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I was so many homeowners struggling to hold onto their homes a lot of Americans are asking questions for example.
Today we're though did get into our mailbag to get to some of those examples in here to talk to -- about Fox's legal analyst Bob -- Bobby right.
I -- -- answer OK ready here is Darryl he writes this it says this.
I tried to sell my home to -- short sale Bank of America accepted one offer but the second lender didn't approve it.
And now they're suing need to collect on the deficiency.
Can they do that.
Absolutely -- unfortunately as I've covered in -- of many times on short -- if when you have a second mortgage on your home Brian.
And the second has to agree to the shorts out they don't.
In the short -- not go through and a foreclosure occurs.
That second mortgage you sign the promissory note it's a contract.
So most states in this country that lender can't pursue that promissory note.
Saying that zero X amount of dollars and they do have the right to do it and I wondered Bank of America in this case could talk to the other bank -- say listen this is the best way to get out of this maybe you should do this maybe -- change in my community at a bank -- leverage.
Yet sometimes the first we'll deal with the second and actually offer up to 3000 dollars on a short -- to try to resolve it.
Sometimes a second mortgage Brian watts contribution from the homeowner lets say 050000 dollars sometimes they want the homeowner to contribute five or 101000 dollars.
To wipe out the balance but if they're not the position to do it.
Then they get the right to foreclose and have the right to -- for the deficiency.
I let's talk about Michael now Michael -- -- -- says this I got a letter from Bank of America approving the restructuring of my home loan but afterwards be a day rejected by.
Payments saying I had to re apply.
They had then denied my application they're starting the foreclosure process no attorneys will work with me into the foreclosures actually complete.
What should idea.
Well the reason I chose this email is because it just gives the example Brian -- -- how the right hand doesn't know what the left hands going.
You have one division of the lender or servicer who setting up probably nothing more than a form letter saying hey Bob you've been approved for structuring your loan.
And the loss mitigation division is the vision where they start foreclosures basically is saying hey by the way we're gonna foreclose on your home.
The lawyers that this guy went to -- said and I don't necessarily disagree -- look we really can't do anything until they start for closing on your home.
I think you need to go get yourself -- -- that specializes in the area of loan modifications and things like that.
To start dialogue -- this finding out what is going on -- -- and were you approved for any type of restructuring of the along pilot thought about -- -- -- -- I am trying to -- have from my parents in Florida but I've been transferred to another state for work.
While trying to get alone I was told I could put 10% down if I had a relocation letter otherwise I was told I had to put 20% down.
Is this right.
Talk to my bloodiest -- there is one of the best in the areas of lending and I said hey Mike what.
How does this work -- -- look -- they have different levels of of loans you have investment properties relocation property second homes primary residences.
And they have protocols -- that in fact say.
You have to put more down -- -- -- -- We have is -- the second home investment property things like that so yes.
They have the right to do that.
The one thing I want to reiterate again and I is unrelated is please ladies and gentlemen.
Remember I keep talking coming hammer home about the mortgage -- fact that expires the end of this year.
Don't forget the call your representatives United States representatives to tell them they must extend the mortgage relief act because it could be he could be devastating to.
Our whole country and real estate by Bob Massi thanks if you wanna be on our show right Bob do about FOX & Friends dot com you'll see -- -- here click on it right now.
Good job Bob thanks.
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