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Call it a mortgage make over new federal rules protecting home owners they're being announced today to protect homebuyers from not being able to pay their mortgages so what are these new rules and how can they.
-- joining us now is Fox News legal analyst Bob -- good morning Bob.
Good good morning how you doing I'm doing great thank you tell us about these new rules -- a lot of people are anxious and interest rates are down a lot of people are interested in buying homes.
-- a quick read -- because we just got this information this morning just silly you know one of the things are saying his first of all.
The income ratio cannot be more than 4343%.
Of the income on your debt payments they can't charge more than 3% of the origination of the loan.
And also they're saying that it cannot be more than thirty year loan it cannot be interest only loans and what we call negative amortization were the principal actually increases.
Well this these are regulations that should have been in effect a while back.
It's the same old story that were always reactive instead of proactive.
There is a concern by some of the critics that says that the 43%.
-- in the ratio.
Is -- for call for low income families so the question -- is going to be is is this really still better benefit for the lenders as a as opposed to really helping.
You know the homeowners and that's gonna have to wait to be seen as we go on with this particular new regulation.
Okay now Bob we've gotten some emails from some from some viewers mark is asking us.
If an investor buys a home at a foreclosure from an eight show -- homeowners associations -- What happens to the first and second mortgages if they exist on the property if you buy a -- foreclosure.
What happens the first and second mortgage Bob.
Well you know this is this is the question because last week -- covered how you could actually buy a home through nature -- foreclosure and the questions going to be.
What happens of that original loan that's on that property.
And that's action litigation right now on litigating the case some other words in the country because were basically saying if the homeowners association.
Easily put the first and second mortgage on notice of the foreclosure and they did try to save the home themselves or pay that off.
Then they take subject to that that new person about that property so that's something that I'm litigating right now.
And some other wars in this country is going to be itching to see that was a great question -- very perceptive question from a viewer.
They get to be seen all right thanks Bob this second email is John from Seminole Florida.
He says I live in Pinellas County Florida how does one find out if -- show way -- for closing.
As a result of nonpayment of do so Finley doesn't pay their homeowner association -- -- we find out which comes from foreclosure because of the us.
Better public record get realtors that specialize in foreclosures they can find homes that are being.
Foreclose on as a result of -- -- lean in foreclosure and those the to put resources -- -- to refine that -- you right away and I know that you have then hosting these rebuilding your training seminars tells about your next one yet.
Yeah we had to cancel last one because the sandy hurricane rightfully so I'm going down the Fort Myers we apologize of those people that you know made reservations but it's -- -- worry.
In Fort Myers, Florida.
It's at the yacht club there we have a graphic they're showing here's an email we could come and register it is free to the public it is freed the public will be from 6 AM.
To 9 AM Pacific time.
And -- -- February the seventh free and will cover all the subjects that have to be and it's free to the public great it's -- we love it thanks so much Bob good to see this morning okay.
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