Cracking the housing crisis
Rebuilding dreams after losing your home
- Duration 4:38
- Date Sep 27, 2012
Rebuilding dreams after losing your home
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Before the top they -- Bob -- is down in Tampa right now it's all part of his seminar and Bob you're there in a a -- -- I'll -- with a bunch of people who are desperately trying to save their houses or.
Property as well people got questions for you and you're gonna answer live on the television -- Yes we did -- sorry about that I was a look at Rydex either prevent a lot of people asking questions.
What is your name and his Robin Robin quickly tell us what your issues -- I bought a Condo for 120000.
And now they're selling for about 3035000.
And -- 828 is gone up every year since we've gotten there and in January it's -- -- about over 500 dollars every three months that I can't pay my mortgage inmates away at the same time.
Yet the probable -- is is guys because of the fact that we have a many places.
That have been foreclosed on or short shall be -- -- the other people are paying the sense paying the price of the other people that have left.
And so your situation is very -- -- about 500 dollars a month plus a mortgage payment.
So at this point -- time you can't control the situation knowing they have the right they have discretionary powers they can raise and assess if they want to.
You're gonna have to make our decision -- that is.
Do you loan modified you try to short so even if you want to keep the house depended upon the value that property still depend upon how you make the decision for that underwater.
You have a tough decisions personal decision and that on its face.
If you can't pay for it.
-- to get advice on deciding short sell modification or let it go to foreclosure it's that simple numbers unfortunately today guys the numbers rule the destiny.
Of the homes that we live and that's how it works right we'll talk after.
Larry coming up her body about this American flag guys how can we help you.
My wife just a quick hit it right -- that I lost my job and -- -- my wife lost her job and -- nine.
We want to all of her savings over the next couple years had to file chapter seven bankruptcy.
We're now waiting for news on when we need to move out when you're gonna for close and we want to know how to restore credit.
OK two things first of all what's amazing is guys that the man was bankrupt the washed everything -- comments an -- in this country.
And now the lender to show you how dysfunctional they are.
He's been living -- two years not making payments that's how much it goes to the cracks at the beginning of this presentation today Steve.
I explain to people how we got here how complicated is processes.
Credit will come back if you continue to pay on your consumer -- your credit cards your car payments Michael scores will come back up.
FHA is even now supposed to come out with an announcement they're talking about it's it's not definitive.
That even if you file bankruptcy unit of foreclosed on even -- short -- they will if your credit scores over certain amount and the lenders will dictate.
Give you the right to buy again.
It's gonna take some time I do believe there'll be amnesty in this country -- credit eventually but goes to show you guys.
These lenders are so far fetched so far gone he's bankrupt he's not keep your money enjoy yourself and -- -- it's -- -- vacation -- -- -- -- -- I think what -- -- little quick.
We'll take your money over there to help state tax.
-- -- -- -- My question is we don't like to external house to between first -- markets for him the second their homes -- it's like a 100000.
We don't have credit card debt we can make the payments had -- you know when it's time.
-- choice if you're underwater 5060%.
I can't make the decision for you but at some point as I've already told our our audience today.
You got a tough decision making because you're spending good money after bad.
If you don't see the dollars in your house going up in your neighborhood if you don't think.
That it's ever gonna get back to where west which by the way it won't.
Then at some point you gotta say enough is enough that you could look at the short -- process we've talked about the modification process we talked about in the multiple they're gonna lose your home.
To some type of foreclosure but honestly.
Personal decision if found 50% underwater and my properties combat simulator on the live there to the comedy get out armour shorts on my house.
Thank you you know it goes to show you Steve.
Gretchen I'm Brian that this problem is epidemic.
It doesn't matter the emails we get every week all over the country the frustration that homeowners are feeling.
That that they're not being dealt with arm's -- with the lenders -- this level of frustration a man who work balls like that lost everything.
Living in a home after bankruptcy it's unbelievable it's reality that's why we're here in Tampa that's why are trying to help them rebuild their dream.
A lot of people with some desperate questions about their situations and Bob's going to be answering more of them alive as he continues his seminar down -- Treasure Island.
In the next hour right here on FOX & Friends Bob.