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Sixty minutes -- the top of the hour now in a tough economy it's hard for homebuyers.
And -- to navigate the world of real estate so that's why we're opening up our mailbox -- -- was pressing questions this morning.
Joining me now as does every week -- is legal analyst Bob -- good morning to you Bob good morning Gretchen.
Great way let's go out to Michigan and has a question for you I live in Michigan and then -- Michigan broker who sold a Freddie.
Mac I learned the lender can't proceed with a short sale because the -- sold the property and Freddie will not allow -- short sale during the redemptive period.
What can I do I'm glad discussions for you Bob.
Let me explain.
When you when you have a judicial foreclosure -- you have to go through the courts.
Most states have what's called Gretchen a -- period meaning the homeowner actually has the right within a period of time.
To take their home back -- to get the money to buy it back which is pretty unrealistic but that's the case.
A short so's you knows what a third party comes in -- tries to buy it for present value.
What the reason why they don't allow that is a -- -- that period specific to the homeowner it does not allow third parties other than the homeowner.
To come in and buy -- at home.
And that's the reason why the short so was rejected not because it's a bad deal but because of the redemptive law a third party cannot buy it has to -- the homeowner.
All right very interesting.
-- here's question number two Carol from Ohio.
We own a house with thirty year fixed our payment has always -- the same and timely -- now they sent to new coupon in the -- -- went up seventy dollars a month -- had no intention of paying.
Why can they do this.
Well first of all pay it because if you don't pay it then that they could start with some kind of foreclosure action about a line what probably happened Gretchen.
It's either her property taxes went up or her insurance premiums went up if she's paying.
Her mortgage payment which includes the -- -- -- this property taxes and insurance.
So a lot of times if our mortgage payment changes.
It's because up property taxes or your your premiums on the insurance once in awhile it's because the interest the -- on the kind of loan that you have.
But please don't just.
Called a servers -- of your loan find out why that why the coupon changed and see if they're correct if they're incorrect.
Then you have beat if not you'd better pay -- the start for closure eventually.
I wonder if that's my mother in law Carol from Ohio at -- at my feet up and let me know Kara -- I -- and you can.
-- -- -- after I've filed a chapter thirteen and moved out of state paying my trustee in bankruptcy every month according to the plan.
When I moved I opened a new business and my expenses have changed I may need to convert my bankruptcy to a chapter seven.
So big question is will -- Lose my business.
-- member chapter thirteen is a payment plan -- -- that's that you owed its approved by the court one of the things I said.
In the chapter thirteen -- the only dangers of finger in -- changes it could affect if you're gonna be able to meet the court's plan that was approved.
Bottom line is get a very good bankruptcy were to look at what you're paying.
How do you hold your businesses as sole proprietorship.
Is -- a corporation and have them advise you.
If that company if your small business will be affected because when you convert to a chapter seven Gretchen.
Which is a personal bankruptcy.
Anything you own personally.
Can't be subject to the court's jurisdiction.
They could sell it liquidated to pay creditors get a good bankruptcy lawyer to give your opinion on this -- All right Bob thanks so much helped a lot of people today and if you have questions for -- I gotta do is even your questions let's logging on from FOX & Friends dot com go to shattered dreams I can't become.
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