A Texas Man Could Get A $330,000 Home For Only $16 Using Old State Law [VIDEO]
It's could be true, if an "old" State Of Texas law holds up in court. The law is called "Adverse Possession". A home valued at over $330,000 dollars was foreclosed on, then the mortgage company that held the mortgage went out of business. The house just sat there, and that's when a Texas law savvy Kenneth Robinson moved into the empty house and started "squatting on it".
After Robinson filed a few papers paid the customary $16 filing fee with the proper state agencies, and presto the waiting game begins. If the former home owner doesn't remove Robinson, the banks just might have to buy Kenneth Robinson out or take him to court and challange the Adverse Possession law.
If nothing happens within three years of Robinson filing with the state, he can then ask the state for the title to the house. As of now Robinson feel pretty sure the former owner and the bank will do nothing, however the neighbors want him out or have him purchase the house. If Robinson were to buy the house who would he buy it from? There is no mortgage company anymore they went out of business. What do you think? Is this law wrong?