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Sixteen minutes after the top of the hour it's major news for anyone forced to file bankruptcy the Federal Housing Authority.
Making it easier now for homeowners to get another loan.
Bob -- broke down a proposal last week -- a lot of you still had questions about it -- Bob joins us again.
Cancer -- and good morning to about.
The way Gretchen.
All right so Nancy had written -- -- I'd like additional info about the FHA guidelines I need to know the basics all right Bob can you spell out the basics where well.
-- I think seven courage to do Nancy's go to the FOX & Friends website which are great website and hit rebuilding your dreams you could watch the segment Greg you've all the details here's the most important thing a -- viewers to know.
If the guidelines and I went over last week or met.
Then what they're basically saying is they're going to ensure -- one year after a bankruptcy one year after a foreclosure you went through what year after a short so.
As opposed to two or three years and that's why wanted to bring this to.
Our viewers' attention now the lender would have the final say.
We think most lenders are gonna go along with the guidelines -- that you FHA to watch it on the website gives you all to -- -- that you need to know about the new FHA guidelines.
All right thanks so much here's Tammy from New York she writes my husband and I trying to -- -- -- Condo we had multiple offers but lost the buyers after the lender took too long.
We did not pay H -- dues if we do -- In lieu of foreclosure indeed are we responsible for H 08 -- -- news.
Deed in lieu of foreclosure Gretchen basically means that you -- a homeowner has reached an agreement with the lender to -- the house back you just can't do the deed in lieu of foreclosure.
Without with the lenders consent it's what we -- more -- release.
The bottom line is the fact that that's really not necessarily something they readily do.
Eight -- -- in the -- that you're talking about really.
Is not that relevant because if you hadn't Davis short -- the house chances are it's going to go into foreclosure.
You and I purchase of talk for the last couple years about how these lenders take so long to come back -- -- a short sell.
So what I would say she was as relates the H -- -- Not to worry too much even though the homeowners associations can foreclose I think at this point in time we have to make the decision.
Do you wanna stay in the house or do you -- -- just let -- go back to the -- at some point but don't peaking just right -- deed in -- without the lenders consent you have to have their blessing.
All right thanks so much here's Todd from Arkansas he writes I watch your segment on FHA guidelines we are in a chapter thirteen we relinquish the house but still no for closure.
Should be short sale home or let it go to foreclosure so many people asking that question.
Yeah you know we talk about this while back what I called zombie foreclosures basically -- or are you lenders what are you gonna do your people were bankruptcies.
The first thing taught his plea she got to go to your bankruptcy lawyer because he or she is the one.
That's going to be able -- violation of the best as to what to do it sounds like that -- debt has been handled in some fashion.
Through the chapter think thirteen bankruptcy if that be the case.
Then -- ultimately your lawyer may save you you can just let it go into the foreclosure because you have no liability exposure whatsoever.
Most importantly go to that lowered into the chapter seven bankruptcy.
Ask them what you should do.
Asked him what the consequences are just don't do it on your own if you have legal advice like that from your -- that's going to be the best direction to go.
All right Bob thanks so much progress can always email any of your questions by going to fox -- -- dot com and clicking on the legal needs section -- for you find have a great holiday weekend -- you can aggression that you take care.
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