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Return to lender: Money in CD safe if bank gets home?

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    Real estate expert Bob Massi weighs in

  • Duration 2:53
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This transcript is automatically generated

I did you -- hundreds of emails frozen for looking into rebuilding your -- segment.

So get a read -- -- Fox's legal analysts are real estate expert Bob -- is here to answer those questions Bob these are some of the best three ready.

Yes sir all right let's go.

I've tried to sell our house for over the past three years but no success we would like to give the house back to the -- my mom -- a 100000 dollars CD with my name in my brother's name on it.

Could I lose this money of our house goes back to the -- It depends -- if in fact the lender alternately for closes on the house if they live in a state that's what we call records state where the lender could -- -- for the deficiency.

The difference between what's owed and what the value was and they get a judgment yes that money could be vulnerable but that's a long way away.

They need to find out if they live in a -- core state.

And then you can determine how -- -- that money aside here's another arena prior merger segment of the guidelines starting in June this year in reference to the FHA.

Mortgage insurance if we refinance.

Will the new law apply.

OK last week we talked about if they Cheney hot -- by Brian after June of this year.

The mortgage insurance is the life of the loan however.

If you have an existing FHA now and you refinance.

You won't have the insurance -- for the life of the loan but.

The new rates that have been bumped up for mortgage insurance will apply to you loan so you will be paying more but not for the life of the loan.

Question number three.

Wells Fargo has agreed to a short sale for him whoever they want me to sign a promissory note of 4000 dollars.

Or 66 dollars a month for five years what are you thinking.

Well here's a deal -- sometimes whatever you do short sell you had that deficiency that -- And the lender wants to see the homeowner contribute some money in a homeowner doesn't have the money so some lenders steel will say illicit.

Give us a promissory note as silly as it sounds.

-- SI hotter dollars a month for the next five years and will approve the shorts out it's not as prevalent Brian is it was a couple years ago.

But you still have some lenders don't want some commitment from that homeowner that they're gonna pay a small portion.

That deficiency money back and that's exactly what if you don't have the money.

Don't do it but Bob real quick as some say the rally on Wall Street had a lot to do with the good news from the housing market you'll believe -- is coming back.

Well here's my problem as first of all it's good that's coming back in some areas like Vegas in Florida however.

As long as you have these foreclosures are -- drop its start cropping back up bride.

-- you're gonna see some of the prices vacillate back and forth some are convinced.

But there has been some good.

This far right so email Bob and -- -- -- might have your question answered on the show this week rebuilding your dreams there you go.

They are our friends our conference -- log on I got -- Bob have a great week meanwhile.

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