I think the idea here is that if you claim to be rightful owner of the property, the bank can't just have 5-0 toss your ass out into the street without first taking you to, and why would the bank bother taking you to court (right away), when it has so many other foreclosures to deal with?
This kid is smarter than he looks.
Andre Barbosa can safely say that he has one of the nicest homes on the block in Boca Raton, Florida. But the 23-year-old Brazilian national does not own or even rent the palatial $2.5 million estate legally – he is a squatter.
Barbosa, originally from the neighboring Pompano Beach, moved into 580 Golden Harbour Drive in July. Now he is threatening to use an obscure real estate law that allows people to claim a property as their own if they stay there for seven years.
No one witnessed Barbosa breaking into the 7,522-squae foot, five-bedroom, six-bathroom waterfront home, so he cannot be arrested. And Bank of America, which foreclosed on the house, so far has done nothing to evict the 23-year-old and reclaim the property.