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Life after financial loss

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  • Description

    Bob Massi explains how to re-establish credit

  • Duration 3:43
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If you -- one of the millions of Americans facing foreclosure or short -- or even going through bankruptcy you might be left wondering.

-- dig out of here well as it turns out there is life after big financial loss and an avenue people can actually reestablish the -- Fox News legal analyst buck passing was made this his expertise to -- us right now from -- morning to you -- good morning who once you commit you know Bob because of the bad economy there's been a concern and that a lot of people you know they're wondering will I ever be able -- -- home again if I have gone through foreclosure or short sale or bankruptcy what's.

Answer.

Absolutely is a matter of fact lenders are actually putting certain guidelines on and we're gonna go over that with few minutes of -- FHA and VA I just want our viewers to understand there is life after foreclosure.

Bankruptcy -- -- so you will be able to own again not only a home.

But even go buying cars and things like that I -- people that file bankruptcy a year ago they have a new car the most important thing Steve.

Is why if you've lost your home shorts so foreclosure bankruptcy right keep all of your consumer that's current keep your credit cards -- keep your car payments current.

That will bring those Michael scores back up and twelve to eighteen months and even sooner okay so let's talk about as some of the guidelines for instance I have you you just mentioned FHA loan.

If you are looking for some like that what are there guidelines for bouncing back.

Here's what they say remember FHA insures the -- so many people think -- so later they don't being sure of the laws if you have been foreclosed on.

FHA says they -- they want sure loan after three years short sell after three years bankruptcy adjusting enough Steve after two years why because they because they know that a chapter seven bankruptcy.

That you're not going to be able to file for years to come the most -- that's been wiped out.

There has been talked Steve I saw a few release a couple weeks ago that FHA is actually thinking that maybe even waving.

These guidelines.

So to make it easier to be able to insure because they recognize.

So many people were in the spot they're in and I hope that happens.

Cause it to loosen up the market for people to be able to buy again.

Absolutely because that's how we dig ourselves out of this market is yes people are -- all the by the -- he mentioned.

FHA what about BA -- you -- it got through the veterans administration their guidelines are actually even better for veterans and through -- and they are.

Two years to talk to assure itself foreclosure bankruptcy to two in two and chapter thirteen bankruptcy one year.

And and the whole reason behind this is they look and -- look here's the situation happen with these people let's try to make it available to them.

And and make it at more available so they could buy sooner because of the circumstances.

And by the way Steve.

We're also talking about primary residences here they're not as lenient with investment properties.

And the other thing I would I would like to tell our viewers real quick.

For example buying a car was talking to one of the big fight it's company's other day and that ensure you know basically finances a lot of cars.

They are saying that even if you wash your on the foreclosure short sell.

They're not even looking at that anymore Steve they know what's happened in America what they do is they -- they they break down in tears TI ERS.

Different layers and all you do is play more of a finance charge when you go by car depend upon the spike was scored -- his life.

After this after that what we've gone through that's great news and now we know how many years and if you have cars and car problems at least you can get a car if you got to go to absolutely can't Bob -- thank you very much.

Thank you -- -- your questions one on FOX & Friends.

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