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We broke the news yesterday on Barney and company there's a new low for mortgage rates.
How would you like to lock in at three and a half percent for thirty years but foreclosure rates are still climbing -- -- in a company from Las Vegas.
As Bob -- real estate attorney and Fox News interpreter.
Bob I gotta start what did the idea are there any silver -- -- things getting better.
While I think only from the perspective that ultimately.
The lenders are going to have to decide which homes.
Really are eligible for short so modifications.
And then which I was really have to be taken back and if they're able to sift through that.
And make that decision and these increases and foreclosures.
Then I think it ultimately -- level the marker about so from that perspective.
It looks like after all the problems they've had an all the robo signing in the the lawsuits have happened there -- actually looking at the inventory deciding what can make it and what can't.
You know in -- a lot of people were criticize and when this housing thing began.
That the government should have put in that so many of these programs because all they really did was put its speed bumps to an eventual bottom up placing had to go before -- can turn around and despite the fact that a -- -- them -- you know more frightening.
If we -- gone straight down hit rock bottom maybe we'd be on the way back up -- that's sort of where we can go now.
Yeah I mean I yeah I think what's happened look there was a learning curve for everybody on this and and believe me I have great disdain for the lenders because I've seen what they've done homeowners in America.
How -- really jerked them around how they've basically.
You know made them feel like they were criminals because they were in default wouldn't work with them the modification process really has not been successful to the point that it should have been.
I can tell you I've a lot of buddies of mine that are in the mortgage business brokers they're saying there have had some success this new harp two program they're seeing war.
Type of cooperation not to that great an extent -- what's happened is.
These lenders know how expensive it is to maintain these properties you know they have to pay insurance -- they have to pay property taxes.
-- -- homeowners associations and our imposing -- saying listen.
If you're gonna foreclose on home when our community you have to keep the line.
The way it's -- -- you have to maintain the property so there's this whole new look at it that's why short sales.
Are going on the rise because a lot of these lenders are not really interest in maintaining these properties -- they look at it say well it's better to get something than nothing.
And the good news about that part of it is two years ago.
I was very involved in reviewing what we -- short sell approval letters the packet approval by the -- on short sells they weren't waiting deficiencies that.
Now they're waving the deficiency.
The big thing the big thing that concerns me at the -- and I'm sure you -- your finger on this is this mortgage relief act -- that expires this year.
I need they've got to extend this I don't know what it's gonna look like if they do it.
But I'm telling you that they don't extend the mortgage relief act our primary residence for tax liability and forgiveness.
I can't even imagine what's gonna happen bankruptcies in this country because it's gonna get -- But you -- sound a little lukewarm on the modification programs harp Q you mentioned so what he.
-- housing market look like now or would -- speed up or delay.
I'd be inevitable if you will of the housing market the government to back out completely -- -- on the hook I mean I know that's not likely scenario but just for that.
Purpose of the discussion.
You know I think let me just give an example with the batter which is like ground zero right we are what's caught a -- a nonjudicial foreclosure state media that you don't have to go through the courts.
But because they change the law last year and said that the trustee that four closes has to produce an affidavit that says they have constructive possession of the note.
Which we know they don't they now have started judicial foreclosure -- there emulating the state of Florida.
And we know what's happened to the sunshine state.
I'm not sure what ultimately.
Is going to expedite bringing -- out to the bottom so inventory can be available.
People could go buy homes again.
Lenders could lose up those type thing I'm not sure what the best formulas but I do know this.
The fact that they're increasing -- foreclosures.
All of which is because of what we saw happen last year.
Is not necessarily -- bad thing for the homeowner it's a bad thing.
But I do think.
That there -- this false sense of security for homeowners are tight wire broke where broke where homeowners.
There's -- homeowners and haven't made mortgage payments and three years that's not reality.
When they have to get back in the making any kind of payment that's going to be tough for people.
-- -- -- Bottom line a lot of those people aren't ever gonna make it you know to your point they have -- at three years -- when it's time to take them out they'll go out hopefully that's they save some of that money Bob -- we enjoy -- jobs as usual.
Well we've broken.
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