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Field of foreclosures

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    What to do when it's hurting your home value

  • Duration 3:33
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Thanks very much Brian it's time to check back -- now -- fox legal analyst and real estate guru Bob Massey he's at the rebuilding your dreams tour.

In Tampa Florida where the hardest hit cities affected by the housing crisis -- got a big crowd there Bob any help of lots of people.

Yeah we do we have a big Crowley has more questions Jim kind of up her please -- first thing was just him correct tell us what that which your face with.

Well so I bought my home and 05 I lost my job and 09.

So applied for a mortgage modification at that time I was told I didn't qualify because I had a severance package from my employer and I still had money in the bank.

So it took me about two and a half warriors finally closed -- short sale.

About two weeks ago but now my credits gone from -- eight hundreds to mid six hundreds so my question is you know comic gonna recover from a business owner and you know have these -- His comments and -- Gretchen right there.

Because he had some money in the bank from a severance package even though he was under water.

He was able to show some hardship he lost his job.

But even though he had a little bit of money put away at the bottom line is the lender would not modify.

So they haven't they force and then ultimately do a short shelf he's not depleted of all his money.

Not -- credit shot and the question is.

-- get back to it again as I just started talking in our group -- -- credit repair something that's going to take time.

Keep -- consumer -- -- your credit cards your vehicles keep them current.

Do those kinds of things check your credit reports we talked about Gretchen every six months.

Bottom line is gonna take time but this is an American tragedy his story is a common storage box it's -- right up -- My question is why are banks leery about principal reduction.

They're giving away short -- -- seems like the owner of the home would have more of an interest in that home and -- reduction and you talked -- a little bit but it still economic analysts.

Besides the fact that I load the banks I'll give my own opinion after after you finished.

The bottom line is Gretchen the principal reduction it's something that everybody asks about Bob why is it on a short -- and we talked about this today.

That they'll say they won't take a 200000 dollar offer on a short -- -- foreclose on it and -- sell for 150.

Why don't they just principal reduced to -- to the -- couple reasons one.

You have a hundred homes and -- development.

And fifty of those homes -- current fifty or under what are they're all under water -- fifty are behind.

If everybody starts -- -- reductions it's a domino effect and as a result of that what we're faced with this.

Lenders do not want -- principal reduced because they're afraid the domino effect.

Could be -- -- take one quick question.

Sir -- -- in our neighborhood we have homes have been abandoned for 45.

Deteriorated banks have no interest in doing anything you're talking to anybody.

Can we.

Rent those homes and can somebody.

If we know where the owner is it's still on the owner's name -- But it -- real quick as long as -- homes that have been abandoned Gretchen are all still in the names of the homeowners.

Unfortunately the -- always -- homeowner association don't have any rights to step in there.

As long if the people of walked away unfortunately the rest of the neighborhood suffers values go down -- burned.

I mean the condition of baker and seeing people break in -- that are banned it.

It's part of the crisis in America which is exactly why we're doing this show people that we have to move on but that as a consequence of the foreclosures.

Out of a serious questions going on there and hardships and -- there to help and try and answer some of those knowledge of the folks in Florida but all across the country -- -- And -- going to be in our efforts to assure sure if you've got questions for Bob go to our website FOX & Friends -- -- look for the rebuilding your dreams.

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