Man Buys Foreclosed Property for $16
When a man claimed a home for $16 in Texas, his story sparked controversy across the state, even though the method he used was not new or even illegal.
Through the practice of "adverse possession", the man was able to get a home worth $300,000 for just $16. Adverse possession has been in existence in the states since the 1800s and applies to properties that are considered abandoned. Based on British law, it came into existence when farm owners would place fencing on property that was not technically theirs. If no one came to object or claim the property, after a certain period of time, the land would become theirs by default.
The modern version of this story happens in Texas where a man was living in a home that had been abandoned by the owners after it fell into foreclosure. Although many argued that the police should have arrested him for breaking and entering, the law actually protects the man since he has been residing on the property for so long.
Do you have questions about the laws surrounding foreclosure in Texas? Take the time to get answers by
contacting a San Antonio foreclosure attorney at the
Malaise Law Firm. We have worked on numerous foreclosure cases and are more than willing to address your concerns.