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Shattered Dreams: Housing market mailbag

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    Bob Massi answers questions from viewers

  • Duration 3:28
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As part of -- scattered dream series each and every week on the program we highlight the latest in America's foreclosure crisis it's terrible.

Well this week Bob -- is dipping into the mailbag and he's going to answer some of your email.

Joining us right now from Las Vegas is mr.

answer man Bob -- good morning sir good morning Steve -- -- First one comes to us from sue in Illinois she says Bob my daughter -- -- house in Florida and she's been trying to reach Wells Fargo.

For two years to reduce interest rates.

They never respond without notice a court order was placed.

On their bank account and now they have no money to hire an attorney what should -- do.

Help sue.

Well.

Well probably what happened here is her daughter probably had a judicial foreclosure.

Losing the home.

And as a result of that the court probably entered what's called a judgment for -- deficiency which we've talked about -- other words there's monies owed.

-- -- somewhere along the line here something went through the cracks either her daughter was serving a lawsuit didn't respond or.

Maybe they couldn't locate the daughter which can happen.

And that they can get a judgment but what we call publication and then they found the bank account.

Probably from checks were written for the mortgage and -- the mortgage over the years and executed against the bank account or -- their wages and fortunately Steve.

Because she all of -- money's tied up mom's gonna probably have to help soon get a lawyer try to fix problems.

Sounds like they have wound up in it's.

Big problem tough Fareed I -- I'm from New Hampshire says Bob we believe the Bank of America has wrongfully taken our home from us and we produce all of our payments and we -- canceled checks.

But they took our house what we do.

Yeah this is this is a common problem Steve a lot of times I'm not saying in this case it happened.

People missed their payments and then they start making payments and they think that while others still current now again I don't think that may not have happened here.

But when you have a situation where there's an accounting issue paying a lender.

It's very important that you contact.

A competent real estate attorney in your area to assist you.

In resolving the problem prior to a foreclosure.

Because once that for closure happened Steve it's very different -- necessarily to.

Unwind the foreclosure because what could have happened.

If there was an accounting issue and the client was accurate.

You could follow lawsuit and get what we call an injunction and didn't join in the foreclosure.

Saying the judge judge.

These people are current and forcing Bank of America to look at the accounting to see who's right -- who's wrong.

And it's great that they had -- canceled checks out one more real quick when Andrew from Texas has Bob I saw the tail end of the segment relating to debt forgiveness.

My -- has a second house in Florida and sold it on a short sale does the forgiveness relief -- cover second homes.

It does not as we cover last week Steve it's -- it's primary residence only it will not cover that -- again I I really plead to our viewers please.

Contact your representatives to get the mortgage relief act extended.

It expires December 31 of this year could have grave consequences if it's not extend that call your representatives.

Good advice are write a by the way folks out there watching right now you can email -- your questions by logging on to FOX & Friends dot com shattered dreams.

Thank you Bob -- stay classy and vendors happy Easter -- everyone -- -- Rebecca it's.

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