I visited Panama 18 months ago and for the first time I've heard and
experienced seeing "Squatters" in properties who refused to move out
and the only way the seller can sell or build on the property they own he
must provide housing for these "Squatters" somewhere else.
When I heard this week that U.S. Citizens who do not pay for their
mortgages should exercise their "Squatter Rights" I could not believe
my ears. I feel very sad for people who have lost their jobs or whose
mortgage payments have gone up, however, what is this country
coming to? Is a borrower who signs the LEGAL NOTE - Promissory
Note to repay the loan they have obtained off the hook the minute they
lose their job or decide no longer to pay their payments? Do they now
have the right to proclaim to be a "Squatter" and live in the home?
People should be held accountable for repaying their mortgage. I
totally agree that banks and lenders need to work with them so they
don't lose the roof over there head, however, what kind of a message
are we sending to those individuals who take on 2nd and 3rd jobs just
to pay their mortgage?
I currently have a seller who owns a duplex and they have a "Squatter"
that decided to move in and they can't seem to get him out. This is
truly becoming a "jungle". This is not right!
If you have experienced this or have any comments, I would love to
hear your point of view on this.