After the Show Show: Keeping your home
Bob Massi answers viewer's question
- Duration 8:05
- Date Feb 7, 2013
Bob Massi answers viewer's question
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Brian -- go -- the radio -- you want me out anyway.
Being that you you've got to go because six minutes right now on your -- listening audience would be you know just listening to that soundtrack -- -- -- coming up I'll be there hey.
Find out if you trust your -- packet -- just posted.
What we are we supposed to get this map packet from one of our producers.
And we can't look inside of it -- your kids are too big -- -- -- -- went and the kids are supposed to.
Put these questions on since I you know this is I'm not going to well eventually -- we're gonna expose the questions the whole point is are you smarter than your fifth here or in my case -- -- second fourth grader.
And they're part of the questions and yes like the square root -- -- -- -- another.
-- don't let me see him for parents who put this ago I got Alison just.
There and -- so it's a segment for next week but but if you're listening Nelson -- -- -- packet and I was surprised.
He may have lost it happens you can Xerox but make him a copy of taken upstairs with radio -- -- media and most he has different problems at the bottom of it.
Our elected to the bottom of what Bob -- is doing he's down at the royal palm yacht club in Fort Myers Bob has been presiding over a seminar for the last three hours.
Because you're in a room filled with people who have desperate questions about how to keep their homes yes sir.
-- listening to that I would stretches as saying I could talk about foreclosures -- David my grandson brought his first grade homework last weekend -- watching for the weekend I had no idea what they're talking about so -- She Manhattan that.
You have -- we got a lot of people here were some questions -- we take a few we could just sort of wrap up please come -- over certain.
Markets are what.
At some point surely have my -- face way crazed weasels and -- the same name Bob mean holes have I have expression in my remarked.
And I should my question is about association I was late Kenya association -- three months.
They fall -- around my knowledge it.
Stolen a -- did -- -- -- and bits on line for 111000.
Dollars he says -- thousand property I have a million dollar mortgage.
Now I'm more than a million dollar more each we should gentleman -- Thames send any takeover.
Let me let me answer -- -- -- -- things we talked about a few weeks -- -- over there thinking -- I'm sorry for your loss to publishers.
When -- -- always have -- Steve regrets we talked about -- couple -- that they have a right to take your home.
And what's happening -- I talked to our our audience today is there's a lot of people are paying the dues so other people are paying for them that live in the community.
And they exercised their right to for clothes and as a result investors are coming in let's say -- five or 6000 they'll come in and that 81012151000.
Dollars it should be happy to take it keep the money.
And now that investor owns a home.
And so it's him it's it's something that homeowners are faced with today couple years ago Steve this wasn't happening.
Now a situation -- there's so much money they don't have a they don't have a choice lawyers who represented were saying.
Take the home they -- the statutory right to do it almost every state in the country.
Take the home.
And unfortunate the homeowner stock and that's one of the problems yes well I got a question for you Bob I mean if it's the homeowners association and you live in -- association.
That would be your neighbors essentially deciding to go ahead and take your house from your right.
Well essentially what happens is because your neighbor who may be -- -- is making their payments they're getting assessed more money so what happens is -- -- board.
The association is for closing the borders authorizing them.
And it's essentially have what we call fiduciary responsibilities to the other homeowners and yes in essence the association.
Who were other members are taking -- home and -- put in about the bid.
For investors us together question yesterday -- my question is torture liability.
On back taxes so when you file for closure.
Well again if you're talking about if you had a foreclosure.
And the lender forgave the debt in other words you -- 500 it was -- -- present value to fifty.
And you get a 1099 -- -- cancellation of debt.
Then -- was a primary residence you have no tax liability.
What's happening -- think if your question what's happening Steve and Gretchen is some people have investment properties targeted at 1099 C.
And they feel that -- it's been canceled what's been canceling you have to take you have to pay ordinary income tax on that and -- you have to get a good CPA that's going to work the numbers.
To try to mitigate your damage if -- your circumstance that a question were quick -- we have time please.
-- -- question.
Why are people -- out to -- on line.
Purchase your house without having any knowledge.
Of their being a mortgage on that town well because the problem is is that in modern society bids are taking place more than ever before there's auctions online every day by the way guys it's something I -- that the cover.
-- next few weeks which are well on TV you could actually buy homes on line.
They know -- mean investors are doing it's it's a new process of buying it's a way things are happening -- technology has brought this.
Into the hole avenue of real estate crisis in America foreclosure short -- and things like that.
-- -- -- many good and then a second guess -- Yes I wondered -- yourselves OK okay if our shorts are going on and has to -- -- And he goes on for a long time and doesn't closed at the buyer.
It is deposit back well it depends -- the question is Steve.
And Gretchen is if I'm a buyer and I made an -- in your home a short -- there's a first second mortgage.
And let's -- -- -- 101000 dollars on -- service money assuming it's written up the right way it should be refundable.
I mean -- earnest money should never be non refundable if the deal doesn't go through.
Any good real -- contract.
Any good real estate practitioner should always make any monies on earnest money conditioned on.
Of the loan and make it right refundable absent that.
Then they have a problem so whoever did that.
They have a malpractice problem last month over a quick hello Roger -- from normal -- I'm looking to buy my primary residence in Florida when -- time to buy.
We've got some realtors right here for some realtors of forty or guy wants -- make some commission -- I don't wanna get a kick back but I watch it take care -- They'll tell you -- mean these people were know what's going on a Florida like Vegas by the way guys it's coming back like I was talking think if your question.
It's coming back because.
The supply and demand is getting there the problem is we're just talking about some of the new guidelines of FHA for example -- Gretchen FHA.
Now let's -- used to be that mortgage insurance you pay for FHA he paid for two years or five years.
Mike Sweeney enjoy animators who I have -- -- -- guys certain lenders that I that are part of the show that I bring.
They -- he said that as of April 1 I believe this year.
Any home but after June 2013.
Your FHA mortgage insurance is literally forever to the end alone.
And and that and that's costing homeowners a lot of money you know because now -- mortgage insurance is gone up says -- homeowners more money.
So good thing to do that would it be to put a bigger down payment but a lot of people don't have the money.
But congratulations excellent stuff thank you I jumbled race down there in Fort Myers I know that a lady to ago.
Had a kind of a specific question.
Go ahead and answer to as we say I do for today thank you sir.
Good job thank you -- -- Internet security decades in a -- I think does help a lot of people.
No doubt and I hope Bob Bob gets to take advantage of the nice weather when he's down to at least this afternoon not after answers all the rest of those questions.
We'll see you back here tomorrow I.