Squatters Rights? Is it still your Home?

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Greetings gang...

A short question...I currently do not own a home, nor do I plan on having one until the potential bank crisis/recession/depression is over and done with. My question to all is simply, If the Banking industry suffers the cross-cascading defaults, and the economy bottoms out, when and if this happens,

1)Does the Bank have the right to call due the entire balance of all outstanding morgages to attempt to preserve finanicial fluidity?

2)If ALL morgages are due, and NO ONE can pay them all off at one fell swoop, then How with the attending morgages be maintained? Who attains recievership of the debt?

3)If the worst happens, Does a person become a squatter on what was once known as 'their' property?

any ideas out there? Will houses become a militarized "Get out!! You don't live here anymore!!" backed by the Sheriff or the Natl Guard, or will it become a "Squatters Paradise?"

-- Billy-Boy (Rakkasn@Yahoo.com), September 27, 1999


I dunno Billy-Boy..........Go rent Mad Max and Road Warrior.....they're practically documentaries to the Doomers.......must be some useful info in there for you.

Seriously now, ask yourself "What would Mel Gibson do?".

-- Craig (craig@ccinet.ab.ca), September 27, 1999.

Mel would "Do it. An' let the English see ya' do it".

Uh-oh....wrong movie. : )

-- Wilferd (WilferdW@aol.com), September 27, 1999.

Hey Craig,

Did you "see" Mel on the season premire of The Simpson's last night? Mel's ending to his movie might come to pass if y2k is above a 6 or so. LOL

-- CygnusXI (noburnt@toast.net), September 27, 1999.

Every third household in the US harbors at least one firearm. Almost as many guns as people. And the sale of guns is way up these days (so they say).

At least two of my neighbors have small arsenals in their lovely suburban homes. If anyone tried to kick them out... in the middle of winter... Should be interesting.

-- praise the Lord (pass@the.ammo), September 27, 1999.

Rent em 'Craig?....I OWN them.... Seriously...any Ideas on this kind of issue? Really...

-- Billy-Boy (Rakkasn@Yahoo.com), September 27, 1999.


1) NO. Most of us home owners have a contract that states (in short plain wording) If I make my payments on time I keep my home. They, or anyone they sell the contract to, can't just say "I want it all now." without reason. The most common reason that this has happened in the past is due to a loan default (I failed to make my payments as agreed).

2) if I (and most everyone else) lose my job due to some major economic downturn and many can't keep up, then we get into a gray area. If we use history as our guide, we can go back to 1928 and look at what happened there. Based on information I gathered from my Grandfather just the other day ( He was 20y/o at the time), the banks at first were quite heavy handed and started foreclosing on everyone, then they relized they were getting back land that was not worth the money they had fronted (or borrowed) for it and now THEY were holding the bag. Everyone (by about 1930) had desided to let the debtors pay what they could (back then people had a pride in paying their debts and did pay everything they could) as it seemed better to get somthing for their outstanding A/R rather than nothing.

It took many more years and a war to get the economy back on track. My Grandfather also told me by 1932, he his wife and 2 children (one being my mom) after moving around the county for 3 years to find work, they settled in CA. and he worked on a farm for a relative making $0.50 per day (sun up to sun set, not the 8hr day we have now). It was more than most people made and was just enough to get by on.

-- DOC (DOC@DOC.DOC), September 27, 1999.

Thanks for the insite doc

-- Billy-Boy (Rakkasn@Yahoo.com), September 27, 1999.

Consider a quick read of Shiloh Autumn to get a good idea of how the game was played in depression era America (part 1) Available at most Christian bookstores but not heavy handed on the religion (course I'm biased)


-- EC (JHnck1776@aol.com), September 27, 1999.

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