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Squatter Occupies Bank Of America-Owned $2.5 Million Boca Raton Mansion, Hilarity Ensues

Tyler Durden's picture




 

The robosigning/fraudclosure fiasco came, saw, and eventually left following a comprehensive slap-on-the-wrist settlement with all mortgage originating banks. In the process, it gave an inadvertent hint to the banks how they can boost house property values: by keeping homes from exiting the foreclosure pipeline, and off the market due to a legal mandate forcing them to do just that, it created a shortage of homes available for sale and thus provided an explicit subsidy funded by the banks themselves. The resulting "foreclosure stuffing" remains with us to this day.

Yet while it did manage to artificially boost prices, the process succeeded in one thing: making a mockery out of property rights, as it became quite clear that nobody knows who owns what, hence demanding a global settlement release from the very top. But not even the 10th incarnation of Linda Green could possibly conceive of the following episode showing just how surreal U.S. housing reality can be, when one mixes combustible and outright idiotic property laws, with a real estate market that, when one pulls away the facade of "made for TV pundtiry", is in absolute shambles.

From the Orlando Sentinel:

Squatting in style: 23-year-old occupies empty $2.5 million Boca home 

 

The 23-year-old has moved into an empty $2.5 million mansion in a posh Boca Raton neighborhood, using an obscure Florida real estate law to stake his claim on the foreclosed waterside property.

 

The police can't move him. No one saw him breaking into the 5-bedroom house, so it's a civil matter. And representatives for the real owner, Bank of America, said they are aware of the situation and are following a legal process.

 

But the situation is driving his wealthy neighbors crazy.

 

"This is a very upsetting thing," said next door neighbor Lyn Houston. "Last week, I went to the Bank of America and asked to see the person in charge of mortgages. I told them, 'I am prepared to buy this house.' They haven't even called me back."

 

Barbosa, according to records, is a Brazilian national who refers to himself as "Loki Boy," presumably after the Norse god of mischief. He did not return calls.

 

Someone with his name has been boasting about his new home on Facebook, even calling it Templo de Kamisamar.

 

Barbosa also posted a notice in the front window naming him as a "living beneficiary to the Divine Estate being superior of commerce and usury."

 

A spokeswoman for Bank of America said her company has sent overnight a complaint and an eviction notice to a clerk in Palm Beach County.

 

"The bank is taking this situation seriously and we will work diligently to resolve this matter," said Jumana Bauwens for Bank of America.

 

Sunrise real estate lawyer Gary Singer said Barbosa is invoking a state law called "adverse possession," which allows someone to move into a property and claim the title — if they can stay there seven years.

 

A signed copy of that note is also posted in the home's front window.

 

It's the most valuable grab since the adverse possession law started being used in a handful of cases that have popped up in the Palm Beach County Property Appraiser's Office over the past three years. Soon after Bank of America foreclosed on the property in July, Barbosa notified the Palm Beach County Property Appraiser's Office that he was moving in.

 

Police were called the day after Christmas to the home at 580 Golden Harbour Drive, but did not remove him. He presented cops with the "adverse possession" paperwork, according to the police report.

 

Houston said that the home had been empty for about 18 months. Property records show it was sold to a family in 2005 for $3.1 million. The deed is currently valued at $2.5 million, according to county records. The county appraiser's office lists the total market value of the 7,522-square-foot house at $2.1 million.

 

Real estate websites show canal views from sumptuous interiors including pillars, a curved staircase, marbled bath, second-floor balconies and a pool.

 

Singer says the adverse possession rule stems from the days when most people lived on farms. He said whoever tries to use the rule has to occupy the property in an "open and notorious manner."

 

"They can't be boarding up the windows and hiding in there," he said.

 

After relatively few instances of the rule being invoked over the previous 10 years, 13 cases of adverse possession were filed in 2011, according to John Enck, a manager of ownership services at the appraiser's office. It spiked even more in 2012: 19 cases, but so far, since Oct. 1, only six cases have been filed, he said.

 

Officials in Broward County did not respond to several requests for similar data.

Meet the squatter: Loki Boy humself:

Andre Barbosa can safely say that he has one of the nicest homes on the block in Boca Raton, Florida.

 

But the 23-year-old Brazilian national does not own or even rent the palatial $2.5million estate legally - he is a squatter.

 

Barbosa, originally from the neighboring Pompano Beach, moved into 580 Golden Harbour Drive in July

 

...

Speaking to ABCNews.com Thursday, a homeowner who asked not to be identified said that he entered the house around the same time and found four people inside, Barbosa among them.

 

One of the people said that the group is 'establishing an embassy for their mission,' and that families would be moving in and out of the property.

 

The neighbor said he believes that the 23-year-old is a 'patsy' who got caught up in something bigger.

 

According to his Facebook page, the 23-year-old, who refers to himself as 'Loki Boy' after the Norse god of mischief, attended South Technical Education Center in Boynton Beach and South Tech Academy in West Palm Beach.

 

In a brazen move, he also created a page for the Boca Raton mansion where he has been living and entertaining friends, which he calls Templo de Kamisamar.

 

Meanwhile, neighbors around Golden Harbour Drive who spoke to the station WPEC had a clear message for the unwanted resident: Leave now!

 

'You're walking into a house, it's crazy. And the point of not being able to get him out is even crazier,' one unidentified neighbor said.

And finally:

HOW TO TAKE OVER SOMEONE'S PROPERTY AND GET AWAY WITH IT

 

Adverse possession is a principle of real estate law that gives anyone who possesses the land of another for an extended period of time in an 'actual, open, hostile and continuous' manner the right to claim legal title to that land.

 

The exact elements of an adverse possession claim may be different in each state. In Florida, the law prescribes continuous possession of at least seven years. In New Jersey, a squatter must be in possession of the property for 30 years, while in New York it's 10 years.

 

In some states, the trespasser must have paid taxes on the property during this time period. Other states don’t require payment of property taxes, but will apply a shorter time requirement for occupying the land if the trespasser has paid taxes.

* * *

Just like that lightbulbs went over the heads of millions of Americans, especially when one considers that for the vast majority of banks there is virtually no imperative to pursue squatters out of houses to which the banks themselves most likely don't have the original "wet title" to.

That, and all the other allergies the US seems to developing with respect to "private" property slowly but surely.

 

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Thu, 01/24/2013 - 22:21 | 3184543 ACP
ACP's picture

Stick it to the man, BITCHEZ!

Thu, 01/24/2013 - 22:27 | 3184557 icanhasbailout
icanhasbailout's picture

Holy shit, that's Dave Lister from Red Dwarf!

Thu, 01/24/2013 - 22:48 | 3184623 Manthong
Manthong's picture

He won’t want to be around when if the property tax bill arrives with his name on it.

That’s how my county is persuading me to move out of my only slightly upscale digs.

Thu, 01/24/2013 - 22:59 | 3184666 Stackers
Stackers's picture

Face meet palm

Thu, 01/24/2013 - 23:33 | 3184721 Almost Solvent
Almost Solvent's picture

Most likely BOA is *still* paying the fucking *escrowed* RE taxes to "protect" their interest in the property.

 

NO DOUBT this is a *CountryWide* NINJA loan. BOA has no *wet ink* docs to foreclose on.

 

Wild Wild South!!!

Thu, 01/24/2013 - 23:58 | 3184773 FEDbuster
FEDbuster's picture

With a little luck, he can rent it out for weddings and filming porn movies.  That should help pay the gas and electric bills, gotta keep the pool at 80 degrees.  Fuck BAC.

Fri, 01/25/2013 - 01:21 | 3184913 fourchan
fourchan's picture

i dont see b of a being as interested in the thousands of homes it owns in detroit, maybe if they had canals.

 

they just let them rot.

Fri, 01/25/2013 - 04:08 | 3185030 A Nanny Moose
A Nanny Moose's picture

How does one use the law to evict someone who is not the lawful resident of a property? Wouldn't trespassing be more appropriate? I suppose only the lawful owner of the property would have the right to seek trepassing charges. Who would that be? MERS?

My brain hurts already.

Fri, 01/25/2013 - 08:15 | 3185143 Comay Mierda
Comay Mierda's picture

This is exactly why south florida is squatter-ville. and believe me, this story is just the tip of the ice berg

Fri, 01/25/2013 - 09:21 | 3185225 trav777
trav777's picture

he'll be out before he gets to 7

Fri, 01/25/2013 - 10:08 | 3185322 bigerny
bigerny's picture

By this article,I now officially believe Mr.Tyler is fomenting revolution.

Fri, 01/25/2013 - 02:01 | 3184947 scrappy
scrappy's picture

True, but who knows, he can find a backer for the taxes.

it's the "Adverse Possession" part that piques my interest.

Sounds like law of the sea, maritime law, law of contracts and claims.

Here you go friends...

http://www.expertlaw.com/library/real_estate/adverse_possession.html

 "The Doctrine of Latches" is another one to learn about.

mlaus.org/archives/library/2047.pdf 

It seems the "law"profession takes pains to hide the fact we are indeed governed by "maritime law" in our ignorance.

http://www.apfn.org/APFN/flag.htm

Is this where our flag rally came from?

https://en.wikipedia.org/wiki/East_India_Company

 

 

 

 

 

 

 

Fri, 01/25/2013 - 06:03 | 3185083 Dapper Dan
Dapper Dan's picture

Is this what you are talking about?

http://www.apfn.org/apfn/flag.htm

GOLD FRINGED FLAG

The flags displayed in State courts and courts of the United States have gold or yellow fringes. That is your WARNING that you are entering into a foreign enclave, the same as if you are stepping into a foreign embassy and you will be under the jurisdiction of that flag. The flag with the gold or yellow fringe has no constitution, no laws, and no rules of court, and is not recognized by any nation on the earth, and is foreign to you and the United States of America. more information

MILITARY FLAG WITH THE GOLD FRINGE

Martial Law Flag "Pursuant to 4 U.S.C. chapter 1, §§1, 2, & 3; Executive Order 10834, August 21, 1959; 24 F.R.6865; a military flag is a flag that resembles the regular flag of the United States, except that it has a YELLOW FRINGE border on three sides. The President of the United States designates this deviation from the regular flag, by executive order, and in his capacity as Commander-in-Chief of the military. The placing of a fringe on the national flag, the dimensions of the flag and the arrangement of the stars in the union are matters of detail not controlled by statute, but are within the discretion of the President as Commander in Chief of the Army and Navy." 34 Ops. Atty. Gen. 83.

President, Dwight David Eisenhower, by Executive Order No.10834, signed on August 21, 1959 and printed in the Federal Register at 24 F.R. 6865, pursuant to law, stated that: "A military flag is a flag that resembles the regular flag of the United States, except that it has a yellow fringe border on three sides."

Fri, 01/25/2013 - 12:32 | 3185762 Seer
Seer's picture

Ah, the answer to secret powers!  All I need to do is drape myself with a sheet that is trimmed with a gold fringe and INSTANT MAGIC CLOAKING DEVICE!

Don't shoot someone in the back.

Don't shoot someone who is unarmed.

Don't shoot civilians.

And now the drones fly... anyone really think that our contracts/laws are worth a shit any more?

Those in power will call the game as long as that game is serving their interest (delivering them power).  When the game no longer works for them they will trim the flag with some other color...

Fri, 01/25/2013 - 09:18 | 3185217 Bad Attitude
Bad Attitude's picture

Adverse Possession has its origins in English Common Law, not maritime law. See http://en.m.wikipedia.org/wiki/Adverse_possession

Fri, 01/25/2013 - 13:51 | 3185941 Milestones
Milestones's picture

Scrappy, excellent referene post that I have saved. Thank you mucho.            MIlestones

Fri, 01/25/2013 - 05:31 | 3185064 mrdenis
mrdenis's picture

I hear ya' talking ......

Fri, 01/25/2013 - 07:47 | 3185122 youngman
youngman's picture

In the new normal...he will go to Bank  of America and get a loan.....using the house as collateral....see how easy (stupid) it is

Fri, 01/25/2013 - 11:28 | 3185550 NumNutt
NumNutt's picture

Hmm, well shit how about I just stop paying my mortgage, and then file a "adverse Possesion" document? Free house? Shit I am already paying the property taxes, what could go wrong? I could tie this up in the court system easily for 7 years.....

Fri, 01/25/2013 - 12:34 | 3185766 Seer
Seer's picture

Brilliant!

Thu, 01/24/2013 - 22:52 | 3184640 CPL
CPL's picture

Start his goat farm in fiji with his cat.

Thu, 01/24/2013 - 23:11 | 3184688 caconhma
caconhma's picture

Here we come again: in America, you are fucking idiot if you are working and paying your bills.

To get ahead in America one must be a low-life thief and a scoundrel. It is that simple.

Thu, 01/24/2013 - 23:28 | 3184723 Lordflin
Lordflin's picture

You could be right. I use to think, as an additional requirement, that you had to be connected.

Thu, 01/24/2013 - 23:53 | 3184763 BKbroiler
BKbroiler's picture

Here is a savings plan, it's called HARD KNOCKS:

Instaed of going to college, get 2 minimum wage trade apprentice jobs to make 24K per year for 4 years:

$7.50 X40 = $300/week X 4 = $1200/month - $200 taxes = $1000 X 2 jobs = $2000/month

It requires working 80 hours a week which is a heavy load but managable for a young person

Spend no more than $500 on rent, 250 on groceriers, $50 on internet, $50 on phone service, $50 on transportation, $100 on all else

Spend 1K total, Save 1K.  After 4 years of "college" you have a trade skill and $50K in the bank.

Fri, 01/25/2013 - 00:15 | 3184811 Teamtc321
Teamtc321's picture

"$50 on transportation"

 

Plan on riding a moped in the snow to work, two shifts a day?

Fri, 01/25/2013 - 00:27 | 3184840 BKbroiler
BKbroiler's picture

not nearly as bad as the mandated military service most countries had until a few decades ago, which was also 4 years.  the point is,hard work pays and you can save enough money even with 2 minimum wage jobs to pull yourself out of the shit if you're an ambitious person..  

Fri, 01/25/2013 - 00:34 | 3184858 Teamtc321
Teamtc321's picture

Point noted and I completely agree. 

Fri, 01/25/2013 - 06:12 | 3185039 zhandax
zhandax's picture

You left out what to do with that 50K.  After all, the lot featured above, with the more modest house which was razed for Templo de Kamisamar, sold for around $29K in the 50's-60's transition. 

Fri, 01/25/2013 - 12:22 | 3185732 Real Estate Geek
Real Estate Geek's picture

and apparently if you're REALLY ambitious, you don't need to pay $500 for rent!.

Fri, 01/25/2013 - 12:36 | 3185771 Seer
Seer's picture

Control of expenses is THE key.

Thu, 02/07/2013 - 04:41 | 3222404 merizobeach
merizobeach's picture

Bullshit.  Just earn more money.  I don't give a fuck about my expenses.  Sashimi everyday if I feel like it, bitchez.

Fri, 01/25/2013 - 00:55 | 3184885 ForTheWorld
ForTheWorld's picture

Your hypothetical situation has a few issues:

  1. There needs to be two trade apprentice jobs available, and neither can have overlapping hours, otherwise the monthly income will be reduced.
  2. 80 hours a week of work, plus 56 hours of sleep, minus 10 hours of travel (VERY conservative estimate) each week leaves 22 hours of the week to have breakfast, dinner, bathe, go shopping for food and other things. Or, in other words, 3.14 hours per day.
  3. Your situation assumes that absolutely nothing else happens (vehicle or medical problems being the most common). If something happens, savings take a hit, as well as hours worked, and thus loss of income.

I've worked some pretty crappy jobs just to get by in tough times, and I think working hard does a person good, but I think you're being quite myopic with this outdated hypothesis. There used to be opportunity to participate in multiple apprenticeships, but now that housing starts are down (thus requiring fewer builders, electricians, plumbers, concreters etc.), and (anecdotally) people are starting to do their own repairs, tradespeople are in lower demand, so those already established aren't going to take on apprectices when they could contract out to an already experienced guy for the same wage and get the job done much quicker.

I'm not making excuses for lazy people, I'm just saying it isn't as cut and dry as you suggest. I'd be more inclined to suggest someone works 40 to 50 hours a week (if they can even get the work), and then spend the rest of the time growing their own food to reduce, or almost eliminate, their food bill.

Fri, 01/25/2013 - 02:12 | 3184952 mess nonster
mess nonster's picture

And besides, after all that hard work, what are you going to do with the 50 G's? Buy a... what? What the fuck can you do with only 50,000 dollars? Bubble gum? It's a fucking joke. I would rather study the culture of Goldman Sachs, run up my credit card on a nice suit and a fake resume, and lie my way into that gig. Either that or just be a bum and live out of the overflowing dumpsters. Hard work will get you nowhere.

Fri, 01/25/2013 - 04:12 | 3185034 A Nanny Moose
A Nanny Moose's picture

You can buy a couple properties in that shithole known as Detroit.

Fri, 01/25/2013 - 06:14 | 3185087 Kickaha
Kickaha's picture

"...a couple..."?  You could buy 50 homes.

Thu, 02/07/2013 - 04:44 | 3222405 merizobeach
merizobeach's picture

Working for other people will get you nowhere.  Hard work building your own company makes you king.

Fri, 01/25/2013 - 02:21 | 3184962 YC2
YC2's picture

he is giving other people advice, he obviously knows best and doesn't have to actually DO what he is saying.

now we will have to listen to him tell us about how he had it just as bad as his 2 jobs living on the wrong side of the tracks fantasy he has for someone else

Fri, 01/25/2013 - 10:56 | 3185472 Vendetta
Vendetta's picture

Has anyone in these threads actually worked 80 plus hour work weeks for an extended period of time?  It sure doesn't sound like it, I have for as long as 2 years and it is simply brutal (range 75 to 98 a week).  Item 2 on ForTheWorld's list is key, I was so tired (after a mere 18 hour day... having done stretches to 26 hours straight) that I skipped eating just so I could sleep.... then had to wake up 4 hours later.  I also did not have but a few scant days off, by the time the program was over my mind was half there and it took many months to actually recover.  Do it for 4 years to save 50k, buy a truck for $40k to $48k whoopeee ... possible but who would really want to...  just proves how worthless money has become with our 'low inflation' regime.  Its a modest down payment for an overpriced existing home that cost $11,800 brand new in 1958 and is now $375k in the cheaper areas of the country's larger cities.

Thu, 02/07/2013 - 04:49 | 3222407 merizobeach
merizobeach's picture

Yeah, when I was 20-21: 80 to 100 hours per week as a political activist coordinator.  Six to ten weeks on, then a week or two break.  And for shit money.  Learned a lot, though.  (One thing: never fucking do that again!)  And anyway, medical marijuana was legalized in the four states I worked it.  Congressional term limits, not so much.  (Fuck you, Tom Foley.) 

Fri, 01/25/2013 - 12:40 | 3185779 Seer
Seer's picture

"I'm just saying it isn't as cut and dry as you suggest."

Yes, this is why my favorite two words are: "It depends."

As we know, it's not that there aren't enough jobs/work, it's whether they pay enough to cover one's expenses.  As I've said, controlling expenses is KEY.  I believe that there will be LOTS of farming jobs coming around.

Thu, 02/07/2013 - 04:52 | 3222410 merizobeach
merizobeach's picture

The jobs pay enough if you're competent enough to get a well-paying job.  'Controlling your expenses' is for people who have low-ceiling potential earnings.

Fri, 01/25/2013 - 09:43 | 3185269 BlueCheeseBandit
BlueCheeseBandit's picture

I think a large part of the reason people aren't working as hard today is that hard work isn't paying off, in the most basic way. We've been seeing more and more that whatever you have, the government can take away, through inflation or more directly. That's a big part of the reason 3d world countries are the way they are. Weak property rights cause the unconnected masses to say fuck it and live for the moment. Not a recipe for large scale economic progress.

Fri, 01/25/2013 - 00:04 | 3184782 thomasincincy
thomasincincy's picture

What exactly do you classify as a "low-life thief and a scoundrel"?

Fri, 01/25/2013 - 00:23 | 3184832 fnordfnordfnord
fnordfnordfnord's picture

Low-life thief and scoundrel is just a nice way to say "banker".

Fri, 01/25/2013 - 13:26 | 3185857 Swarmee
Swarmee's picture

Not that I necessarily disagree with you, but wouldn't it be more appropriate to classify a banker as a high-life thief and scoundrel?

The crappy morals are the same but quality of life seems much higher in one vs the other.

Fri, 01/25/2013 - 00:30 | 3184850 Oh regional Indian
Oh regional Indian's picture

My sentiments exactly. I was thinking of all the High-life thieves and mansioned scoundrels that abound, world-wide.

Doing far more damage to far more people than good ole Low-key here.

He is just fucking with the corrupt system.

And Broward county to boot. It seems to be a key county, always in the news, for all the wrong reasons since 2000.

ori

Fri, 01/25/2013 - 01:26 | 3184918 fallst
fallst's picture

Palm Beach County , Not Broward, Indian Regional Oh guy you...but I digress...

 

This shit is fucked up

 

So What Happened with the Obama MERS bendOver....still not happening....

Humpty cannot possibly be put back ever together again folks..

 

They destroyed Real Estate...and Many Lives....

If this kid pulls this off, which is very possible, Look Out Below...

Thu, 02/07/2013 - 04:56 | 3222412 merizobeach
merizobeach's picture

Let's see, the kid is 23..  Seven years until he claims title...  I'll put a little money on 'he doesn't live til 30'.

Fri, 01/25/2013 - 02:15 | 3184957 mess nonster
mess nonster's picture

uh... someone who recognizes that the elite aren't keeping their end of the social contract? I hope Loki makes it the whole 7 years. Fuck em if they can't take it, they can sure dish it out though. Serves the lying avaricious rat-bastards right.

Fri, 01/25/2013 - 00:18 | 3184821 o2sd
o2sd's picture

To get ahead in America one must be a low-life thief and a scoundrel. It is that simple.

Necessary, but not sufficient. You also need a suit and tie.

Fri, 01/25/2013 - 00:33 | 3184854 Freddie
Freddie's picture

98% probability this Brazilian kid is an illegal alien.  The whole thing is funny unless you are a neighbor paying your bills and playing by the rules.  That house is high maint and will start looking like shit pretty quickly.

Fri, 01/25/2013 - 00:44 | 3184870 MinnesotaMD
MinnesotaMD's picture

Like a Sao Paolo hillside shantytown.

Fri, 01/25/2013 - 09:28 | 3185238 Room 101
Room 101's picture

Maintaining the property is exactly the point.  An abandoned home will go from good condition to bulldozer-ready in less than 4 years.  If someone is living in a house and doing even minimal maintenance, it will last indefinitely.  

Don't kid yourself.  This isn't about the relatively freakish occurrence of some lunatic taking over a mansion.  It's about the thousands of more modest homes that could be shelter for responsible families.  Adverse possession is the poor man's TARP.  And TPTB don't want you getting any ideas. 

 

Thu, 02/07/2013 - 05:01 | 3222414 merizobeach
merizobeach's picture

If you 'play by the rules', you're a fascism-supporting war-financer.  The genocides that have occured in the middle east are blood on the hands of the US taxpayers as much as the murderous invading soldiers and warmongering politicians who conducted them.

Fri, 01/25/2013 - 04:55 | 3185043 Dugald
Dugald's picture

"To get ahead in America one must be a low-life thief and a scoundrel. It is that simple".

And, in reality, you have no shortage of either....both amateur and professional,

Fuck! but you guys makes I laugh.....good to see there is some fun left......

Fri, 01/25/2013 - 09:13 | 3185206 Boozer
Boozer's picture

Snappy new and improved avatar sir.

Thu, 01/24/2013 - 22:28 | 3184566 Raymond K Hessel
Raymond K Hessel's picture

So, the plan seems to be troll the REO sites of banks & county clerk databases on foreclosures.

Check the house to see if it is empty.

If so, move in and begin the adverse process immediately. Florida seems to be the most lenient. I wonder if there's a list out there of states and how long a squatter has to habitate for adverse possession to kick in.

Let's get on this people.  There's a million homes out there that we taxpayers have paid banks to keep from flooding the market.  Seems like it's all been paid for already!!! 

Thu, 01/24/2013 - 22:46 | 3184617 the mad hatter
the mad hatter's picture

holy chit, it's only 5 years in CA if you pay the taxes

http://www.dot.ca.gov/hq/row/landsurveys/Study_material/California-Adver...

Thu, 01/24/2013 - 23:15 | 3184694 Bunga Bunga
Bunga Bunga's picture

"They're taking advantage of banks, where the right hand doesn't know where the left hand is. They can't clap."

 

Do you have a list with BAC owned properties in CA? Ocean view only, please.

Fri, 01/25/2013 - 01:47 | 3184934 All Risk No Reward
All Risk No Reward's picture

Oh, did you hear dat?  Poor banky is being taken advantage of.  Oh, po' banky. 

Is the chumptocracy class (the smalls) supposed to let onoe of their own take advantage of the kleptocracy (the bigs)?

No way, we should be licking that hand that feeds us - even if it is only Kibbles and Bits now.

Who's down to go protest this wicked 23 year old...  well, after we wash BofA's windows for free.

You have to treat BofA right when they care so much for the children.

Fri, 01/25/2013 - 04:58 | 3185047 Dugald
Dugald's picture

Me too please, but must have jetty or pontoon for 60ft yacht.

Fri, 01/25/2013 - 00:01 | 3184778 Buckaroo Banzai
Buckaroo Banzai's picture

Yeah, but who the fuck wants to live in California.

Fri, 01/25/2013 - 00:35 | 3184862 Spastica Rex
Spastica Rex's picture

A large portion of all people living in the United States.

Not me, though.

But I love Weed!

Fri, 01/25/2013 - 01:45 | 3184931 icanhasbailout
icanhasbailout's picture

More specifically, who the fuck wants to pay California taxes. May as well just buy a shotgun and blow your own balls off, same effect only quicker.

Fri, 01/25/2013 - 05:01 | 3185049 Dugald
Dugald's picture

Orange growers?

Fri, 01/25/2013 - 09:32 | 3185244 Room 101
Room 101's picture

Check out Arizona...as little as 2 years. 

Manifest Destiny, Bitchez!

Thu, 01/24/2013 - 22:51 | 3184632 CH1
CH1's picture

Lets... get... BUSY!!!

Thu, 01/24/2013 - 23:07 | 3184679 Mactheknife
Mactheknife's picture

Hmmmm....I do believe we have found just the place for the 1st annual Zero Hedge Super Bowl Party.

Fri, 01/25/2013 - 00:27 | 3184843 economics9698
economics9698's picture

Tyler needs some bitches signed up first.

Fri, 01/25/2013 - 07:37 | 3185117 MsCreant
MsCreant's picture

And if the party lasts 7 years (and we are notorious)...

Fri, 01/25/2013 - 10:44 | 3185425 CH1
CH1's picture

I do believe we have found just the place for the 1st annual Zero Hedge Super Bowl Party.

Oh My God... That's one of the best ideas I've heard in a long time!

It would be an utter gas!

Thu, 01/24/2013 - 23:10 | 3184687 Cdad
Cdad's picture

It must be two years ago now, right here on ZH, that I read, paraphrasing, that the "chain of title" has been broken.

From the lax underwriting, to the Mortgage Backed Securities, through Linda Green and MERS, through the foreclosures of millions, all the while with commentary of subprime being contained, to wrist slap settlements...and on down the road to Frontline's story about a compliant DOJ...ever on and on...now to this story about banks holding back foreclosure supply to distort the market...and this squatter...

I honestly don't think I can take much more of this "Housing Recovery" story.  It is a never ending saga of bank perpetrated fraud....all at the low low cost of just $85 billion per month in freshly printed Benjamins.

Seriously?  

 

Thu, 01/24/2013 - 23:39 | 3184742 scatterbrains
scatterbrains's picture

nigga need to put that bitch up on ebay.. cash out of that piece.

Thu, 01/24/2013 - 23:20 | 3184706 TN Jed
TN Jed's picture

This will be some good information for my homeless shelter flyers I like to hand out.  They're called, "You didn't buy that, and you don't have to!"

Fri, 01/25/2013 - 00:06 | 3184790 Overfed
Overfed's picture

Here in a state in the PNW, one has to occupy the property for seven years before being able to file for adverse possesion.

Thu, 01/24/2013 - 22:59 | 3184634 LongSoupLine
LongSoupLine's picture

Ha ha ha!!! Fuck you BAC. I hope you get all those properties shoved so far up your asses they'll have to open your mouths to.unlock the fucking front doors. Assfucks. Enjoy Davos Moynahan you fucking shit eating crook.

Fri, 01/25/2013 - 00:28 | 3184847 economics9698
economics9698's picture

BOA will call Ben and tell him to print some more.

Fri, 01/25/2013 - 00:19 | 3184823 clara-to-market
Fri, 01/25/2013 - 00:40 | 3184864 MinnesotaMD
MinnesotaMD's picture

I love his shirt, "Have a Nice Day, Somewhere else"

Actually, if he gets away with it, he made 2.1mil in 7 years. 300k a year. That is far better income then slugging it out in the marketplace post-technical school.

Fri, 01/25/2013 - 01:36 | 3184924 fallst
fallst's picture

Fraud...The Number One and Currently Only Growth Industry

Fri, 01/25/2013 - 09:56 | 3185295 exi1ed0ne
exi1ed0ne's picture

It's not fraud, it's the law.  It's not nice, nor fair, nor equitable in EITHER direction.  Such is the power of the state.  In fact it may be the only way to renew the chain of title on a property at this point.

Fri, 01/25/2013 - 08:16 | 3185134 Winston Churchill
Winston Churchill's picture

He can win this.Law of unintended conseques is the only law still enforced.

Wonder if he has a good lawyer ?

Fri, 01/25/2013 - 08:19 | 3185150 bentaxle
bentaxle's picture

Crash BOA!

Occupy foreclosed houses, send property values to $zero!! Maybe do a little "upgrade" work, street art, on the outside to brighten the place up?

Fri, 01/25/2013 - 09:19 | 3185220 Room 101
Room 101's picture

Adverse possession is the poor man's TARP.

Stories like this are designed to provide support for rescinding adverse possession laws.  Laws which have been on the books for hundreds of years. Ask yourself: what kind of responsible property owner would let a multi-million dollar property sit abandoned for long enough to allow squatters to move in?  Do the banksters even own the property?  

The issue here isn't this one property, it's the thousands of more modest properties that lie abandoned across the country while the banksters try to maximize their gains.  The last thing the banksters want is the fleeced masses to start getting ideas about squatting in THOSE properties.  

Fri, 01/25/2013 - 11:28 | 3185557 Grinder74
Grinder74's picture

And the Govt. can't find a way to deport him?  Oh right, they probably think he's "Hispanic"--even though they don't speak Spanish in Brazil.  WHAT DIFFERENCE DOES IT MAKE?!?!?!?!?!?

Thu, 01/24/2013 - 22:21 | 3184544 mayhem_korner
mayhem_korner's picture

 

 

#Winning!

Thu, 01/24/2013 - 22:23 | 3184547 mayhem_korner
mayhem_korner's picture

"Last week, I went to the Bank of America and asked to see the person in charge of mortgages.

 

 

Perhaps they were looking for this man...

http://www.youtube.com/watch?v=MtnDFS0RhuY

Thu, 01/24/2013 - 22:26 | 3184548 Conman
Conman's picture

I like that this  journalist thinks adverse possession is an "obscure" law. Yay for journalism.

Thu, 01/24/2013 - 23:07 | 3184681 SoCalBusted
SoCalBusted's picture

That is the consequence of trying to legislate everything.  There are so many freaking laws that people cannot keep up with them.  For every new law that is made they should strike down an existing law.

Thu, 01/24/2013 - 23:30 | 3184729 helping_friendl...
helping_friendly_book's picture

Adverse possesion dates to the 13th century. Magna Carta stuff. Olde English, King's, Law.

 

Fri, 01/25/2013 - 02:22 | 3184966 ThirdWorldDude
ThirdWorldDude's picture

You're giving Brits more credit than they deserve.
Adverse possession was first codified in the 3rd century by Iustinian, but it's probably been used as a legal instrument long before that. Go look up "occupatio" in terms of Roman Law...

Fri, 01/25/2013 - 09:32 | 3185243 helping_friendl...
helping_friendly_book's picture

Thanks for the clarification. I meation English law because English common law is the law of this (USA) land as long as laws haven't been passed in the USA superceding English Common law. While some concepts of the Magna Carta are based in Roman law there has never been a case in the USA utilizing Roman law but, there have been cases in the USA, in Californis, where the ruling was based on the Magna Carta because no other law superceded it.

Fri, 01/25/2013 - 10:48 | 3185442 CH1
CH1's picture

FYI: Justinian was the 6th century.

Fri, 01/25/2013 - 15:02 | 3186118 ThirdWorldDude
ThirdWorldDude's picture

Mea culpa, thanks for the correction!

'Twas the curious case of 6 am surfing from a cell phone on a commuter train, so I never bothered to check chronology. And it is a long time ago I last read about 'Corpus Iuris Civilis'.

 

Fri, 01/25/2013 - 00:07 | 3184792 Overfed
Overfed's picture

IMO, every law ever passed should have a sunset clause.

Fri, 01/25/2013 - 10:39 | 3185411 Umh
Umh's picture

I basicly agree with your sentiment, but some laws are foundations of society. For example laws about murder and property rights are needed; the last thing we would need is for murder to become legal because some incompetent government forgot to repass the law. Property law is one of the few things about which transactions must be in writing. You can't just shake hands on a real estate deal. Of course the fine bankers know this they just hope the people don't know.

Fri, 01/25/2013 - 06:24 | 3185089 Dapper Dan
Dapper Dan's picture

"Journalists" - in the same way that vending machines are "chefs".

Thu, 01/24/2013 - 22:26 | 3184562 DollarMenu
DollarMenu's picture

What does he do for electric?

Water, sewer, garbage - are they required services there?

It would be interesting to know how he manages to be 'homeless' in such a space.

Thu, 01/24/2013 - 22:33 | 3184586 secret_sam
secret_sam's picture

"Homeless" doesn't really have much to do with your wealth.

If you don't maintain a residential address, you can be homeless.  These days, what do you need a residential address for?

Thu, 01/24/2013 - 22:47 | 3184620 helping_friendl...
helping_friendly_book's picture

Go to legalzoom.com, create a fictitious lease, call the city utility and establish an account. When the utility is established rent out rooms, install deadbolts on room doors in case your renters are neferious, with all utilities included and post no trespassing signs.

If I could have seen Lehman collapse coming I would have banked my down payment money, squatted and charged rent. I could have paid cash for a house instead of paying usury.

Fri, 01/25/2013 - 09:39 | 3185260 Room 101
Room 101's picture

Water, sewer, and garbage:

1. Water=cistern or well.

2. Sewer=portapotty

3. Garbage =bag it and take it to the dump.

The practical problem squatters run into is they can't get the utilities turned on.  Although I'm sure with some creativity that could be done.  Sooner or later the local municipalities would recognize that they're better off with minimally maintained squatted properties than abandoned ones.   

Thu, 01/24/2013 - 22:29 | 3184569 TideFighter
TideFighter's picture

Funny if he filed for Quiet Title and won. 

"I don't know why the call me WHALE, I so small!!!"

http://www.youtube.com/watch?v=tacGFyrcdoQ

Thu, 01/24/2013 - 22:30 | 3184574 Mr Pink
Mr Pink's picture

Hey , I liked this guy until I saw his pic.....looks like a little d-bag

Thu, 01/24/2013 - 22:40 | 3184603 Political_Savage
Political_Savage's picture

I personally like the American flag do-rag.
Douche!

Thu, 01/24/2013 - 22:53 | 3184647 Mr Pink
Mr Pink's picture

I guess Loki fag has internet at the mansion! So sorry to offend you, now back to your pool party!

Fri, 01/25/2013 - 00:25 | 3184833 The Tilden Flash
The Tilden Flash's picture

Ugh ... can't read your comments without hearing Steve Buscemi's voice in my head.

Thu, 01/24/2013 - 22:33 | 3184579 caimen garou
caimen garou's picture

nothing like living in the real world, and by the way FUCK B of A!

Thu, 01/24/2013 - 22:53 | 3184639 TotalCarp
TotalCarp's picture

The foundation of free capitalism (not to be confused with crony type of today) is the absolute rights of ownership, private property. Banks have put a bullet into the head of that concept with the robosigning and bailout politics.

Sadly though the paiback on all this will not be hurting banks, but yet again be hurting the very people bushy and obummer have been leaving out in the cold - the remnants of the US middle class. 

Fri, 01/25/2013 - 04:29 | 3185037 Poetic injustice
Poetic injustice's picture

You are saying that those highly fictious people still exist?
I thought they were all extinct in USA.

Thu, 01/24/2013 - 22:32 | 3184582 Smegley Wanxalot
Smegley Wanxalot's picture

Nadverse poonsession sounds like a good law.

Thu, 01/24/2013 - 22:32 | 3184583 NoDebt
NoDebt's picture

I'll be right down.

 

Thu, 01/24/2013 - 22:33 | 3184585 Flounder
Flounder's picture

This is the land of opportunity and a great country.

Fri, 01/25/2013 - 02:52 | 3184999 Jugdish
Jugdish's picture

Hey Flounder, long time bub. How the hell are ya? Turn your guns in yet. Haven't seen ya since college.

Thu, 01/24/2013 - 22:34 | 3184587 Political_Savage
Political_Savage's picture

What, nobody has ever heard of a shotgun?!
It's Florida for the love of God, just shoot him.
Hell, Biden recommends a double-barrel!

Thu, 01/24/2013 - 22:34 | 3184588 logicalman
logicalman's picture

Twilight Zone.

Accounting and the law completely undermined by the madness of debt money.

Thu, 01/24/2013 - 22:58 | 3184595 mantrid
mantrid's picture

 

'You're walking into a house, it's crazy. And the point of not being able to get him out is even crazier,' one unidentified neighbor said.

they're walking into our money, and we can't get them out, now this is even crazier!!!

But the situation is driving his wealthy neighbors crazy.

oh yes, the idea that upper caste might be no longer divided off lower castes must be unbearable

 

EDIT: "I am prepared to buy this house."

and how is that rich neighbor guy going to finance it? simple: he'll post his mansions and yachts as collateral and leverage upon it. so he'll borrow millions to buy that house. and where are those borrowed money from in the first place? well.. from your wallet, and mine! they walk into our wallets and "reuse" our money to buy mansions and the only thing we're left is inflation.

 

Thu, 01/24/2013 - 23:35 | 3184735 secret_sam
secret_sam's picture

     how is that rich neighbor guy going to finance it? simple: he'll post his mansions and yachts as collateral and leverage upon it.

In the longer term, I think the neighbor's legal property is converted into legal tender which becomes less socially powerful until no one cares which previous Duke or Countess used to run the estate that the nearby bridge is named after...

 

Thu, 01/24/2013 - 22:39 | 3184602 JLee2027
JLee2027's picture

Go Loki boy.

Fri, 01/25/2013 - 02:14 | 3184955 TPTB_r_TBTF
TPTB_r_TBTF's picture

The fact that he can sleep there shows how stupid he is.

 

So ... he has to "survive" for the next 7 years in order to claim the property. 

If and only if, he "survives", can he then keep the house.

So ... all the bank or his neighbors have to do is to "wait" for an "accident" to happen to him.

Fri, 01/25/2013 - 08:44 | 3185183 Dr. No
Dr. No's picture

Or a friend of a friend move in and "force" him out.  "he just left all of a sudden...." "I have no idea what is burried back there..." " get off my property or get a warrant...."

 

Property rights are fundamental to this society.  I dont know where this is going but it cant be good.  The real owner should be able to force him off the property.  No ifs ands or buts.  Trouble is the bank chooses to have the government as their property protector.  You get what you pay for I guess.  You wont see squaters around my place; i dont use the police to kick you out.

Fri, 01/25/2013 - 11:26 | 3185546 Room 101
Room 101's picture

"The real owner should be able to force him off the property.  No ifs ands or buts."  Absolutely.  But you're missing the underlying point: there IS no one with clear title to the property.  This is probably a result of the robosigning a few years back.  An owner who has title to the property can get a squatter kicked out relatively quickly. This is just an abandoned property with no clear title hence the opportunity for a squatter to make his claim.      

Thu, 01/24/2013 - 22:41 | 3184604 Mae Kadoodie
Mae Kadoodie's picture

Ben "Loki Boy" Bernank

Thu, 01/24/2013 - 22:41 | 3184605 Cursive
Cursive's picture

Thanks, banksters.  We are a nation of Loki Boys now.  Gresham's Law was correct.  Bad money drives out good.

Thu, 01/24/2013 - 22:47 | 3184615 fonzannoon
fonzannoon's picture

My first instinct is to root for Loki Boy.  Smart move by him. He should have stayed under the radar though. He better sleep with one eye open or a slightly larger Loki boy with a weapon will forcefully evict him and take up residence. Like Nmewn said the other night, no one is going to honor contracts. So forget about honoring this stuff. It's back to the stone age we go.

Thu, 01/24/2013 - 22:53 | 3184641 helping_friendl...
helping_friendly_book's picture

Loki just need post no trespassing signs and he is covered by the rule of law. He can call the police to remove trespassers.

Magna Carta stuff. The "man" cannot dispossess you without due process of law.

Thu, 01/24/2013 - 22:56 | 3184659 fonzannoon
fonzannoon's picture

"when seconds count,  the police are just minutes away"

Someone said it. Can't remember who.

Fri, 01/25/2013 - 00:05 | 3184789 FEDbuster
FEDbuster's picture

"I carry a gun, because cops are too heavy"  another favorite of mine.

Fri, 01/25/2013 - 00:37 | 3184863 Oh regional Indian
Oh regional Indian's picture

Thanks for the chuckles...both...

Thu, 01/24/2013 - 22:55 | 3184656 chump666
chump666's picture

After 2008, council bought up some slick apartments in NYC.  Moved in some bums who had marble bathrooms and granite kitchen tops.  Nice. 

Squatting will be the rage again, all the power I say.  Hell, I'd do it in a flash.  Awaiting China to dump western property en masse.

Thu, 01/24/2013 - 23:00 | 3184668 seek
seek's picture

Yeah, by bringing in so much publicity he requires a response from BofA.

The smart move would to have been to be a good neighbor and to be quiet about it. Smarter still would have to aim lower, like a condo complex or someplace that has so many forclosures that he'd get lost in the noise, and then start maintaining it like he owned it. This all depends on running out a clock, and he's doing exactly the opposite of what needs to happen to let it run out.

Thu, 01/24/2013 - 23:35 | 3184736 Zgangsta
Zgangsta's picture

But apparently, you have to occupy the home in an 'actual, open, hostile and continuous' manner, so, by the law, he can't be a good neighbor!

Thu, 01/24/2013 - 23:48 | 3184756 seek
seek's picture

I think the actual term in most adverse possession laws is notorious, not hostile. I looked up the florida law, and none of those terms appear, you have to occupy and maintain/protect the property, among other conditions.

Fri, 01/25/2013 - 00:12 | 3184801 Overfed
Overfed's picture

Hostile and notorious in this case means that the occupation known, but no consent was actually given by the owner. All BofA would have to do is get him to pay rent, even just a dollar a month, and his adverse possesion claim would be out the window. At least in the state where I live.

Fri, 01/25/2013 - 01:34 | 3184921 Bangback
Bangback's picture

I have been involved in two adverse possession cases in Rhode Island. The standard is open, notorious, and hostile.

The terms are between you and the "owner" and you and the government. Being nice to your neighbors is advisable.

"Hostility" is refusal to pay any rent or ask permission to use the land. "Open" is more for undeveloped land -- normally you have to make some improvements or fencing to indicate possession. For a house it would be getting utilities, getting mail, performing maintenance, etc. 

The #1 way to do this (intentionally or accidentally) is to build a fence in the wrong place. I offered to resolve one case (for a local nonprofit) by taking my chainsaw over. Me cutting down his fence resets the clock for 10 years. I fully expected him to call the police -- a survey and written permission from the nonprofit should have left me free and clear. The encroacher, however, was later elected to the state legislature.

"Notorious" appears to be that there is no secret about what you're doing.

In practice, its mainly used when properties no longer have clear title due to abandonment or defective/complex estates. Otherwise there is no way to reestablish clear title. RI has an unusual amount because surveys are not normal as part of real estate closings, so its unusually easy for discrepancies to last 10 or more years.

 

Fri, 01/25/2013 - 09:44 | 3185271 Room 101
Room 101's picture

Of course you can.  Hostile in this context has nothing to do with being an asshole to your neighbors, it just means that your rights are hostile to those of whomever else might lay claim to the property.

Fri, 01/25/2013 - 04:22 | 3185036 ebear
ebear's picture

"Yeah, by bringing in so much publicity he requires a response from BofA."

Maybe that was the point?


Fri, 01/25/2013 - 09:35 | 3185252 Umh
Umh's picture

Maybe nobody has a better title than he does. If the bank and their accomplice MERS shredded the paperwork....

Thu, 01/24/2013 - 22:46 | 3184616 joego1
joego1's picture

Hey this guy actually did occupy and got some results.

Fri, 01/25/2013 - 00:28 | 3184848 o2sd
o2sd's picture

Puts to the lie this protesting in the street bullshit doesn't it. The only course of action is direct action.

Thu, 01/24/2013 - 22:48 | 3184619 Seasmoke
Seasmoke's picture

If you are not rooting for Loki Boy , you are not a patriot.

Thu, 01/24/2013 - 22:54 | 3184646 CH1
CH1's picture

If we don't root for Loki Boy, the terrorists win.

Fri, 01/25/2013 - 00:03 | 3184781 MinnesotaMD
MinnesotaMD's picture

Feels natural to root for barbarism in these times. Okay, I'm in. When do we hold Rome for ransom?

Fri, 01/25/2013 - 01:10 | 3184903 petolo
petolo's picture

Locki Boy : i'm sure he's a terrorist. If Obummer hears about this ........more laws and executive proclamations.

Fri, 01/25/2013 - 02:55 | 3185002 Blankenstein
Blankenstein's picture

Nah , this guy is a wanna be bankster.  He just doesn't have a Harvard degree to get a job with the Morgue or the Sack.  He's just another douche who wants something for nothing and doesn't care about the people who play by the rules.  

Fri, 01/25/2013 - 06:31 | 3185093 Kickaha
Kickaha's picture

A douche he may be, but he is playing by the rules.  It would appear from the nature of his current crib that he definitely cares about himself, ergo he cares about at least one person who plays by the rules.

May I assume from your comment that you would turn down, on moral grounds, the opportunity to legally obtain something for nothing?

 

Fri, 01/25/2013 - 08:53 | 3185187 Dr. No
Dr. No's picture

Not all laws are just.  It is immoral to take something for free then the owner objects.  Yeah the law allows it, but no doubt the law was created by a bunch of other free loaders in a state legislature.  Dont set your moral clock by what is "legal".  You sound like a lawyer.

And BTW, yes I would turn down living in an abandoned house on moral grounds if I had a penny to my name.  The pic of the douche implies he has enough money to buy baggy pants and hats...

Fri, 01/25/2013 - 09:53 | 3185287 Room 101
Room 101's picture

Of course it's immoral to take property.  But here is the unreported piece of the story: does the bank actually have clear title?  My bet is they don't, otherwise loki boy would have been evicted long ago. 

Also ask yourself, what about the property rights of neighbors who have to live next to abandoned houses?  Do their property rights enter into the equation while the banks dither?

Fri, 01/25/2013 - 14:35 | 3186045 Blankenstein
Blankenstein's picture

Well, he can start by paying the property taxes which are now his and most likely HOAs.  Maybe not this home, but many forclosures are are owned by Fannie and Freddie and therefore have been payed for by the taxpayers, who are getting screwed again when these homes aren't sold to legitimate buyers and wrecked by unscrupulous assholes.  

Thu, 01/24/2013 - 22:50 | 3184630 chump666
chump666's picture

Awesome article!

 

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