Mortgage Loophole Allows TX Man to Purchase Mansion for $16!

Filed in Gather News Channel by on July 20, 2011 0 Comments

Wanna own a mansion? They’re going for 16 bucks a pop in Texas… if you can keep the neighbors from burning down the house. One mortgage scofflaw in Texas is finding that out… the hard way.

Kenneth Robinson has been squatting in a $330,000 home in Flower Mound, Texas by using a little-known law, called “adverse possession” to avoid the inconvenience and expense of applying for a traditional mortgage.

Naturally, his neighbors are steamed.

Robinson spent months researching the law and looking for the perfect house which fell under some unusual circumstances. The original owner walked away from his home loan and the lending company closed.

Using the loophole, and filing paperwork at the county clerk’s office, Robinson says he’s now the legal owner. The cost of the filing? A measly 16 bucks.

Police are unable to give in to neighbor’s demands that Robinson be arrested for squatting because they say it’s a civil matter. And, according to the law on the books, he’ll own the home after three years. In the meantime, he’s got to live there with no electricity or running water. And some very hostile neighbors. Just like the old days.

Which gives new meaning to the old saying: possession is 9/10ths of the law…

Image courtesy of Wikipedia

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