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.
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.