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Every week housing guru Bob Massi joins us from Vegas with the latest in the world of real -- today.
Were taken a number of your emails and he joins us live good morning Bob.
Good morning Steve OK -- Tony Christie -- -- -- right.
We -- upside down with our home Wells Fargo holds the paper we -- told.
If we default.
It may actually help us refinance is that true life that's -- it's great.
Well I mean obviously it's very different call to get refinancing if you're upside down because essentially see let's see upside down -- 100000 dollars right alleged you've qualified for example for a heart to which has -- Fannie or Freddie loan.
Generally speaking you're not -- -- refinance because you have to come up with a difference between.
What is owed and what the present value -- -- a lot of people say hey Bob I'd like to refinance but practically speaking it's very very difficult to refinance your homes and these days when it's upside down.
That makes perfect sense REI meanwhile -- emailed us and ask.
It by default on a lease because I needed to relocate -- roughly what exposure do I have legally.
All right Leslie what.
I get I get a lot of emails on leases -- remember viewers a lease is a contract did you -- elites.
And you abandoned at least because you had to relocate for a job.
You still have responsibility on that card check but here's what happens.
The landlord has a duty to what we call Steve mitigate the damage the landlord has to go -- and try to re -- that home.
That apartment and if it takes them too much to do that you had eight months left the -- -- could come up you after the difference a lot of times I suggest that people exist.
-- -- your landlord and many times you could buy the lease out if you have eight months left sometimes you can negotiate a couple months to get out from the release of the -- a get a release of that -- if you do that.
And just picture you get all this stuff in writing it's got to be right -- no question and finally Bruce in Florida wants to know what are the pros and cons of a reverse mortgage which is available to people 63 -- 62 and older right.
-- and basically what it is is people who have equity in her home let's say it's paid for the equity does them no good they want extra money.
Reverse mortgages really serve a purpose you can go to reputable.
Person that does reverse mortgages you could pull equity out of that home you could take about -- a -- summer payments over your lifetime but remember.
It's an obligation what are you die.
Or if you decide to sell that home that lender gets paid back if in fact the -- you die.
And your heirs want to take that home they have the responsibility.
Either get a new loan on that the -- that lender back or put the home up for cell.
To pay the -- so it does serve a purpose the biggest thing I want to emphasize to our viewers report Steve is this.
There are some times are a lot of hidden fees and reverse mortgages and make sure you go to a reputable company.
That does reverse mortgages and have them explain to you from -- -- of that -- how it works and what your obligations are and what you're -- obligations are after your demise.
That's right because they're the ones -- are -- -- be literally be.
Left holding the mortgage if they want to keep the house.
Bob always great advice thank you very much and of course everybody watch -- right now if you would like Bob -- to answer your question email it to us here.
Friends at Fox -- backhand com or log on to FOX & Friends dot com.
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