.

I bet you BoA does not even know where the mortgage papers are.

 

[^eagle^]

This is a totally legal avenue called adverse possession. I know quite a lot about it and investigated a few houses to do it. It's a law designed so that Fallow property can become inhabited by people if the owners are unknown. And if you understood how corrupt the banking system is in it's current form you would have no problem doing it too.

 

[mayana]

And if you understood how corrupt the banking system is in it's current form you would have no problem doing it too.

I've heard this argument a lot, and I'm not sure exactly what to think. In fact, my dad showed me some book (which I didn't read) which explained how I could legally stop paying on my mortgage and still keep my house.

I think the theory behind the issue is that the banks have handled the mortgages fraudulently somehow, and that means that they don't really own my house... I don't know. Whether or not it would be ethical... I did borrow the money from someone... whether I am paying it back to the right person doesn't seem to matter much.

Has anyone else ever heard of anything like this?

Edit: I just searched my e-mail and it turns out I have it still. If you want a copy to see what this craziness is about, let me know (it's license-free).

 

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[InMotion]

I supposed it never dawned on him to squat on a cheaper home? I don't think he knows about property taxes. I think it will be freed up next year when they evict him for not paying taxes.

 

[Lights]

I supposed it never dawned on him to squat on a cheaper home? I don't think he knows about property taxes. I think it will be freed up next year when they evict him for not paying taxes.

Still worth to live in a rent-free mansion in a nice neighborhood for over a year. He could use this time to gather capital and strike it on his own. He can't be stupid. Look at all the attention he is getting.

If I was him, I would be doing something to make me a celebrity like hosting a reality show, Mtv likes this kind of stuff.