[p2p-research] adverse possession

[Michel Bauwens]

Hi Sam (Putman),

I wonder if you could either write-up or find some info for quoting, on this
adverse possession trend?

Michel


 Putman <atmanistan at gmail.com> Mar 20 09:47AM -0700 ^

> the people streaming from these shelters?

> Thanks,
> Patrick

Foreclosure is a double-edged sword. Dear friends of mine, a couple
with two daughters, were really struggling two years ago, as the
economy tanked, to pay their rent and feed their family from the same
meager, erratic paychecks.

When they heard that the owners of their rental unit had foreclosed,
they saw it as the final blow. But unlike the other six residents they
chose not to move out. It's been eighteen months since this happened:
they have an ongoing relationship with corporations that provide heat,
power and internet service but no rent is paid, while the former
masters sue each other. It is probable that the so-called 'owners' of
the property are themselves bankrupt and bought out, at this point;
who knows when the situation might resolve itself.

In the US this is called "Adverse possession", the legal term for
squatting, and should they keep it up for seven years, they would own
their apartment free and clear.

This is in a dense neighborhood of Chicago, for perspective. It's
happening all over the place, and with more foreclosure on the
horizon, it's only going to get more common. Single families aren't
the only ones going bankrupt, it's happening to a lot of landlords and
mortgage interests also.

cheers,
-Sam.


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