Thursday, March 10, 2011

Squatters' Rights Paying Off $$!

How to kick someone out of a house they don't own? Send them an eviction notice or cough up some cash! Considering the fact that in today's market, it's taking a year or two to sell some of these abandoned high end properties, some squatters' are turning a misdemeanor charge, into a full time business.l

Amplify’d from

We’ve all heard of squatters’ rights. In fact, at one point in our nation’s history, squatting on land was even encouraged. But now, they’re not just trying to take over properties; squatters want lenders to pay cold, hard cash. While this concept is not new and many landlords have opted to pay a small cash sum to tenants in exchange for a quit exit instead of undergoing a tedious eviction process, in southern California the squatters are asking for big bills, not small cash sums to help the move go more smoothly. For example, Gregory Russell, who is a convicted squatter, recently demanded $25,000 from Gateway Bank in exchange for moving out of a foreclosed Bel Air mansion and turning over the keys[1]. Gateway has a policy of paying squatters up to $5,000, but balked at $25,000.


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