Rebuilding Your Dreams: What do you do after foreclosure?
Bob Massi weighs in
- Duration 2:45
- Date May 24, 2012
Bob Massi weighs in
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Next is bankruptcy the only options this morning we want to help you rebuild the American dream and here to help real estate expert Bob -- good morning -- Bob.
The way Gretchen and I qaeda's -- and turn it optimistically so the first question for you this morning is why are we seeing so many bankruptcies tied the foreclosure crisis.
Well look here's what happened about you know the short sells -- -- talked about you know for the last year for five years ago.
A lot of homeowners didn't understand how short sells work -- one of the big things was is that the deficiencies that was left the money -- even after the house was sold.
Was never wave.
So what's happened is a lot of those lenders who were second lien holders on the house.
Are still pursuing those homeowners in lawsuits.
Or through collection agency -- bankruptcy still.
Rise up because of these debts from several years ago.
And that's why these bankruptcy still are going up and hopefully the level out of time but that's -- a lot of homeowners still faced with -- so is bankruptcy worse for your credit.
Then of foreclosure what you have both.
You know it's adjusting I actually disagree search -- this -- you know first you think.
Oh my god -- the worse a lot of people do think it's because of that in fact it's not.
At a federal trade commission and if you go to fight the website basically.
Say that you know foreclosures can actually be worse than bankruptcies.
On your credit Bob bankruptcy last for many years but many lenders say and I've I think I've indicated this before FHA is said if you -- a primary residence.
In your house was foreclosed on -- short sold.
They will consider giving you new loan after three years.
If it's a bankruptcy.
After two years and the reason for that's -- he can't file bankruptcy for many years down the line and a lot your credit a -- your debts are wiped out so.
I don't want our viewers think that bankruptcy is the -- -- that it is the last resort.
But we're gonna start talking about the next several weeks really helping people get back up on their feet after their dream was shattered -- right to how do you decide your next move.
In order to rebuild your dreams if you've gone through either one of these two things.
I am very much a believer credit counselors.
I think anybody that's been through a short -- a bankruptcy or foreclosure should seek out a good credit counselor.
Or a good lawyer that specializes in credit.
Because there -- church to the trade Gretchen.
They have ways of trying to build your credit up.
People need to start learning how credit works -- fight -- course work and by getting some good counsel.
That could help rebuild their future so they can -- again and that's what we -- in America.
All right if you have a question for Bobby can email him by logging on to FOX & Friends dot com I've seen a lot of those questions come -- have a wonderful holiday weekend Bob we'll see you next week.
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