So, you want to move up. Well, then: move in.
A 23-year-old squatter broke into a $2.5 million empty house. He thereby established rights to it: squatter’s rights. He can be evicted, but only by legal action.
The Bank of America knows this. It does nothing.
All over the USA, squatters have done this for years. Banks allow it if the occupants are not tearing up the places.
Banks refuse to foreclose and evict. It costs money. Then they would have to get the homes sold. They have adopted a strategy of holding houses off the market.
Every so often, one of these squatters’ stories hits the media. The banks pretend it’s not a problem. They say nothing.
Millions of owners who have stopped paying on their mortgages live rent-free. Banks say nothing. As the legendary Lakers’ announcer Chick Hearn used to say: “No harm. No foul.”
The bank regulators allow this. It subsidizes the housing market.
For a recent article on this practice, click here.
On the specifics of the $2.5 million home, click the link.