thanks so much for watching "strange inheritance." and remember, you can't take it with you. >> 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. i'm bob massi. civil war commander george custer is said to have uttered the famous words, "it's not how many times you get knocked down that counts. it's how many times you get back up." nowhere is that spirit more evident than in las vegas, and we found one spot where it looked like they might not get back up, but they did. ♪ so, here i am in reflection bay in henderson, nevada, a place that went from riches to rags and now back to riches, one of the greatest stories of redevelopment and resurgence in america. this entire area five years ago was ground zero of the real-estate crisis in america, and today it is an american success story. ♪ lake las vegas is a beautiful, 328-acre lake that was actually man-made. it was a massive project spanning decades, creating the lake, the golf courses, hotels,

and luxury communities in the middle of the vegas desert. but when the recession hit, the area was devastated. >> this was the kind of situation that's very rare -- to have a 300-acre lake and have all these residential areas around it, with the hotels and golf, but when the economy changed, people walked away, not just in las vegas, but at lake las vegas. >> the golf course dried up, and property values -- they just plummeted. >> you went from $500 a square foot to $120 a square foot for homes. it's hard to even realize how bad this looked five, six years ago. in 2008, the golf course was closing. there were weeds higher than our heads, and what started happening is people lost confidence. they lost confidence both in their mortgage and the development itself. >> hotels closed, homes were abandoned, and reflection bay -- they were forced to shut down. eventually, the course was purchased by paulson & co., along with 1,000 acres of lake las vegas land. give us an idea, visually, what it was like before you guys took

over. >> it was tough. you know, just in the bunkers right behind us, there were mesquite trees that were 15 feet tall. >> wow. >> the sand had become hard-packed dirt. the greens were gone. the vision was to bring lake las vegas to the glory that it had as a luxury destination but not just that -- do it as a primary place. we're proud that we're in henderson. >> absolutely. >> you know, as a town, schools, parks, families, shopping -- it's all here. the first thing we did was really fix the infrastructure that was here. we built the road -- galleria parkway. the second thing we did was we embraced this beach. we made our beach four times bigger here at reflection bay, and they say, "wow! it's even better than before!" and that's kind of what i think las vegas is -- we're better than before. we brought in 28,000 tons of sand, and it's intended to be a lifestyle, not just for the weddings, and that's a nice site for that, but for the paddleboarding, the kayaking, and then the duffy boats so that when you're here, one of your

family members might golf, but the rest of the folks can do something all day, and on a day like today, it'd be perfect to go out and paddleboard. so, water in the desert is not something that you would expect... >> right. >> ...so we embraced it in a way that says, "get people on the water." and i think in the past, the resort and the course focused on very high-end and not allowing people to use the lake. we think you should. jack nicklaus came back and worked with us, and you can see the love he had for the course. >> sure. of course. >> so, we completely rebuilt the greens, rebuilt all the bunkers, and then we also just made it a more playable course. ♪ >> and now when you look at it, it's just so dramatically changed. it's in great condition. i'm assuming, at least for those golfers out there watching this, this is pretty affordable. >> this is affordable. i mean, it's a top-5 public course. it's the only signature course that's public for jack nicklaus here in nevada. the process was to work with the city and the people that live here to remind them what a beautiful place it was, fix what was here, but mostly just say, "hey, we're part of your

community." people really have a special feeling about lake las vegas, so they always kind of thought we were gonna come back. they just didn't know when. >> the rebound has been dramatic. real-estate prices stabilized. the once-closed hotels reopened. and, most importantly, the people who once fled the area -- well, they've returned. >> once you're here, you feel it. for example, when we greened up the grass, the community called the falls, at that front entrance, over the last year, saw their home prices go up 31%. it's a "show me, don't tell me" kind of a strategy. we've been very low-key, but once, now it's time to show off, we are, and i think when you see it, you really like it. ♪ >> after a quick break, we'll meet a couple who thought they moved on with their lives only to be asked by the bank to move back into the house they had given up. [ woman vocalizing ] it's time to rethink what's possible.

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>> welcome back. i'm bob massi, the property man. i was contacted by a couple who moved out of their home after losing it to foreclosure, only to be asked by the bank to move back in two years later. let's go meet them right now. ♪ so, now we're gonna go meet dan and dottie. now, they live close to lake las vegas, and they basically have been fighting with the lender for over four years. and now they have a scheduled meditation to try to resolve this dispute. we're gonna give them some direction as to what they need to do to try to save their home, but, remember, it's been a 4-year battle, and i'm not sure what the final resolution is going to be. dottie, it's a pleasure. thank you for having us. my pleasure. my pleasure. dan and dottie moved into an area that they thought was gonna be their retirement home. dan is a realtor, and for a while, things were great. >> the market was booming. we were doing great. everything was fine -- until the real-estate crash. and so we started using money

that was savings -- okay? -- investments, nontouchable money to keep this place going. basically, the logic was, "okay, things are going down. our income is way down -- i mean, dramatically down -- but, you know, we have some pretty good savings. we can weather this." and so a year goes by -- another $100,000 or $200,000 gone. another year goes by, again and again. and so at some point in time, the money -- the nontouchable money -- was just gone. you have to say, "stop." and that's actually where dottie stepped in and said to me... >> "we have to stop." >> when did you stop actually making the payments? >> we stopped in '09. we knew that we had to stop making the payments before the bank would act. we were forced to do this -- ruin our credit -- before the bank would take some action. i wanted to work something out with the bank. so, i talked to anybody -- anybody and everybody.

the issue was... they didn't have our file. they didn't understand our file. they couldn't find our file. you talk to tom today. you talk to mary the next day. and during the first few months, we'd get... several calls a week... sometimes several calls a day. >> and at night. >> at night -- all hours. >> they were abusive? >> abusive. >> very abusive. >> it was awful. >> it was awful. >> it seemed to be one-sided. give, give, give, give and never get anything back. and it just never ended. >> at some point, the actual foreclosure process began, and my understanding is you literally moved out of this house, where we're sitting right now. >> we rented a place. we committed to a 2-year lease, okay? we were paying $1,000 a month where we went to. and we moved out. auction date gets canceled -- 1, 2, and 3. i thought i understood the process. >> right. >> but i had no clue. >> after two years of renting another home, they had squatters

in the home that they left. they contacted the lender, and the lender said, "why not move back into your home?" that's exactly what they did. >> so we moved back. so, we incurred those costs, okay? now, this is january of 2013. >> okay. >> okay? and so start again -- talk to the banks. "when can we get this done? can we do a short sale?" blah, blah, blah -- on and on and on. >> any notices of foreclosure again during this period of time? >> nothing. >> nothing? well, then in '14, all of a sudden now, this gearing back up for potential foreclosure auction. >> in the fall. >> in the fall. >> that's right. >> now, at some point, you activated under the law what was called a mediation. >> i wanted to sit across the table form somebody and speak to them about our situation, person to person, face to face, which we had not talked to anybody in four years. so... we do the paperwork and we get a mediation date on february 4th. and then half an hour before close of business on february 3rd, they call and

say, "can we reschedule?" it really represents how we've been treated over the last four years. >> the mediation would end up getting rescheduled three times, but with another date looming, i told them exactly what to expect. do not bid against yourself. the process will be very simple. you'll be there with the mediator, most likely a representative from the bank, who will be a lawyer, and you'll be dialing up to somebody who has authority to make decisions from the lender. all you are to them is nothing more than a spreadsheet. >> i understand. >> and they have to decide specifically, do they want to hold on to this collateral and work a deal with the homeowner, or do they want to take it back? they may say to you, "you owe 'x' amount of dollars of the arrears. we're gonna do a forbearance on that and put them to the back of the loan and then strike up a new structured payment. >> right. >> the second thing that's gonna

happen is they could work out a deal and they could say, "we want 'x' amount of dollars down of good-faith money." >> okay. >> the other thing that could happen is you could go there next week and they could say to you, "oh. we need more documents now that we've had this discussion, and so..." >> really? >> of course. you have the right to say no. you have the right to say to the mediator, "enough. go ahead and start foreclosing on this property. let us know when the auction date is, and we're moving on with our life, guys, because we're tired of you controlling our emotions..." >> exactly. >> "...in our own home." because what happens is that the home that you loved, you resent, and the home didn't do anything to you. >> exactly. >> remember, next week's always about numbers. that's all it is. it's not about emotion. they don't care about you. trust me. say, "look, guys, just tell me, where do we stand here? we've reached a point in our life and want to move on." >> that's right. >> that's what you need to do, okay?

and let us know what happens, okay? and i think it'll work out. >> we appreciate so much your help. >> dan and dottie finally got their mediation. we'll tell you exactly what happened. plus, what options do you have to get out of your real-estate trouble? i'm going to tell you, up next. [ woman vocalizing ] who knew that phones would start doing everything?

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designed to save you money. ♪ >> welcome back. i'm bob massi, the property man. we've talked a lot about loan mods and short sales and bankruptcies -- how they can rescue you from a mortgage nightmare. but like everything else, they have to be done right. ♪ to understand how to navigate the real-estate landscape, you first have to understand recent history. >> we had the big boom. properties were selling left and right. and, of course, we got a little

too big for ourselves. the prices went up too much. we developed too much at one time. and, of course, with it being as easy as it was to obtain a mortgage, the market crumbled. >> overbuilt and oversold. >> absolutely. >> soon millions of people were having trouble paying back the money that they had borrowed. >> putting people in a position where they don't have any equity in their homes. they also may be in the position where they can't afford the home that they're in. >> everything happened so fast. i mean, the banks -- when people started to default on their mortgages, they were foreclosing left and right, and that really was what started the downfall of the real-estate market. >> it was a wave. just about every person that came in to my office had some sort of issue. every single person i really knew in our community had the issue -- doctors, lawyers, teachers, police officers. >> it was truly heartbreaking at times to sit across from someone who was in a situation where all they wanted was a piece of the american pie. they paid whatever they had to pay for the house because the prices were so overinflated at the time, and they worked so hard to try to keep their property, and it just got to the point where they just couldn't do it anymore.

>> but when push came to shove, they banks were just not interested in doing much about loan modifications. >> lenders are very quick to get you into a default situation, but then you may be stuck in limbo for six, nine months, maybe even a year while you're trying to work something out. >> i had some lenders tell the client point-blank, "if you're not in default, we're not gonna look at your file." >> the bank essentially gave you a choice of either staying current, which is not possible for many people, or destroying your credit by being 60, 90, 120 days past due. >> the hamp was the homes affordable modification program touted by the federal government. lots of money went towards that program, lots of press, and clients would go ahead and make the three trial payments, supply all the paperwork, go through, jumping through all the hoops possible, and then the bank would say, "well, we need some more time to really look at this." >> the never-ending updating

process. often, the banks would ask for financials or your last two pay stubs or your most recent tax returns. >> you are going through these call centers and getting a different representative every time you call in, and you're not getting anyone that has any knowledge about that particular file or about that client or borrower. >> and then if nothing happened internally within their department in 30 days' time, they were again asking for the same information, and you had to provide it again. >> if you are having a meaningful conversation with someone at the bank, many times, they didn't have the authority to make a decision. so, they would have to route it through their supervisor or through this department, and this department doesn't take incoming calls or e-mails or faxes, so you are "negotiating" with someone behind an iron curtain. >> anyone hoping for a loan modification needs to write a letter explaining exactly what their hardship is.

>> i've spent so much time and energy creating these beautiful hardship letters to really try to give a personal element to have the bank look at my client as a person and as a family, and i don't think they ever read it. >> i don't, either. they couldn't keep their home, so the alternative was stay there till you're foreclosed on or try to short sell. >> so, you have to actually list the property with a realtor and get an offer for a purchase, and then we approach the servicer or the lender to get approval. that's when you're handing over, once again, all of those financials. >> even if you do get approved, there are still potential problems. the mortgage debt relief act of 2007 allowed people to exclude from their taxes the forgiveness of debt if it was due to a decline in the home's value or the taxpayer's financial condition. >> and that's only for primary residences, money mortgages, or seconds that were used for improvements to the home. the income tax is forgiven. >> but that law expired december 31, 2014, so if you're

looking to do a short sale or a loan modification, well, be prepared for a big tax bill next year. >> so, if the bank is forgiving $200,000 of your mortgage, they would count that as income, meaning that your overall income for the year is not only what you were making but the debt that's forgiven, which is gonna kick you into a higher tax bracket and have tax liability for you. >> and just because a bank agrees to a short sale or loan modification, you are not necessarily off the hook for the money owed. make sure you read the fine print. >> a deficiency is basically the difference between what you owe and what the property sells for. that doesn't necessarily mean the debt's forgiven. >> what happens to that deficiency? >> every state has different rules, but here, the bank could sue for that difference. you could do the short sale, go through all the steps, jump through all the hoops, and if they didn't specifically state in their short-sale-approval

letter that this deficiency is waived, they could come after the short sale and sue you. >> and then a lot of people are still forced into bankruptcy. >> if there were no other options left, bankruptcy tended to be your hail mary to get you out of that debt. it wasn't a great situation or a resolution for everyone. >> there are a lot of people out there that still don't have the credit to be able to go out and purchase a home. >> folks that have gone through this, i think, are a little bit gunshy to jump back into a mortgage. >> when you lose your home, you just don't disappear. so now they're turning to the rental market, and they're getting past their delinquencies and they're gonna be in a position to be able to purchase again soon. >> i know all this information can be confusing. when we come back, i'm gonna break it down in the massi memo. [ woman vocalizing ] poor mout. allergies? stuffy nose? can't sleep? take that. a breathe right nasal strip instantly opens your nose up to 38% more than allergy medicine alone. shut your mouth and say goodnight,

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♪ >> welcome back. i'm bob massi, the property man. time now for the massi memo. after not being able to get a loan modification, dan and dottie -- well, they moved out of their home, only to be asked by the bank two years later to move back in. three years after that, they finally mediated. so, what happened? they agreed to let the bank have the house back in exchange for the deficiency being waived. whatever they owed on the house, it's now waived. you can find info on our website about short sales and everything else that we've covered, but let's review some of the basics. a short sale means that you sell your home, with the lender's consent, for less than what you owe on it.

for many people who find their homes underwater, a short sale does offer a way out. but it's not always so simple. the lender requires a showing of what we call "hardship" -- for example, loss of income, medical emergency, death of an income-producing member of the family, and other things. now, you're gonna be asked to provide tax returns, w-2s, or profit/loss statements if you're in business for yourself. the waiver of the deficiency is crucial for the short sale. that means the lender agrees not to come after you for the amount you still owe after selling the home. always get an opinion from a tax professional before your short sale so that you know exactly where you stand. the lender may forgive the debt, but uncle sam, if it's not a primary residence -- well, they could come after you for income. as always, we've got all the latest info on our website for things we've covered today. go to... also, don't forget to send me your questions or property

stories at... i'm bob massi. thanks for watching. [ 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 ]

thanks for joining us. i'm bob massi. i want to introduce you to a couple who went through something that lots of americans have experienced unnecessarily. ♪ i'm gonna go meet kin and colette. kin is a surgeon. several years ago, he was trying to fix a light. he was on a ladder in the back of his home. and he fell off the ladder and had what's called a closed-head injury resulting also in a stroke, ultimately being forced into filing bankruptcy. colette, doctor, nice to meet both of you. thank you for having me. right at the height of the market crash a few years ago, kin fell off a ladder. >> i was changing the light on the back of my house. when i regained consciousness, the sun was in a different position, and i knew i was, you know, i had at minimum a concussion. and then about a few months later, i woke up unable to move my left side. >> as he recovered, he couldn't work, and he fell behind on the

mortgage payments. >> i had to live mostly off my credit cards. as physicians, especially solo physicians, we don't have any sort of unemployment or disability, so when we are disabled, we don't -- you don't eat unless you make -- unless you bring in your own money. >> after a year in rehab, ken was recovered enough to work again, and he wrote a check to the mortgage company. he contacted them. he said, "how much money do i owe you?" >> i called them and asked them if i can try to become current with my loan. and i even paid the late fees for being late on, like, 11 of them. >> so, when you called them, they actually gave you an amount to pay to bring you current on the loan. >> yes. >> and you sent the check in? >> it cost almost all my savings and my checking account at the time, but yes. >> he sent them all of the money, plus fees and interest. guess what. >> two months later, i received a letter in the mail saying

that i'm being foreclosed on. i then called the lender, and they told me that instead of accepting my check, they were going to foreclose on me. >> as foreclosure loomed, they had a few options. first, they could do nothing -- stay in the house until it gets foreclosed on. two, they could try to get a loan modification. surely he had hardship. the man fell off a ladder and had a closed-head injury and a stroke. and three, they could get legal counsel to see what their rights are. they hired a law firm to help them, but the case just seemed to fall between the cracks. >> we went to go see that attorney, and it was on the third visit, and with the third visit, it was the third attorney because this place just kept rolling over attorneys. actually, the person that we've seen the most was the finance department to make sure we could continue to pay the $4,000 every year. we got absolutely nowhere. and that's when i told kin, "do you really want to fight... do you want to be here? do you want to fight for this house?" and he said yes.

i said, "then let me take over." >> so here's a very educated man, who's caught in the middle of this crossfire with a lender, and across the board, you didn't even know what was really the best way to go, which is a poor commentary for everybody. >> yes. it's unfortunate. but i've had over a dozen years of postgraduate training. i'm a highly skilled technician. but none of my courses involved anything about finances, business, or even how to keep a house. >> he knew what he wanted, but how do you get there? if this was a medical problem, it'd have been fixed. >> they found a new attorney, and they decided to attack rather than defend. there was no time to waste, so the lawyer advised them to file what's called a chapter 13 bankruptcy, and when they did that, it automatically stopped the foreclosure. >> our house was going on auction that tuesday. that monday, we got a stop or a stay on the actual auction of the house. >> you, like many americans who were in default, there are

really several options. the first option is do nothing. many people did. they did nothing. they lived in the home until they finally said, "take it" because they'd had enough of the lenders. just what you went through. >> yes. >> sure. >> you know, basically being, feel like you're a criminal, being assaulted, having your money rejected. the second thing you would try to do is, on your own, a loan a modification, which you may have tried and still be unsuccessful because you never, ever talked to the same person, and they were always losing the documents and sending new information. >> mm-hmm. >> and then, of course, the ultimate thing was how do you save your home? here you are saying, "i want to save my home. i paid," and you got good advice ultimately, saying, "there's this thing called a bankruptcy." so many consumers over the years have filed bankruptcies and not really understood the impact. now, let's look at the chapter 13. we actually call that a wage earner's plan. this is what it means. let's say you make $10 a month,

and out of that $10 a month, $8 is your expenses, and $2 are disposable income. you may qualify for a chapter 13 and that disposable income is used for purposes of paying off some debts. you have to give the court a list of your income and expenses. the plan of repayment is submitted to the court for review. and if it meets the standard, the court gives its blessing, and you begin making your payments over a three- or five-year period. >> you do have to pay your trustee every month. you can't just pay the bank. you send your check to the trustee. the trustee then sends, you know, to their bills and makes sure everything's taken care of, and we do that for five years. >> and when that's completed, the debts are gone. again, it's a new way to start your life. >> i was offered but did not declare any of my credit cards or other items that i could have put into the bankruptcy. >> they were also able to get a federal court-ordered mediation and a loan modification. so, what does that all mean?

it means that you go with a group of people -- a representative from the lender; a representative on your behalf, in this case, the bankruptcy lawyer -- and you try to figure out if you qualify for a loan modification. the lender looks at all of your financials, and then they decide if there's enough of a hardship. i believe we know in this case surely there was. what is your message to those people that are still going through this in america? and they still are. what is your message? >> you don't accept what's being told to you. you keep fighting. >> if things change and you can't make the payment, you immediately go to that lawyer and say, "something's coming up in the next six months. i'm not gonna be making the money i'm gonna make. so, we may have to adjust this plan now." too many people wait to the last minute, and then the trustee moves to dismiss that bankruptcy, and then they're really screwed. so, make sure you keep on top of it. up next, america is changing,

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♪ >> welcome back. i'm bob massi, the property man. you know, one great thing about doing this show is that i get to see the way people live and how it's changing. successful communities are able to figure out what kind of lifestyle folks want, and they give it to them. [ big-band music plays ] in the early '50s, william levitt built levittown, and the modern american suburb was born. people began flocking to the suburbs, raising families there, and finding a way to commute into the city for work. it was a great time in america. [ up-tempo music plays ] >> well, they're running out of land, and people are tired of sitting in their cars. >> now things are shifting

again, and a big part of that is what we call transit-oriented development. >> transit-oriented development is flipping development on its head. >> transit first, and then build around transit, whether it's retail, commercial development, or residential. so, it serves as a central gathering place, and then you build around. what it is not is having a development already established and then putting some form of transit, retrofitting it in. >> so, rather than a transit stop just being a drop-off point, it's now becoming a nexus of economic development to ensure that within 1/4 to 1/2 mile of a transit stop, you're going to find mixed-use development that vertically integrates things like retail, apartments, offices, commercial development. that way, people will walk instead of taking other forms of transportation once they get off mass transit. >> and orlando, florida, was the perfect place that turned this

concept into reality. >> orlando has always touted itself as a place to live, work, and play. the problem historically is that we've had sprawl. so, the "live, work, and play" was separate. you worked one place, you lived another place, and typically, you played in a different place. >> the idea was we had to grow smarter, and we really needed to focus on transit and then transit nodes. we were one of the few communities 10 years ago that didn't have any form of commuter rail or light rail system. [ horn blows ] >> then came sunrail. the state of florida bought a 61-mile section of an existing freight rail line to create a commuter service. >> it was public money that built the sunrail system, and then it's private money, largely, that is building and investing in the areas that are close to the stations. >> and this will allow people to be able to live much closer to a transit that will get them to their workplace, get them home

at night, without having to jump on the highway in their cars. >> residents can shop around the station. they can get to work using the station. and they do it in a sense of walkability. >> sunrail has had a huge impact on downtown orlando. >> we have probably a couple of billion dollars' worth in downtown that's associated specifically with the fact that we have sunrail. >> it creates sort of a circle of how we want development to happen. within 1/4 mile of a transit stop, we call that the transit core. that's where you find medium- to high-density and intensity development. and as you go out, it starts to decrease. the logic behind it is that people really won't walk more than 10 minutes, so we have to cluster that development as closely as possible to transit as we can. >> well, sunrail has been in existence now since may of 2014. and the impact has yet to be fully felt. but as you can see behind me, it's already being felt with the

development of the 172-acre florida hospital health village. they see this as a way for people to be very close to the health care that they want. it's going to take 15 years to build this all out in the end. there will be residential, 550 units. there will be commercial, real estate, hundreds of thousands of square feet. >> studies within the last couple of years have shown that about 60% of millennials would be willing to live in a smaller house if it meant less than a 20-minute commute. >> the millennial generation all want to be close to where they work, close to where they want to play, close to where they want to shop. they're not interested in driving long distances. this is going to drive urban-oriented developments all across the country. >> younger people are demanding this. and so i don't see a lot of growth that is not going to have as a key component transit-oriented development. >> up next, have you ever thought about your dream home and imagined it having

a white sandy beach? or for us golfers, a putting green? or a retreat styled after a northwest mountain lodge? well, i'm gonna take you inside a property that has all of that and much more. "the property man" comes right back. [ woman vocalizing ] it's time to rethink what's possible. rethink the experience. rethink your allergy pills. flonase sensimist allergy relief uses unique mistpro technology and helps block 6 key inflammatory substances with a gentle mist. most allergy pills only block one. and 6 is greater than one. rethink your allergy relief. flonase sensimist. ♪

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with 70 miles of shoreline. ♪ >> we're gonna go into this house in a minute, but just -- this is magnificent. tell us about the outside. >> bob, this home is known as la belleza dorada, the golden beauty, and it's one of my favorite homes. ♪ ♪ hey >> this 7,200-square-foot home is listed for $5.3 million. >> it sits on over an acre of land on the 16th tee. over 12,000 square feet. all the materials in this home were imported from all over the world. it was designed to feel like you were living in a resort year-round, but it's also got a lot of fun places. let's go have some fun. >> yeah, let's go look at it, buddy. ♪ whoa! [ laughs ] he was pretty serious. this elegant four-bedroom, 6 1/2-bath home displays superior custom workmanship throughout. the lavish finishes hit you from the moment you walk inside.

imported italian tiles, granite, and marble, natural stones and woods, plus cast-stone columns. >> everything about this house was so thoughtfully planned. you walk in, and you're overlooking the 16th tee. but you'll notice there's a berm there, so the golfers can't see in. you have total privacy. >> these pillars, magnificent inside and out. >> everything's custom. beautiful terra cotta. real stone columns. all the woodwork is custom. all the ironwork is custom. this house was really built to entertain. there's several distinct areas of this home that make it a lot of fun. you feel like you have five homes in one with this house. [ latin music playing ] >> you've been in the real-estate business for quite a while. i mean, i know education is your passion and things like that. >> over 25 years. >> okay. when you walk in, it's almost like you don't even have to sell it. it speaks for itself. >> there's just so many thoughtfully planned areas that are just inviting. for instance, the kitchen overlooks -- the entertaining outdoor kitchen, you can see the entire backyard from many

angles. it's just...it's very inviting. it's very comfortable. >> what really makes this house special are the five separate outdoor living areas. white sandy beach with sand imported from marco island. a tropical-oasis playground with a saltwater pool and spa. putting green steps away from the 16th tee of isleworth country club. and a covered area with a wall of florida doors that fully open for true indoor-outdoor living. plus an english garden. [ latin music plays ] a lot of times, people who buy homes on the golf course in different parts of the country, they don't have the privacy. but this home provides you this. >> oh, this house is perfectly designed for feng shui, where the trees are planted -- >> that's true. >> your vistas, the water. we've had so many people come to this house, and the minute you walk in..."ahhh." >> yeah. it's relaxing. >> you just feel it. very relaxing. you have a gentlemen's retreat, complete with wood built out --

>> the cave. >> the cave. the man cave. >> let's go look at the man's cave, buddy. >> all right. [ latin music playing ] >> the gentlemen's retreat is styled after a northwest mountain lodge, with an authentic antler chandelier, full bath, and fully equipped bar. the home is being offered with the option of keeping all of the custom furnishings. the tuscan-inspired estate lends itself to indoor-outdoor entertaining with more than an acre of lush tropical landscaping. >> the ironwork is all, again, custom. doors are custom. >> things brings a whole new definition to "master bedroom." [ laughs ] >> i mean, look at the expanse view, the high ceiling, the hand-painted ceiling. fireplace, breakfast nook, not a bad way to start your day. >> and isleworth golf course. >> yes. ♪ >> life is good here. >> life is good here. life is good here. >> just a beautiful, well-detailed, warm home.

>> we like to say isleworth is where the great come to get better. ♪ >> up next, i'll recap everything we learned today in the massi memo. [ woman vocalizing ]

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♪ >> time now for the massi memo. earlier, i told you the story of ken, the surgeon who found himself fighting to save his home after a head injury and stroke left him temporarily

without any income. ken filed a chapter 13 bankruptcy, which stopped the foreclosure, and, through court-ordered mediation, was able to get a loan modification and save his home. it's important to understand the types of bankruptcy. first, chapter 7 bankruptcy. that's a liquidation of assets, also known as a no-asset estate. in other words, you get an opportunity to hit the restart button. you must meet the median income wherever you live in order to qualify before filing. and also, credit counseling is necessary. trustees are appointed, and they oversee the bankruptcy once it's filed, and it stops any other legal matter, including a foreclosure. you must file all of your assets and liabilities in your verified sworn petition. if there are no assets, all debts will be discharged, and your life -- well, it can start over. now let's talk about a chapter 13 bankruptcy. that's called the wage earner's plan. you must meet the median income level where you live also in order to qualify. if you qualify, the court will

approve a payment plan of creditors. the payment plan is usually three to five years, and at the end, all debts will be discharged. the downside of a chapter 13 bankruptcy -- if something changes in your financial position and you cannot pay the bankruptcy trustee, well, it could be dismissed by the court because you did not comply with the plan that was approved. it is urgent that you contact an attorney if anything changes where you're unable to make the payment plans under the chapter 13. now, ken was also able to get a loan modification because of the successful bankruptcy and a competent attorney. today, they're not as prevalent as they were in the past, but you still have to show hardship if you have any shot at getting a loan modification. and remember, on a loan mod, if you're approved and if you default, the over and under on you ever getting another one is slim and none. as always, there's more info on as always, there's more info 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 ] monday, good night from new york. >> fox business headquarters new york city, new "wall street journal" week. >> welcome to "wall street week." i am maria bartiromo. coming up, our special guest this weekend, leon panetta, held titles of defense secretary, cia director and white house chief of staff, we have a lot to discuss with mr. panetta. do stay with us. but first what a week on wall street, some big headlines, impacting efs from wall street to main street, dow jones breaking through 22,000 mark on wednesday. dow now up better than 20% since election day, markets overall