tv Wall Street Week FOX Business October 1, 2017 9:30am-10:00am EDT
plan. that will do it for us on "wall street week." thanks for joining me. >> i'm bob massi. for 35 years, i've been practicing law and living in las vegas, ground zero for the american real-estate crisis. but it wasn't just vegas that was hit hard. lives were destroyed from coast to coast as the economy tanked. now it's a different story. the american dream is back. and nowhere is that more clear than the grand canyon state of arizona. so we headed from the strip to the desert to show you how to explore the new landscape and live the american dream. i'm gonna help real people who are facing some major problems, explain the bold plans that are changing how americans live, and take you behind the gates of properties you have to see to believe. at the end of the show,
i'll give you critical tips you need to know in the "massi memo," because information is power. and the property man has got you covered. [ woman vocalizing ] thanks for joining us. i'm bob massi. you know, technology has changed the way we do just about everything, from how we communicate to how we shop. it also has changed the landscape for anyone looking to sell property. >> in the olden days, what used to make one real-estate agent stand out over the other is his actual advertising budget. how much money did he have to spend on newspaper and actual print ads? technology has made those things 100% obsolete and totally worthless. >> people who are living on the cutting edge, people who want to sell the most homes, they're taking advantage of new marketing techniques and new video production equipment. >> suddenly, posting a few pictures online -- it's just not enough. >> if your competition is using this technology and you are not,
you're just simply not gonna get the listing. you're not gonna get the business. >> some of these technologies you can employ yourself. you can take pictures on the ground. you can take video on the ground. you can take stabilized video. you can do 360 video. >> and then there's the real game-changer. >> what a drone enables you to do like no technology before is show a property in context in the neighborhood. we can go from up to down. we can go from side to side. we can show you inside to outside. we can fly through a pergola. or we can fly over the top of a dock. >> but flying drones is something that most realtors are not allowed to do without permission from the government. >> the faa has a regulation called faa part 107. and you actually have to be certified to fly a drone for commercial purposes. >> to have anybody just off the street going out and buying something and thinking they're gonna make money taking video, even if they do have the experience, right now is illegal. >>adding mode.
>> it's now live. it's recording. rotors are armed. >> before the faa changed their rules, you had to have something called a 333 exemption. this was a special permit that actually allowed you to fly drones. >>take off. >> douglas trudeau of tucson, was the first realtor in the entire country granted an exemption. >> when i first got this, bob, i could not answer my phone. if i saw a long-distance phone call, i wouldn't answer it because it wasn't somebody wanting to buy or sell a house. they wanted to know how did i get my permission from the faa to fly drones. this is the exemption that the faa sent me. and this explains that... >> granted exemption. >> ...i cannot fly within five miles in an -- of an airport. >> but flying drones is something most realtors aren't equipped to do. >> so that's where companies like aerobo come in. >> aerobo is a faa-certified company. >> they design, build, and fly drones for all types of clients, including realtors. >> our entire company is built around safely and professionally operating drones for realtors
and other aerial-video needs. we file all the paperwork ahead of time. we make sure that where we're flying is gonna be safe. >> and there are a lot of rules and regulations we'll get to in a minute. but, first, back to the toys. in addition to drones, aerobo deploys many tools that most realtors could utilize themselves. >> some of the other toys that we have to play with are really affordable stabilized cameras. >> this is called an osmo. and this is a gimballed camera. and so it's gonna look like a really professional video. and you can get that for just a couple hundred bucks. >> that's amazing. >> why don't you try it out? so you've got zero shake. it's fully stabilized. so it's gonna look like it was really professionally done. and what a gimbal really does is it takes that shake out. you can twist your wrist. if you twist your wrist, camera's staying level. >> this would be a fantastic tool to help a prospective buyer who's looking at the property on -- on the internet to feel the home. >> here we are on our walking tour through the home. and we're showing beautiful,
stabilized images that help us show a prospective buyer what they would see. now, we have a couple other tools that we can use for that, as well. and we've got a camera that's gonna shoot full 360 spherical images. so this has a lens on the back and a lens on the front. >> giving the user the ability to move the view this way, move the view up, move the view down. buyers want it. and sellers love to have it on their homes because it obviously enhances the desirability. >> and all you need is your cellphone to trigger this. and this costs a couple hundred bucks. i think this is $300 or $400. >> for those willing to spend a bit more, you can really take things to the next level. matterport is an immersive media technology company that makes special cameras which allow users to explore three-dimensional spaces. the cameras, which cost about $4,500 and are controlled by an ipad, take three-dimensional scans of any room. the scans are converted into 3-d models from which you can explore the entire property
and fly through each room as if you were there. >> buyers are increasingly looking more for this technology so that if they're sitting at -- behind their desk in another state, they're able to witness and feel as much as of that property as they can without being there. >> but if seeing the home from sitting behind your desk still doesn't feel like you're there, never fear. >> you can use virtual reality goggles to see the inside of the home in an immersive way. so you're gonna have "wow" value and usefulness. >> want to stage the home for the tastes of a specific buyer? you can use the 3-d models to change pretty much anything you want -- floors, paint colors, and even furniture. when we come back, i'll explain the rapidly-changing drone rules. plus, a couple wrote to me after getting their foreclosure overturned in court. now the bank is saying they owe tens of thousands of dollars in fees. [ woman vocalizing ] i count on my dell small business advisor
>> welcome back. i'm bob massi, the property man. real-estate agents are letting buyers see properties in a whole new way these days as the use of drone photography has exploded. >> pictures and video from the ground -- you know, everybody's seen that for years. so drones are a great way to get a different perspective of properties, uh, to really something different. >> what a drone enables you to do is show the surrounding area in a way that you could never really do before, even with a ladder. >> so all i do is just go straight up. and see on the screen... >> oh, yes. >> ...how dramatic that looks. >> so how has drones changed your -- your life as a realtor and the whole industry? >> oh, gee. the last year of my life has changed dramatically. i started out wanting to market homes that i -- that i normally sold in the $200,000, $300,000 range. >> mm-hmm. >> now i'm in the $500,000 to $1.6 million. >> because of the use of drones? >> because of this. >> this is really not
an expense. this is really an investment in your business. realtor aaron o'connor is working with aerial-photography company aerobo to showcase two unique properties. >> in the two homes that we saw today, a great portion of their value is the lot that they sit on. and both of them were on gorgeous golf courses. one of them has the country club behind it and a desert wash. >> we're showing the listing and the context of the listing. >> we're trying to get some just really beautiful shots of different scenarios, panning movements and rises, reveals. >> previously, what you could see was really the facade of a house, different flat angles. now, what we've enabled you to do with a drone is show the property three-dimensionally. >> we'll take off. we'll start doing movements around the home or what have you. it'd take a lot of ground communication between the camera operator and the pilot. >> you can put 'er down. >> we'll actually go through what we think we want to get, how we're gonna go about doing that. >> more than 2 million people bought drones this year.
that's estimated to grow to 7 million by 2020. >> one of the hardest things with this, bob, is what's called directional acclimation. so, if i wanted to go to our left, because it's facing us, i have to make it go right. and that's where a lot of people run into problems. >> what's the cost of a drone like this? >> about $1,200. >> but, just because you can walk into a store and buy one doesn't mean that you can use it to shoot real-estate video. >> if you want to fly a drone for commercial purposes, you have to comply with all federal regulations. you have to have your part 107 certificate. you also have to comply with every tenet of it. before the faa created a drone rule, you actually had to have an exemption called a 333 exemption. that exemption was very tough to get. >> how long did it take you to get that exemption? >> 177 days. >> you were counting? >> yes. >> although the rules are changing fast, they are strict. >> the law surrounding drones is evolving at a rapid pace right now in america. you can't fly above 400 feet.
you can't fly over sensitive locations, like federal buildings, hospitals, or schools. you can't fly in locked-down airspace. you can't fly near airports. you need to actually know the airspace that you're going to be flying in. you should have insurance. finally, be courteous about where, when, and how you fly a drone. >> i have a letter that i'll give to the neighbors. i let them know, "look, i'm flying my drone, uh, for your neighbors who want me to market their house. do you have any concerns?" nobody has complained about it. >> and listen up, guys. with aircraft near-misses and drones crashing nearly every day, the government isn't messing around with this stuff. >> recently, the faa passed a $2 million fine on someone who was illegally flying drones. you're liable for any damage that you cause. you can be find exorbitant amounts of money that make it not worth it. >> so leave the flying to the pros. but just know that when your listing needs that extra boost, it might be time to take to the skies. up next, i'll meet a couple
who successfully fought to get their foreclosure overturned. but now, the mortgage servicer is burying them in thousands of dollars worth of unknown fees and threatening to foreclose yet again. [ woman vocalizing ] liberty mutual stood with me when this guy got a flat tire in the middle of the night. hold on dad... liberty did what? yeah, liberty mutual 24-hour roadside assistance helped him to fix his flat so he could get home safely. my dad says our insurance doesn't have that. don't worry - i know what a lug wrench is, dad. is this a lug wrench? maybe? you can leave worry behind when liberty stands with you™. liberty stands with you™. liberty mutual insurance.
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♪ >> i received an e-mail from a couple named kent and lisa who had been struggling to save their home ever since the recession. they bought their home in 2003. and when the financial crisis hit in 2008, lisa's company went under and she lost her job. in 2009, the contacted their bank looking for a loan modification. >> at the time, the servicer was indymac, and they said that they'd be able to help us. it would be available within two weeks. two weeks end up being a month.
a month, two months -- i called probably once a week for the first six months. >> they were still current on the mortgage but knew that they wouldn't be able to keep it up much longer. >> then i got a letter september 23, 2009. >> the bank said, as we've heard so many times, "stop paying and we'll work with you." >> they said, "the only ones we're working on are those that defaulted." >> how did that make you feel? >> i was upset, 'cause i have great credit, and i go, "we need help now. why would i want to default?" >> eventually, they couldn't keep up anymore. and they fell behind on their payments. >> i was unemployed at the time. >> okay. >> i was trying to work side jobs, but just not making enough. and so, then it was like that perfect storm where we just couldn't make the payments anymore. and so, that's when we defaulted. we didn't mean to default, but that's when we got the letter from indymac that "you have four options." either sign over the mortgage... >> a deed in lieu of foreclosure. >> yes. one of them said, "loan
modification," and i said, "yes. i want a loan modification." and so, they said, "get everything in." >> what is it they wanted you to send to them? >> the application, our finances, our monthly... >> income. >> ...income. >> for months, the bank asked them to resend information or send more information. >> and then i get this letter saying, "you've been denied 'cause your husband's year-to-date's not on there." i called indymac again, let them know we did submit everything in. it's all there. i even circled it. the lady said, "yes, everything's in. let me resubmit the paperwork again." >> eventually, they got word back that it didn't matter. the bank was moving forward with foreclosure. >> they waited until, you know, new year's eve. they were saying that our -- my year-to-date was not on the first page and that they were gonna foreclose. but they waited till the 31st. >> the 11th hour. and knowing most people couldn't respond anyway. >> yeah. >> they were even offered some cash on the spot to vacate. kent and lisa said, "no way!" >> the young man sat down on the table right here and said, "we're gonna give you money."
and i said, "no. i am not leaving. we had everything in. there's something not right here." >> after the foreclosure, then you did your research. >> i met with fannie mae, and i showed them what i turned in. "i had everything turned in. do you think you would have approved us?" and he said, "yes." >> they were able to convince fannie mae to rescind the foreclosure because they should have qualified for the loan modification. >> we got the pre-trial fannie mae. the pre-trial fannie mae was supposed to be set up to help us to get started if we met the criteria -- >> get started for what? >> to get a hamp program. >> okay. >> they had to go to court to get the deed transferred back and get their home back in their name. fighting this drained every penny they had. they had garage sales to raise money, even moved in with a friend and rented out their house. >> we sold our cars. we sold everything just to survive, to pay our attorney fees as well as the mortgage. >> to recoup some of their cost, well, they sued for wrongful foreclosure. but they lost. they got their home back. and they thought they were back on track until they started getting their mortgage statements.
>> we were so excited until we opened up the statement. >> they get a delinquency statement with other charges, more than $1,400 per month, listed as unpaid. total amount owed, more than $54,000. and they don't really understand where that number comes from. >> you gave me a document from the servicer of the loan, ocwen. and that document states, "you are late on your mortgage payments. your account first became delinquent in february 2015. failure to bring your loan current may result in fees or foreclosures and the loss of your home." do you have any idea the amount that they're talking about here, what it represents? >> no, i do not. >> and, suddenly, they started getting letters in the mail every month from the law firm that represented the bank. >> we have a whole stack here. they're very consistent. she gets one, i get one every month, and it's been for, what, two or three years now? >> two years. >> it's very upsetting, because they basically are threatening to foreclose every month. >> but yet you are current on
your mortgage payment? >> yes. >> next month, new letter, new foreclosure date. >> "this letter is being sent to you as a courtesy to inform you that the foreclosure sale date that was scheduled for the property," da, da, da... and it's every month. they just move it up one month. >> so what do i think happened here is what -- when they sued for wrongful foreclosure and lost, the bank was able to tack their attorney's fees on to the back of the loan. >> i've been outside, working in my garage, and i've had people driving up. they stop and look at me, like, with a puzzled look. and they're like, "your house is in foreclosure." and i'm like, "we're staying here. this is our home." okay? it's every month. >> did you know at the time that you got your home back that there was any issue of you paying attorney's fees to anybody at all? >> no. >> we didn't understand that. >> there's nothing on our mortgage, until we got our home back in april, all of a sudden, there's the attorney fees on our mortgage. >> the $1,400 and change that you showed me, the bank statement -- you've been paying that every month. >> yes. >> yes. and take charge america is there
to oversee that. >> take charge america is a non-profit credit and counseling agency that works with people in situations like this. >> they're an advocacy program for the consumer. >> do they give you an accounting as the payments are being made? >> yes, we get a statement from ocwen every month to let us know that they did receive the payment. >> what we're gonna try to do is to see, number one, if we can get an understanding of the statement that came from your servicer and the statement that came from the law firm and try to get an understanding of what that really represents. i gave you a couple things i need you to do for me. >> okay. >> it's a simple phone call. avoidance does not solve the problem. avoidance complicates the problem. we want you to ask them specifically, "what does this number represent as it relates to my mortgage payment? 'cause i'm making my mortgage payment." and see what answer they give you. >> okay. >> and then i know you have a present lawyer. i will talk with her and see if she could call this law firm to find out what this really means. what is it that you're in
default in? finally, for those people that are viewing, there are many americans still that are going through problems in this country. what is your message to them? >> not to give up. >> you know, stay in the battle. >> i'm going to check around and see if there's anything we could do to help them out so they could finally move on with their lives. we're gonna keep following their story and update you in a future episode. [ woman vocalizing ] ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ well i'm gone
♪ >> time now for the massi memo. we met kent and lisa. "you must bring this amount to bring your loan current." they are getting notices every month saying they owe tens of thousands in unknown charges and letters saying the home is going to be foreclosed once again. now i'm working with their attorney to get these fees removed and sort it all out. but there's a good lesson here for everyone. stay on top of anything and everything you get from your bank. make sure all of your payments are being applied to the right thing. and question any charge if you don't know what it is. foreclosures are expensive. and fighting them has costs. but you need to make sure you understand every penny that you're told you owe and why do you owe it. now, there is some good news when it comes to mortgages. back in april 2016, fha decided to make it a little easier and not as strict on lenders. but that's controversial. and here's what i mean. as we've read over the years,
many lenders got in trouble for bad loans. and they've been paranoid, very paranoid, about giving money to anyone. and any little mistake that was made by a lender, fha would penalize them severely. so what they've done is, if the mistake that was made by a lender in no way would effect somebody qualifying for a loan, life is good for the lender. but what we think is gonna happen is the lender will not work under a fear of penalties any longer from the fha. and that's important. what's important to understand is, when you decide to buy a home, go to a mortgage broker. have them explain all the new programs that are out there and also some of the changes in the fha insurance. that's important for you to know as a homeowner. that's all the time we have for today. be sure to send me your property stories, questions, or pictures of your property bloopers. send them to firstname.lastname@example.org, and don't forget to check us out on facebook and twitter.
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