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
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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. Gateway has a policy of paying squatters up to $5,000, but balked at $25,000.