Sunday, July 04, 2010

Millionaire Squattors

This listing of a million dollar bank owned property is disgusting.

If you don't want to waste time reading it, here's the big details:
- 13 yr old 3000 sq ft California home with 4 beds and 2.5 baths in a nice gated community
- Owners took 771K in home equity withdrawals in the last decade
- Owners have been squatting (no payments) for at least 18 months, and won't be removed until at least October (4 more months)

As the Irvine Housing Blog asks, what would you do with 771K over a decade, and what would you do without a mortgage payment for 2 years? I think the nearly 40 million Americans on food stamps have some ideas.

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