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Bob Massi opens his Thanksgiving mailbag

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    Real estate expert answers your questions

  • Duration 3:49
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Well -- number of new homes being built in the United States hitting a four year high in October hinting at signs of -- housing recovery but many Americans are still struggling.

Our next guest he's dipping into the mailbag to help answer some of your housing questions joining us now from Las Vegas Fox News legal analyst.

And real estate guru Bob -- Bob nice to see you on this Thanksgiving happy Thanksgiving Thanksgiving thank you very much thank you here's one of our first emails in this from Nebraska from Jorge he says I had a realtor insist that they -- get -- way over market value from my home.

We learned it was overpriced now they transferred me to a new -- when I asked for market analysis.

Now they wanna quit still hit me with commission do the survival clauses what can I do about this is tough my dad's a realtor.

And he always -- to tell people it's straight not to give any sort of inflated numbers to people get their hopes up.

-- and your dad knows his business because that's really what a problem what really at this point in time.

For that even charge a commission unless they brought a new person in the buy this home third have a difficult time under the -- -- one of the things I suggests is two things.

Why -- really get a lawyer to look at the contract.

And make sure that they have a good position legally to say look you're not entitled to commission you didn't do the market analysis you overstated the price.

Therefore there's no reason you've earned any commission the second thing is reluctantly.

If they're not willing to back off there are boards real estate divisions -- to file -- complaint.

Against the realtor for this kind of issue hopefully the real -- -- back off if in fact he did not bring a perspective -- to the deal.

You know good good advice here Barbara from Las Vegas you know in the woods down there says we are under water 70000.

Dollars and I'm retiring next year we can't pay off our second mortgage should I.

Short sell.

Or let it go and -- foreclosure.

You know that is such big decision to make him what I can tellers this there's nothing wrong with a short sell as long as you can show there's a hardship.

And in addition to make sure for sure it -- approve.

That you get what's called a waiver deficiency the difference what's -- to the lender.

The problem we have is we have this mortgage relief act I've talked about for weeks that expires into the year that could be major tax consequences to homeowners in America.

Hopefully congress will extend -- which will cover they do.

But in this case you to get somebody to look at it talked a competent realtor.

See if assured so is something that's viable if it is you that nothing to lose as long as you get that waiver deficiency.

The good news there Nancy from Savannah Georgia.

Citi bank has put us into foreclosure and now we received notice -- Freddie Mac owns the property.

What does this mean for us moving forward we also have a second mortgage.

Freddie Mac really doesn't own the property they they probably don't understand Freddie Mac Fannie Freddie.

Owns the loans CD is servicing the loans.

For Freddie Mac in this situation.

So if there is a foreclosure.

It won't be Freddie Mac -- for closing it'll be city that is servicing -- for Freddie that will foreclose on the property.

If the foreclosure takes place that second mortgage will go away almost when I say go away in other words like an unsecured debt it's like -- credit card.

Than most states they have a right to go after you for that second.

She want to get some good advice from a lawyer that we'll let you know the consequences.

Of the foreclosure.

In your state particularly as it relates his second mortgage I apologize for my voice -- -- little -- allergy blunt today but.

Anyway happy Thanksgiving everybody.

And he did great it's a happy Thanksgiving to you as well Bob and if you have any questions when asked Bob directly can email -- -- lost a lot of FOX & Friends dot com and clicking on the shattered dreams tab.

And then that'll -- you an email ranks two bombs in.

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