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Fixing foreclosures

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    Bob Massi helps you deal with banks

  • Duration 4:05
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You know when you're.

It's time to go back to -- -- -- -- rebuilding your dreams tour over in Treasure Island Florida.

One of the hardest hit cities affected by the housing crisis and everybody there.

Is there -- learning about yet.

They -- the morning of course have a lot of people are still coming and bit.

We're -- some questions for studios thank you sir for being here what is your name from Paul McKinley Paul thanks for being -- -- my question is you know.

There's so many things going on but -- a specific issue you'd like us to address so you know -- I remember about -- your previous segments you were talking about.

Debt forgiveness right from banks.

-- -- -- changes in the taxes and the important tax implications and if you're just.

Bring us up to date on where that show what we're talking about that Bryant is I've talked several times about the -- -- -- which is pass and 07 it expires the end of this year which essentially says.

If -- -- primary residence.

And you have been foreclosed on -- short self forgiveness.

-- to pay taxes.

If it's original debt and even -- was refinanced -- use for improvements.

And you get a 1099 C -- which means cancellation of debt.

Then you don't have to pay taxes the problem is that law expires the end of this year which is a concern for many if they don't extend that law.

The devastation in America would bankruptcies and things like that could be amazing were hoping.

The finance Budget Committee two weeks ago bipartisan voted.

To extend that but it still has to go to senate.

It's an election year and that's what's gonna happen under an extent it just yet and they well they really well thank you -- go to another circle -- apparel -- Thank you for being -- -- -- and -- stopped -- tell us what your question.

Okay short sales on banks right now they're reaching a saturation point where once they have a certain amount approved.

They stop -- and now you have short middle short shows that may take.

306090 days now the -- six months seven months eight months nine months people -- and more value people get in trouble for a walk -- -- distressed properties.

And it's -- the total property value are they gonna do anything to speed got out.

The problem is -- short -- guys as I've talked about it before those who have the gold make the golden rule that being the lenders.

He can't really force energy and there's actually been some states in the -- loss.

That have put guidelines on how -- are supposed to get back to you and they don't even they don't care because if you're while somebody want to walk away or somebody right behind them.

So unfortunately until they try to regulate it more there's not because they have their own protocol they have their own way of doing things and as a result of that there's not much to do except.

Hound them as you know I'm sure is a realtor you -- hound them got to push and you have to let them they're gonna lose your buyer other than that it's a very tough.

Tough tough role was short -- and lenders in this country -- appreciated.

-- one over here.

-- report which -- named Ron Russell Ron you're from this you're obviously yes.

What's your question.

We did a sponsorship mortgage for our daughter which in the beginning had a defined amount that when that -- -- -- down to that point.

That that was our exposure that was what we were.

And done now they're treating SS.

-- signers us mortgage rather than.

Defined amount as a sponsorship of that amount.

And one of the things I've done for today's I have a panel of experts which I told you but after I finish one of those and -- lending business.

The problem is that in this case situation his daughter wanted to get a loan modification.

So what they're looking at us and listen if you want your daughter to get this loan modified.

We want -- the parents who -- cosigned for specific amount.

We want them to now be responsible for the entire debt on the modification which unfortunately again they have the -- They make the rules the question is going to be.

Is a modification a right thing to do which are to talk about my presentation today why you modify vs short self.

Rather for closure and that's we're going to be looking at today all these type of issues guys lot of people here it's great thank you so much for being here.

Anyway I know that that we're we're pressed for time anyway Lotta great questions great audience of -- start my presentation.

And be back -- a little while guys thank you.

Not Nancy thanks so much your health and a lot of folks not only in Florida but all across the country we'll fill in -- cup.

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