4 Solutions for Real Estate Crisis
Bob Massi explains
- Duration 3:08
- Date Sep 15, 2011
Bob Massi explains
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Welcome back everyone have been a number of federal programs as you noted come out of the White House -- fix the housing crisis but none seem to stop the rising -- closures.
With the number set to hit record rates are there really any practical solutions to help homeowners.
Well let's ask Fox News legal analyst Bob Massi who joins me as -- what does that -- it's good morning to you.
I know I know you have some suggestions.
Because you specialize in this in your first suggestion for these folks.
Is to put a moratorium on counting mortgage payments -- -- mean by that well.
I -- here's what has to happen because the whole American spirit has been affected what -- my suggestion is look.
If you are current on all of your consumer debt your car payment your credit -- -- behind on your mortgage because you've lost your job -- things bad loans.
Put -- worked for him on people's credit because the impact Gretchen.
That people feel that their whole life they made the payments and their current and everything else but they can't get from under the water.
Why not credit agencies -- credit people out -- put a moratorium freeze it.
So the people's fight -- scores are not ruling for years.
As a result of -- -- the I think number one that would be at least a good good suggestion was certain protocols put in place right number -- is to create.
-- credit amnesty program what does that mean absolutely.
I think at some point because of how many millions of people have been affected.
Why not come up of any amnesty program saying look.
If you lost your primary residence Gretchen as a result of a foreclosure or short -- And all of your other debts -- current and you did everything you possibly could and -- -- ask me some good reasonable protocols put in place.
Put an amnesty program -- they say listen we are going to basically take that part of history.
And say it was a bad time in America forgive and cure and make people's Michael scores better.
They give them the opportunity to borrow again Gretchen.
And the feel a sense of self worth this credit issue is affecting people emotionally and that's another direction I would like to see them go.
You're number three point is also help struggling homeowners -- to their home goes into -- -- you're suggesting that allow them to stay in that home.
And -- renter.
There are people in Las Vegas which is ground zero that have been living in their home without making payments for a year half to two years.
Why not come up with that program to say -- -- now homeowners houses foreclosed on and many people put hundreds of thousands of dollars in their home.
Let them stay in the home and maintain it and rent it for twelve the 24 months let them build their credit back up.
And then it's resell it again was certain reasonable protocols and guidelines.
To that homeowner that doesn't want to leave their home they're maintaining a home Gretchen for the lender they have a sense of self worth.
They -- kids still love the home let them stay in the home.
Under reasonable protocols and reasonable rent for a period of time with the right to possibly by the home back.
All right Bob thanks so much people can email -- course at FOX & Friends dot com great to see it.