share with us? we'd love to hear it. send me an e-mail or go to our website -- strangeinheritance.com. >> i'm bob massi. for 32 years, i've been practicing law and living in las vegas. i help people with all sorts of real-estate problems, from trying to save their homes to closing major deals. eight years ago, 6,000 people a month moved here, looking for employment and affordable homes. little did anyone know that we would become ground zero for the american real-estate crisis. now, it's a different story. the american dream is back. we're gonna meet real people who faced the same problems as millions across america, and we'll dive deep into a city on the rebound because las vegas was a microcosm of america, and now vegas is back. [ woman vocalizing ]

thanks for joining us. in a few minutes, we're gonna take you inside two truly unbelievable homes. but first, i want to introduce you to a couple stuck in a property nightmare. >> which one are you looking for, jacob? >> let me tell you the story of mark and yessenia. >> go like this. >> they're a typical young couple. they're trying to raise a family and provide for their children. >> we've been married for seven years. currently, i'm a firefighter with the city of henderson fire department. yessenia is a stay-at-home mom right now with our three boys and running the household for us. >> we bought our first home in 2006. after we got married, we started our family and decided we needed to get into a bigger home. >> throw it! >> we were running out of room, and, at the time, the market wasn't the best for us to sell the house that we were in, so we decided to use it as a rental property. >> it was about three years of living into that house, and i lost my job. >> once we realized my job alone wasn't gonna handle both the mortgages on the properties, we

went to the bank to see if we could get a loan remodification or whatever processes they had at the time. >> they contacted the lenders. they wanted to try to save their homes. people who, their whole life, had great credit ratings -- they were being told, "the only way to save your home is go late on payments." >> we were pretty much told that we were making our payments on time, so there was nothing they could do for us, but if we went delinquent and stopped paying, after six months, they'd reassess the situation and go from there, but they still couldn't give us a guarantee that there'd be something they could do to help us. >> so many good people that bought the homes in good faith in '06 are now being asked to ruin their credit in the hopes -- only the hopes -- of saving their home. so, what did they do? mark and yessenia contacted a lawyer, looking and hoping for help. >> we were told it was in our best interest to file a chapter 7 bankruptcy, to surrender both properties, and begin to re-establish our credit and our family.

>> they filed a chapter 7 bankruptcy. they thought at that time that once a bankruptcy was over that they could move on with their life and eventually buy a home. so they moved in to a rental property and spent three years saving money and repairing their credit before trying to start over. >> look, cruz. want to play? we figured that houses would be sold and would be out of our name and we would wait our appropriate amount of time before we started searching for another house. >> but, suddenly, they discovered a problem. the home they gave up in the bankruptcy three years ago was never actually sold by the bank. >> the title of the house lists mark as the property owner. when i contacted bank of america, they said that bank of america rescinded on the foreclosure process. >> the title to the property was never taken out of their name. it's what we call a zombie foreclosure or zombie title. in other words, the lender, to this day, still has not

foreclosed on that property, and what that means for mark and yessenia -- they cannot buy a property, a new home, to house their family until that lender decides to foreclose on that property, and they find themselves stuck in time. >> we don't technically owe the note on the home, and bofa doesn't technically have the note, but it's still -- the title is still in mark's name. >> for every problem, there's a solution. we're gonna sit down and listen to their story, and i'm gonna give them some resolution to get them out of this mess so they can rebuild their dream. hey! >> [ chuckles ] >> what are you doing back there? hey, mark. >> hey, bob. good to see you. >> how are you, yessenia? >> hello. >> hey, honey. what did it make you feel like when they told you that you had to go delinquent, if you will, on your payments in order to even be considered? >> it was a hard pill to swallow, 'cause we had taken pride in, you know, providing for our family and doing all the right things and establishing our credit and not walking away

from a liability and our responsibilities. >> we wanted to stay in that home. we loved that house. >> so, at some point, you approached a bankruptcy lawyer. >> he had told us that this was going to give us a fresh start, that we were going to be able to have those properties out of our names and the debt out of our name and we would be able to, in a few years, as long as we tried to re-establish our credit and save some money for a down payment, we'd be able to buy a house again. it's been three years that this house has supposedly not been our responsibility. now, three years later, we're having to deal with trying to figure out what to do. >> this problem can be solved. but first i needed to see this property for myself. so, here we are at 9498. this is the property you thought was surrendered, and this is the property that's still in your name, right? >> yes. >> right. >> all right. let's go in. let's take a look. if you would have realized that

it was still in his name, i'm assuming the condition of the house you would have changed and tried to rent it out again. >> yeah, absolutely. we wouldn't have let any of this happen, and we would have hopefully had somebody in here that would have taken care of the house. at this point, we're willing to do almost anything to just get the house sold. >> we talked to the gentleman from the collection agency that purchased the loan. we asked him, "when are you gonna foreclose on the property?" he said, "we can't. we're just a collection agency. i don't even know where we're gonna go from here." >> do you have any motivation just to sort of fix it up and say, "hey, lender, until you take it, i'm gonna rent my house out and make some money"? >> we've thought about it a great deal -- spend 5 or 6 grand as an investment, throw it back in here, and throw a renter in here till someone says, "leave." >> now that i've seen the property, the first thing that comes to my mind is the short sale. by definition, a short sale is where you sell it for less than what the debt is. there is no debt. i think that puts you in a huge advantage because now, since the lender has done nothing for

three years, you may have a trump card to get rid of this home and get it out of your name. the other thing is i really still believe that either through the bankruptcy court, which takes a little more time, or just deeding the property back to the lender or the servicer of the loan, is definitely an alternative. what we want to try to do is keep it out of court, because, number one, it's time-consuming. you don't have to spend any money. so, i think we're gonna approach this in a very practical way. what's the quickest way to get this nightmare behind you so you can start rebuilding your dream, own a home in another year, and then move on with your life? so, will they be able to escape from zombie foreclosure? we're gonna follow mark and yessenia's story, and in a few weeks, i'll check in with them and i'll let you know how they're doing. next, i'm gonna show you two of the hottest properties in las vegas. how 'bout this -- basketball court, wine cellar? believe it or not, they're right here in las vegas. [ woman vocalizing ]

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♪ >> welcome back. i'm bob massi, the property man. when the real-estate market crashed, it took everything with it, from studio apartments to multimillion-dollar mansions. but the american dream is back, and real estate is hot again. at the end of the program, we've got some vital tips that you need to know if you're jumping back in the market. but first... if you're talking high-end real estate in las vegas, well, let me tell you, you're talking for florence shapiro and ivan sher. this duo is responsible for listing some of the most unbelievable homes around, and they offered to show us two very different but equally stunning properties. this property has nearly 16,000 square feet under the roof. listing price -- $11 million. to the left here is actually, like, an indoor/outdoor pond. >> yeah. it's a koi pond, and it goes right into the house.

so, you have the sound of water wherever you are in this house. >> and immediate meditation, ivan -- you know, that warm feeling, home feeling. and then, as we're walking in to the house, this is a very, very unique door. >> the home was obviously custom-built for the owners. at the very end of the design and development and creation project, the door was unveiled to them, and, as you can see, it epitomizes the home. >> i mean, look at this. look at this chandelier. >> incredible -- absolutely incredible. >> there's a peace about this property, ivan, that when you walk in, it doesn't overwhelm you. >> you're immediately struck by the architecture. >> yeah. >> you look at it, and you just -- you're inspired. then you walk through the home, and you feel the light. you feel the air. you feel the zen of what it has to offer. and you come out to the backyard, and the backyard kind of cascades over. >> the nice thing about this is it opens up to the family room, and you've got the fireplace

that looks like it's outside, and the main thing in here is the glass ceilings, because the light comes in and it's never right on you. it's, like, very gentle, very soft. >> this is a very functional type of kitchen, where it's not overwhelming... >> no. >> ...but yet you still have the openness, where you have the dining area, you have the -- i'm sure they spend all their time -- like all families, right? -- right in this area here. >> absolutely. absolutely. and the nice thing is look at the views you have. >> yes. >> that's an architect that thought about it. >> by the way, enjoy playing a little basketball? this house has you covered. okay. so, there are such things as, like, basketball courts, you know, like backyard courts -- a little bit of cement. however... >> for their family, what they decided to do was what could they do to add some value for the kids? >> what an amenity and what a selling point for you to have. ♪

property number 2 is like slipping in to a little piece of europe right here in las vegas. [ laughs ] this is getting to be torturous. [ laughter ] oh, my god. this 5-bedroom, 5-bath home has nearly 11,000 square feet of living area, and it's listed only for $8.5 million. the custom and imported finish throughout this breathtaking estate are second to none. >> the floor that you see is reclaimed from europe. the terra cotta that you'll be walking on was brought from europe. >> when i'm walking, the first thing i notice is the ceiling. >> all of the detail that you see on the ceilings were handpainted on canvas. >> and then it was stretched in here, and the beauty is the way they've arched the ceiling so you get that impression when you walk in. >> and this is in an area called southern highlands. >> right. >> that's correct. >> so, now we're going out towards the swimming pool. you walk in to certain homes that are this large, and sometimes there isn't that feeling of warmth.

this feels like a home. it feels like it's lived in. as large as it is and as beautiful, it feels like a place you could bring the family, bring the kids, bring the grandkids, and have a great time. >> that's right. >> look at this kitchen. they have this completely open space here where people could sit and talk, and you have the view out here. and then i'm looking out here. there's even a barbecue area where they can go out. >> yes. >> what some people do incorrectly when they build a home like this is they go for the european feel but they make it heavy. that's not what's timeless, and this home is timeless. >> it's interesting you say that, because i notice that, literally, from room to room, there's different woods, so it's not, like, overbearing, where you get all this dark wood and the house gets dark. like, you look at this area over here, this cupboard area. it's not like something that's so heavy-looking that it overwhelms the room. so now we're on the second floor of this home. by the way, it has an elevator, correct? >> yes, it does. >> now, explain this hallway. >> basically, you have at the

end a trompe l'oeil that looks like a library, and then you have these antique mirrors that are on the side on the walls that gives that feeling of openness. >> and then you have this beautiful view out here of -- >> you got to suffer through these views. >> yeah, that's the problem. this is tough. puts a lot of pressure on you at night to look at the view, looking out towards the strip and the golf course. >> you'll notice that there's an indoor/outdoor component because it's vegas. >> very interesting. >> because of the weather, because of the climate, the people really use the space. >> so, now we're gonna go down to what appears to be the basement. now, this is not your average basement, with a soundproof theater, of course, a gameroom, wine cellar -- a little vino -- and a private office. >> this is the gameroom. this is where you have fun. >> look at this. oh, a nice pool wine -- every kind of wine you could imagine. >> that's right. >> and now we go into surely what my grandchildren would love -- the theater. i mean, here we go. >> you've got al the warmth and the nostalgia and the european

feel, but then you still don't miss on the technology. >> yeah, there's nothing missing in this room. >> yeah. >> yeah. >> congratulations on having this. you're representing them well, believe me. >> thank you. >> thank you so much. >> thank you very much for the opportunity. >> thank you. >> thank you. >> up next, you hear a lot about crowd funding nowadays. but could that concept actually work in real estate? meet a man who says it already is. [ woman vocalizing ] copd makes it hard to breathe. so to breathe better, i go with anoro. ♪go your own way copd tries to say, "go this way." i say, "i'll go my own way" with anoro. ♪go your own way once-daily anoro contains two medicines called bronchodilators, that work together to significantly improve lung function all day and all night.

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>> welcome back. i'm bob massi, the property man. crowdfunding means raising money for a project by having a lot of different people invest. well, the internet has enabled all kinds of things to be funded this way, from new inventions to independent movies. but now builders have turned to crowdfunding, turning people into overnight real-estate investors. is this a good thing, though?

>> you've seen it on indiegogo, kickstarter, sites like that, where there's been donation-based crowdfunding, charitable contributions for causes, but it's now expanded. >> normally, real-estate investments are limited to people who are writing checks of $100,000 or more. we can take a deal, put it online, allow people to invest for 5,000 bucks. giving an individual the chance for a few thousand bucks to own a piece of commercial real estate -- it's really empowering. >> it's growing by leaps and bounds. in the past year, over 100 companies have popped up. >> realty mogul, realtyshares, crowdstreet -- more and more real-estate crowdfunding websites are popping up every day. the websites say that it's bringing democracy -- democracy! -- to real-estate investing, enabling everyday people to invest in major building projects. >> there's been a lot of frustration with wall street and banks, that they're not lending to the right places for growth, and so the thought is that using technology to directly connect investors and borrowers -- it can create a more efficient process that i think will threaten the traditional

centralized infrastructure. >> but is it really that simple? for the moment, most real-estate crowdfunding is only open to so-called accredited investors. what does that mean? in short, got to have a lot of money. >> an accredited investor is a term defined by the s.e.c. it means an investor who has a net worth of $1 million or more or income of $200,000. >> but sometimes it is possible for the little guy to still participate. fundrise recently celebrated the opening of their first ever crowdfunded project. >> we were the first crowdfunding platform and the only, as well, to offer an investment to non-accredited investors. the first project, at 1351 h street northeast in washington, d.c., we bought a 5,000-square-foot auto garage, rehabbed it, and leased it to famous local chef -- opened a concept called maketto. so, it's a fusion kind of asian night market, retail store in the front, coffee shop upstairs. >> the market opened in washington, d.c., after its construction was funded by 375 individual investors -- what a country we live in --

who put up between $100 and $10,000 each. >> they could invest in that project for as little as 100 bucks, which most people have never bought real estate at all, and the idea that that entry point is successful is really powerful. >> and this is big business. the crowdfunding website realty mogul has just invested -- listen to this -- more than $50 million from 16,000 accredited investors spread over 180 properties across this great country. >> in most cases, they invest themselves into the projects. they open it up to, at this point, only the accredited investor, with as little as $5,000. >> we recently raised $5 million for 3 world trade center. it really goes to show where crowdfunding has come since we started. you have some of the most institutional, well-respected developers in the world using it, and you have places like 3 world trade center, which are iconic to everybody. >> what risk does that investor have? >> same risk as they would if they were one person buying a piece of investment property. it's still a risky venture. there's no guarantees.

>> the way the payback works is, first, the bank gets paid. then fundrise investors get in between 12% to 16% a year, and then the developer gets their upside, so the developer doesn't get any money back until we're fully paid, and we like to have that level of protection for individual investors who are often just learning the process. >> so, you can invest as little as $5,000 and, say, for 12 to 18 months, get a return of 10% to 14% on your money, which you can't at the bank. >> very shortly, it'll be something that's possible for everybody, and i think that's when you're gonna see a big shift that people can actually participate in this, from the smallest levels, all over the country. >> crowdfunding, zombie foreclosure, short sale -- well, listen, we've got a lot of information for you that you can't afford to miss. stick around. [ woman vocalizing ] potsch: you each drive a ford pickup, right?

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♪ >> welcome back. i'm bob massi, the property man. time now for the massi memo. you know, we covered a lot of ground today, and we met mark and yessenia, a couple stuck in a zombie foreclosure. but what is a zombie? remember, it's a property vacated by the homeowner, thinking the foreclosure was going to happen, and it never did. so, in effect, it's dead and buried. what could you do once you find out? immediately contact the servicer of your loan about the zombie. many times, these people are so far removed, you got to wake them up from the dead. if you get no response from the servicer, contact the consumer financial protection bureau and

file a complaint. and, finally, if there's no action at all, please get a tough, competent real-estate attorney to bring the lender back to life. we also heard about crowdfunding. now, this allows people to be involved in causes and investments they never dreamed of, including the world trade center and real-estate ventures and businesses. let me break down the different types of crowdfunding. donation -- a crowd gives money because they want to support a cause. or reward-based crowdfunding -- individuals form a crowd. they give money to businesses in exchange for some type of reward. and then you have the equity crowdfunding. members of the crowd -- they become owners of a business, and certain type of financial guidelines must be met, including, by the way, real estate -- not just businesses but real estate, also. and then you have debt crowdfunding. the company solicits from their crowd money and treats it as a loan, and you get interest back. well, that's it for today. be sure to send me your questions or property stories at...

and check out our website at... i'm bob massi. i'll see you next week. [ woman vocalizing ] >> i'm bob massi. for 34 years, i've been practicing law and living in las vegas, the center of the recent real-estate crisis. lives were destroyed from coast to coast as the economy tanked. now, well, it's a different story. the american dream is back, and nowhere is that more clear than the sunshine state of florida. so we headed from the strip to the beach to showyou how to live the american dream. i'm gonna meet real people who are facing serious problems, take you behind the gates of properties you have to see to believe, and give you the tips that everyone needs to navigate the new landscape, because information is power, and the property man has got you covered. [ woman vocalizing ]

welcome to florida, the sinkhole capital of the world. ♪ it's an issue that many people never think about until it's too late. but if you're buying or selling property, well, you can't afford to overlook it. natural sinkholes happen when acidic rainwater seeps down through surface soil and gets to something like sandstone or limestone, which dissolves over time. and eventually, the land can't support its own weight and collapses. and it's not just florida. last year, eight corvettes were damaged after being devoured by a 30-foot-deep sinkhole at the national corvette museum in kentucky. imagine coming in to find that damage. sinkholes have wreaked havoc across the country -- texas, tennessee, alabama, pennsylvania. now, sinkholes don't get as much attention as natural disasters like earthquakes or hurricanes because many of them are localized. but they can cause just as much damage.

florida has more sinkholes than any other state. there have been more than 15,000 verified sinkholes across the state. >> florida has what people call a swiss-cheese geology. >> [ chuckles ] >> we have a limestone bedrock underneath the state, and there's an aquifer. over time, the rock is dissolved by the acidity in ground water. it creates caverns and voids that, when the surface can't support it, they collapse. >> a few months ago, this florida sinkhole reappeared two years after it opened up under the bedroom of a 37-year-old jeffrey bush. he was sucked tragically into the 20-foot sinkhole with his entire bedroom and died before he could be rescued. i'm standing by lake rose in winter park, florida. it's named after mae rose williams. her house was here until may of 1981, when the ground opened up and swallowed it. what happened here, which is now all water? tell us the story behind it, please. >> mae said she was looking out her window, saw a sycamore tree in her front yard disappear into the ground, and she

realized that there was trouble. [ helicopter blades whirring ] it took with it a three-bedroom home, a luxury car dealership with about five porsches and a truck, half of the city's olympic-sized swimming pool, a portion of the street, and caused about $4 million worth of damage. >> it grew to 320 feet wide, 90 feet deep, and even became a tourist attraction until the city filled it in. >> florida's laws change in about 2011. it was in response to what was seen as runaway abuse of insurance when it came to sinkholes. insurance companies were paying out hundreds of millions of dollars in claims and taking in a fraction of that in their premiums. so the legislators responded. they changed the laws. and now a lot of people think that the pendulum has swung way too far in the other direction because sinkhole claims are incredibly hard to make. >> florida state law requires insurers to cover catastrophic ground cover collapse. >> and those are the really extreme cases that you hear about. and there's four criteria for that type of coverage. you have to have an abrupt

collapse of the ground, a depression that is visible to the naked eye. you have to have damage to the structure, including the foundation of the building, and the property has to be deemed uninhabitable. so, it's condemned. >> two years ago, a 60-foot-wide sinkhole had opened up underneath the summer bay resort near disney world. amazingly, a security guard heard some creaking, saw a window break, and the building was evacuated before it all collapsed. outside of that, sinkhole damage is not covered unless your policy specifically includes it. >> they can offer it, but they don't have to provide it. and that typically comes at a higher premium, which is prohibitively expensive for a lot of property owners. >> a lot of states, you have a disclosure form. is there a statement on there, "has there been a sinkhole problem?" >> yes, so, on residential disclosure forms, you'll find this most typically. it will have whether you know of any sinkhole activity or whether there's any reported on your property. but florida statutes require a

certain level of disclosure from sellers, as well. so if you've made a claim to your insurance company and your insurance company has paid that claim, you have to disclose that fact, along with how much of that money you spent to actually repair the sinkhole damage. i always encourage people who are purchasing a piece of property to look for that specific disclosure, and if it's not provided on the forms you're given, to mandate that the seller tells you whether they know of or have reported any sinkhole activity to their insurance company. >> a federal grand jury recently convicted a florida couple of wire fraud for pocketing a $153,000 settlement and then quietly selling their home. >> they made a claim. they were paid on that claim. and then they only made cosmetic repairs to the home, sold it, and didn't check the box that, "yes, there has been sinkhole activity." >> so, if you're representing a seller, what would you be telling them, as their lawyers, to what they should do? >> during a due-diligence or inspection-period phase, anytime you're gonna purchase a property,

you want to first make sure that there are sinkhole disclosures in any of those closing documents that you're going to have. you want to also make sure that your property is even insurable. make sure you can get coverage, especially when you're in those areas that have these high rates of sinkholes. sometimes mortgage lenders will require that an inspection is done on a property, but that generally isn't performed by a licensed geologist. it's typically by contractors that they've hired. so you can have other types of testing done, but that can be prohibitively expensive. if you make a claim with your insurance company and they send out somebody to inspect the area and if they find sinkhole activity, that engineer's report is going to be filed in the county clerk of courts. so you can find those on a title search or a public-record search whether there's been any filings against your property 'cause it is tied to the legal description and the owner's name whether there are sinkhole claims that have been made and how much has been paid out on it. >> so, a buyer, in their due diligence, should probably get either a capable lawyer like yourself

or do some due diligence, get the title report done from an escrow company, make sure you understand what's going on on the property, what the history is, so if you're gonna go in and buy... >> correct. >> ...you have the knowledge and you have the risk. >> yes, you want to get on top of property insurance, titled insurance. that way, you can find out what types of risks that you're gonna undertake when you do own this property. when y n ou do ow is>> p broe pesurtrey. to stickr at the end of the show, in the massi memo, i'll explain the specific ways to protect yourself and your wallet from sinkhole damage. also coming up, an exclusive peek at a property you just don't want to miss. plus, it was not just primary residences that got squeezed when the housing bubble popped. many people lost their investment properties. and that includes rentals with tenants living inside. so, what canyoudo when the place you're renting goes into foreclosure? i'll tell you next. [ woman vocalizing ]

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♪ >> welcome back. i'm bob massi.

let me talk to you about dennis and patty. dennis served in the marine corps. in the early 2000s, he decided in florida that he was gonna make an investment in some property. >> we didn't have retirement because we've always been self-employed. and our intention was for it to be a rental property. >> but in 2008 or '09, all of the real-estate values in florida, like different parts of the country -- well, they dropped. >> the problem was the property was upside-down in the sense that we weren't making any money on it for the rent. >> it began to be tough in the rental market. we were kind of at the top of what we could ask for that property. and so we began to have to put money of our own into making the mortgage. >> they contacted the lender in the hopes of getting a loan modification. >> i asked them if they could lower the interest rate so that we could actually make some kind of a profit on the property. >> i don't have to tell you. what did the lenders say?

"go late on your payments." >> how could they think like that, you know? i mean, we want to make some payments on the property, just a little less, with lower interest. >> so they did. they went late on their payments. and, of course, no loan modification occurred. ultimately, they lost their house to foreclosure. >> we agreed to pay all the back payments, all their charges, all their interest, whatever they wanted. but we just wanted the interest rate down so we could get a cash flow. that's all. >> and then we got notice that it was going to court. >> i'm gonna go in and talk to dennis and patty and talk to them about loan modifications and how lenders look at a primary residence versus an investment property. and in addition to that, you, the homeowner who rents out, i'm gonna give you some tips. and you, the tenant who decides to rent, i'm gonna give you some tips. both of you, pay attention. how many times did you try to contact the lender for purposes of a modification? >> i think he probably called them at least once a month, if not more.

>> over what period of time? >> probably a year and a half. >> and during that period of time, were you current on the payments? >> yes. >> so, what -- >> well, until he told us not to make them anymore. >> so, let's talk about that. >> yeah. >> how did you react to that? >> well, we both thought it was kind of a wacky idea. >> did you let your tenant know that your house was going into foreclosure? >> i tried not to do that because i didn't want them upset. so, i didn't do that, no. they were there for a while, but i heard that the mortgage companies don't really want anybody to move out of the property, anyway. >> at some point, we quit expecting her to pay the rent. >> yeah. >> and she stopped paying, which, you know, we weren't making a payment, so we didn't think she should have to. >> there's a couple issues we should talk about. >> okay. >> first of all, florida's a little different 'cause it has judicial foreclosure as opposed to nonjudicial.

it goes through the court to foreclose property. but essentially, lenders look at homes. they look at primary residence versus investment property. and they don't have a lot of sympathy for investment property for the obvious reason. >> i understand that a private or primary residence is important and that they would think it was more important to work with them. but on the other hand, we're not flipping houses, and we feel like we're providing a primary residence for somebody. >> the lenders' opinions were very simple -- "you called that an investment property. sometimes you win, and sometimes you lose." and in this particular case, like many cases, loan modifications were denied. on the other hand, we had the issue of tenants who were in homes that were being foreclosed on. and they didn't know that there was a foreclosure. and there was a law passed several years ago called the tenant protection act, which basically said that if a lender forecloses on a piece of property, the lender has to

honor the term of the lease or a portion so that they stay there for a period of time 'cause a lot of tenants got thrown out in the street, and they didn't know. >> mm-hmm. >> so, you're only asking for a reduction in interest, but as you can see, they didn't care. >> yes. they didn't. >> and i'm sure you knew other people that probably was going through this. >> oh, yeah, so many other people i've talked to. >> now, what about the other side of the street? let's talk about the tenants. a lot of tenants were victims of foreclosures. they were paying good money to people over the years, and then, all of a sudden, they got a foreclosure notice, and they were thrown out of the house. there has to be a certain amount of time given to the tenant before they get thrown out of that house. so, those of you who are tenants that are living in a home, go through a realtor. have that realtor check as best as they can if the homeowner is current on their payment. the bottom line is, whether it be the homeowner or the tenant, do your own due diligence to protect yourself. i've got more tips for both tenants and landlords at the end of the show.

but up next, i'll take you some place cameras are not usually allowed -- inside isleworth, central florida's most exclusive community. [ woman vocalizing ] dearthere's no other way to say this. it's over. i've found a permanent escape from monotony. together, we are perfectly balanced. our senses awake. our hearts racing as one. i know this is sudden, but they say...if you love something set it free. see you around, giulia i am totally blind. and non-24 can throw my days and nights out of sync,

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whether it's worth $200,000 or $20 million, you can learn a lot from seeing how these luxury listings are showcased and how they handle them. i asked mark hayes, president of isleworth and stockworth realty, to show me around. isleworth was a citrus-producing operation for several decades before golf legend arnold palmer uncovered its potential for a world-class golf course and country club. >> this land was protected by the surrounding chain of lakes, which produce some of the best oranges, so it became known as the isle of worth. and then arnold palmer, who wanted to build the best golf course in the world, located this to build his ultimate golf experience. >> in 1993, the billionaire investor joe lewis and tavistock re-imagined isleworth by constructing magnificent estates. isleworth is home to celebrities like nba legend shaquille o'neal and multiple members of the pga tour. and the place -- let me tell you -- it is immaculate.

they like to say that the leaves get picked up before they hit the ground. >> it's a 600-acre luxury community. uh, we like to say, you know, "we provide anything any time." >> isleworth is comprised of 320 luxury homes, ranging from 20,000-square-foot multimillion dollar lakefront lots to more modestly sized golf-course villas. ♪ one of those lakefront lots holds the property they call the bermudan. this 13,519-square-foot home sits on more than 2 acres and has 7 bedrooms and 9 1/2 bathrooms. >> bob, this home is a love story. media mogul rance crain took his bride to bermuda for a honeymoon, fell in love with the architecture. he hired the world-renowned architect taylor & taylor and gave them one task -- "build me a home and keep me on my honeymoon forever." >> [ chuckles ] and he did. >> and he did. >> well, let's go look at this home. >> bob, the first thing you notice is just the fabulous

walnut herringbone floors with inlaid, hand-painted marquetry modeled after a vanderbilt estate in newport, rhode island. >> when you walk in, though, you feel like there's a sense of history, and you could -- you really could feel the memories in this type of home. it's so beautiful, looking up here at the, you know, the stairway and all the details. the second floor has three guest rooms and a childrens' bedroom that would be any kid's dream. the room is a painted forest with custom-built log-cabin furniture, including two bunk beds, fiber-optic, sparkling stars in the ceiling, and a sound system that plays chirping noises, frogs, and jungle sounds. the stunning library features a full bar, ceiling-high wine cellar, temperature-controlled closet, floor-to-ceiling bookcases, and a secret, hidden panel with access to the master bedroom. >> you'll notice the high ceilings, just the amazing, hand-carved woodwork on the

doorways. >> this room is unbelievable. >> crystal chandeliers everywhere, candles on the walls. >> this looks like where heads of state would meet... >> absolutely. >> and, as you said, probably have. >> yeah. >> the kitchen has a beautiful barrel ceiling made of chicago brick, an antique french market counter with original ironwork. every room stands on its own, with its own character, with its own personality, and its own memory. >> absolutely, absolutely. and something else you'll notice is, as we walk down this hallway, we have a view of the lake almost from every room. this property sits on 300 feet of lakefront on lake butler and overlooks the 14th fairway of isleworth country club. two covered terraces, a heated pool and grotto-style spa, shimmering waterfall, and a private boat dock. >> coming out to one of the most extraordinary views on all of lake butler. >> oh, this is beautiful. >> we are right across from the world-famous bird island, where dozens and dozens of different species of birds --

attracts a lot of visitors. world-class bass fishing. and this deck easily holds several hundred people. but if it was just four of you, it would still feel very cozy. people refer to this area as the blue lagoon. >> i feel that. i feel that. and private. up next, the massi memo, with information you can't afford to miss. stick around. [ woman vocalizing ] ♪ [vo] progress is seizing the moment. your summer moment awaits you now that the summer of audi sales event is here. audi will cover your first month's lease payment on select models during the summer of audi sales event.

♪ >> time now for the massi memo. at the start of the show, we looked at sinkholes. they're formed when part of the earth erodes underground, and it causes a collapse. if you're buying property, it's important to check the area and ask about the history of sinkholes. ask the homeowner selling the property for total disclosure of any history of sinkholes in the area. look over your insurance policy very carefully. insurance companies do not automatically cover sinkholes. they can refuse to cover them, particularly if they know that sinkholes exist in the area of the real estate. usually, it can be added as additional coverage, which can be quite expensive. we also heard about a couple who lost their investment property to foreclosure while it was rented to a tenant. tenants living in most foreclosed properties don't have to worry about being evicted until their leases end. now here are some tips

you should keep in mind when you intend to rent a home or an apartment. examine the actual unit or home you intend to rent, not just a model, not another new unit like yours. two, check all the appliances. take pictures once you decide to rent. remember, the lease is a final contract. no verbal agreements or understandings are enforceable. do a walk-through before signing any lease to see if there are any deficiencies within the property and understand the laws of the security deposit. it is the biggest issue faced when you finally vacate the property as a tenant. make sure you have rental insurance covering your personal contents. it's very important. and read the lease closely, particularly as it relates to the right of the landlord to inspect the property once you occupy the property. as always, there is more information on our website at foxnews.com/propertyman. that's it for today. be sure to send me your

questions or property stories at propertyman@foxnews.com. i'm bob massi. i'll see you next week. [ woman vocalizing ] anks for be. good night from new york. >> announcer: from fox business headquarters in new york city, the new "wall street week." maria: welcome to "wall street week," the program that analyzes the week that was and helps position you for the week ahead. i'm maria bartiromo. london stock exchange ceo xavier rolet is my guest. but first look at the headlines. corporate earnings and news out of d.c. largely driving the market. the s & p company who reported earnings have been above