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-- it's an overwhelming process the millions of Americans try to recover from the housing crisis so that's why each week now here on fox -- Bob -- has been answering your emails about real state.
Well now you can ask him a question in person here to tell us about his brand new seminar in Florida is Bob -- Bob nice to see this morning teaming up with Fox News or -- -- -- big seminar.
Down there in Florida in a few weeks on September 27 tell us about why do in this.
It's a free seminar next next Thursday actually from 6 AM the 9 AM at the club -- -- island.
It's owned by general -- -- do Edwards a great American success story who basically built rebuilt his dreams after the Vietnam War he's given.
This beautiful facility for us to do this seminar.
The purpose behind that -- is obviously to educate.
The people on what's going on -- -- have a period of time a few hours to.
Educate them take them from the beginning how we got here how they can rebuild their dreams -- going to be covering things like asset protection.
We're talking about credit issues foreclosures what your rights are short sells I had a panel of experts also that will answer questions.
For the audience after and you can register.
By going to rebuilding your dreams at foxnews.com.
And it is free of the public and its next Thursday at the club a church -- island and I thank them for allowing us to be there it's -- it's been great for the public.
Okay that you know this -- actually given out the end again as well Bob that need to be answered some the questions like these that we very gotten from viewers this week.
Read -- coverage of this first -- here Bob we lost our home in Arizona in 2010 we had it up for a short sale.
But that didn't work now the second mortgage is going after us it's been two years how long can they pursue the collection.
Of the second mortgage that's from -- Would we sign up for a mortgage.
We sign a promissory note a promissory note by definition is a contractor promising to pay.
In most every state in the country there are some exceptions there's usually what we call a six year statute of limitations that being.
From the time that you breach or don't pay that promissory -- Then they can't pursue.
The contract for payment now the reason why it's -- because this was a second mortgage.
And most second -- Clayton are basically they're like an unsecured creditor.
They basically they're -- -- like -- credit card so they do have the right to pursue it.
They could end up selling this note to a collection agency the collection agency could pursue it.
You may want to consult with a lawyer there to find out what the statute is and what your rates may be to defend against that.
Here's from Cathy she writes.
We filed chapter thirteen bankruptcy for IRS reasons we surrendered the home but the house still has not been taken out of our name.
We are paying the H -- -- what can we do.
You know I have to tell -- this is of major problem.
When you file chapter thirteen that's a reorganization.
Type of payment that.
Even though you surrender home believe it or not I can't tell you.
How many homes in America people that have walked away that the foreclosures haven't happened and it's still in their day here's the most important thing.
As long as that home this title to you legally.
You should always maintain insurance on that home.
Because if something happens -- that home you could be held responsible about many lenders put the insurance on that in this case probably what happened.
Fell through the cracks.
They haven't figured out yet some are gonna wake up 1 morning and say better take this home back there's chapter thirteen insofar as -- HUA deuce I wouldn't pay him.
Because why maintain and wanna home basically that you're not occupying.
You're not short selling it just letting go and save that money but that's basically what they need -- Great tips Bob and more of that coming your way at this big -- -- September 27.
They can register by -- rebuilding your dreams at foxnews.com that's -- email address send in your emails there for the free registration down there.
In Florida Bob great to see you this morning thanks.
That you have.
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