{"id":32103,"date":"2021-05-04T14:01:48","date_gmt":"2021-05-04T02:01:48","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=32103"},"modified":"2021-05-04T14:01:48","modified_gmt":"2021-05-04T02:01:48","slug":"mans-375k-mortgage-unpaid-for-23-years","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/mans-375k-mortgage-unpaid-for-23-years\/","title":{"rendered":"Man\u2019s $375k mortgage unpaid for 23 years"},"content":{"rendered":"

PHOTO: The man likely saved himself $570,000 by not paying the mortgage.\u00a0<\/strong><\/p>\n

A New York man who only ever made one mortgage payment has deftly used the courts to stay in the house for 23 years \u2013 for free, according to legal papers.<\/p>\n

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Guramrit Hanspal, 52, has filed four lawsuits and claimed bankruptcy seven times to avoid being booted from the 193sq m East Meadow home he \u201cbought\u201d for $US290,000 ($A375,000) in 1998.<\/p>\n

So far, it\u2019s worked: two different banks and a real estate company have owned the three-bedroom, 2.5-bath home since Mr Hanspal was foreclosed upon in 2000. But Mr Hanspal remains.<\/p>\n

Mr Hanspal\u2019s not the only occupant of the home leveraging the US Bankruptcy Code\u2019s \u201cautomatic stay\u201d rules, which give debtors a temporary reprieve from all collection efforts, harassment, and foreclosures.<\/p>\n

At least three other people listing the home as their address have also filed for bankruptcy in Brooklyn Federal Court, winning the \u201cautomatic stay,\u201d only to have the claims eventually dismissed, court records show.<\/p>\n

\u201cIt\u2019s really a group of people that are more than willing to use the courts and abuse the courts to whatever extent they need to extend their illegal occupancy,\u201d said lawyer Jordan Katz, who represents current property owner Diamond Ridge Partners.<\/p>\n

Mr Hanspal\u2019s history of litigation \u201cis incredibly long and sordid,\u201d said Mr Katz, who added that while he\u2019s seen occupants staying in foreclosed homes before, \u201cnothing even approaches the length of this one\u201d.<\/p>\n

\u201cHe\u2019s not legally occupying that property,\u201d Mr Katz said. \u201cIt\u2019s an outrage.\u201d<\/p>\n<\/div>\n

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