Squatters, New RE Problem

During the last real estate turndown in the late 80s my wife was working for one of the biggest developers in the state. They would sell what they built and in at least half the cases they financed the purchase. Then the shit hit the fan and many "owners" just walked away knowing there was nothing the lenders could do about it. But in many of the properties the "owners" refused to pay the mortgages or move. They just squatted on the property rent free. In some cases they rented out part of big homes and were living high on the hog, so to speak.

This is happening now in south Florida and it's serious. Usually when we talk of squatters we refer to homeless and poor people descending on real estate and moving in by force of arms and statying put. In south Florida it's people in multimillion dollar homes simply refusing to pay on their mortgages or move and they have the lenders over a barrel. Taking action costs a minimum of 50K per plus other costs. Details are here.....