for "strange inheritance." thanks so much for watching, 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 ] ♪

[vo] progress is an unstoppable force. the season of audi sales event is here. audi will cover your first month's lease payment on select models during the season of audi sales event.

whcold sore.et you? grab lunch? cold sore. when a cold sore takes over, campho phenique's topical anesthetic plus anti-microbial action soothes pain fast. what's for dinner? meat loaf. campho-phenique on, cold sore pain gone. ♪ >> 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 ] 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. anoro is not for asthma . it contains a type of medicine that increases risk of death

in people with asthma. the risk is unknown in copd. anoro won't replace rescue inhalers for sudden symptoms and should not be used more than once a day. tell your doctor if you have a heart condition, high blood pressure, glaucoma, prostate, bladder, or urinary problems. these may worsen with anoro. call your doctor if you have worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain while taking anoro. ask your doctor about anoro. ♪go your own way get your first prescription free at anoro.com. my "business" was going nowhere... so i built this kickin' new website with godaddy. building a website in under an hour is easy! 68% of people... ...who have built their website using gocentral, did it in... ...under an hour, and you can too. type in your business or idea. pick your favourite design. personalize it with beautiful images. and...you're done! and now business is booming. harriet, it's a double stitch not a cross stitch! build a better website - in under an hour. free to try. no credit card required. gocentral from godaddy.

they always refer to me as master sergeant. they really appreciate the military family, and it really shows. we've got auto insurance, homeowners insurance. had an accident with a vehicle, i actually called usaa before we called the police. usaa was there hands-on very quick very prompt. i feel like we're being handled as people that actually have a genuine need. we're the webber family and we are usaa members for life. usaa, get your insurance quote today. retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver.

or a little internet machine? [ phone rings ] it makes you wonder. shouldn't we get our phones and internet from the same company? that's why xfinity mobile comes with your internet. you get up to 5 lines of talk and text at no extra cost. so all you pay for is data. choose by the gig or unlimited. and ask how to get a $200 prepaid card when you buy any new samsung device with xfinity mobile. a new kind of network designed to save you money. click, call or visit today. ♪ >> 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 ] it's easy to think that all money managers are pretty much the same. but while some push high commission investment products, fisher investments avoids them. some advisers have hidden and layered fees. fisher investments never does.

and while some advisers are happy to earn commissions from you whether you do well or not, fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients come from other money managers. fisher investments. clearly better money management. ♪ for every hour that you're idling in your car, you're sending about half a gallon of gasoline up in the air. that amounts, over the course of the week, to about 10 pounds of carbon dioxide. growth is good, but when it starts impacting our quality of air and quality of life, that's a problem. so forward-thinking cities like sacramento are investing in streets that are smarter and greener. the solution was right under our feet. asphalt. or to be more precise, intelligent asphalt. by embedding sensors into the pavement, as well as installing cameras on traffic lights, we will be able to analyze the flow of traffic. that data runs across our network and we use it to optimize the timing of lights,

so that traffic flows easier and travel times are shorter. who knew asphalt could help save the environment?

♪ >> 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 show you 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 me. i'm bob massi. what if you could build the ideal community with every detail designed to enhance the lives of those who live and work there? it's a bold experiment playing out here in a place called lake nona in orlando, florida. ♪ >> lake nona is an 11-square-mile city built from scratch. >> 11 square miles of an integrated, highly collaborative community that's anchored by these clusters of excellence in science, sports, and education with an underpinning and a foundation of technology running through it. and we've designed it from the ground up. >> that means homes, schools, universities, commercial... >> hotels, restaurants, hospitals, sports facilities, shopping centers... >> all built to complement each other with the goal of creating the perfect city of the future. >> most great cities or clusters

take decades to come up. they grow organically. it's over 20, 30, 40 years in a helter-skelter fashion. we had the opportunity here to design everything from the ground up. >> technically, lake nona is part of the city of orlando. but not very long ago, there was only the lake nona country club and empty fields. >> lake nona is one of our jewels. eight years ago, lake nona was a cow pasture. and now, it is fairly unique within the entire country. >> behind me here is what it looked like when we started. it was a large cattle ranch. and this area was primarily used for grazing. ♪ >> then billionaire joe lewis, founder of the global investment company tavistock, bought the golf course and saw those empty fields as an opportunity to do something special. >> joe lewis and i asked ourselves, "where else in the country can you find a few thousand acres of land next to one

of the world's greatest airports that is in a city that's known throughout the world for being family-friendly, is in a tax haven, is in a great climate?" and that's when it hit us. you can't find land like that. >> so lewis and tavistock started buying up the land, 8,000 acres in all. >> he made a challenge. and he said, "please, let's do somethin' special. don't give me more of the same." we don't want the typical, old suburbia. we took that challenge. it inspired us. we think we can make a difference in people's lives here. >> we really have had the luxury and the opportunity to plan everything, to think about where the retail goes, where the office goes, where our medical city is, and where the residential is. with that, you know, comes a great opportunity and also a great responsibility to take things to the next level and kind of push the limits of what we can do here. >> but where do you even begin? they were faced with the chicken or the egg dilemma. >> it's always the conundrum that developers face is,

what comes first, the jobs or the homes? we felt that if we concentrated on the jobs, that everything else would take care of itself. >> so they teamed up with anchor institutions, major universities and hospitals, who agreed to build here in lake nona. >> to have jobs factories, you have to have amazing anchors or partners here, like the university of central florida, the sanford burnham research institute, nemours children's hospital. >> well, it worked. already, lake nona has created more than 5,000 permanent jobs with another 20,000 expected over the next 15 years. that is not counting the jobs created by the $3 billion-worth of construction that has already taken place. and more is coming. behind me, the federal government is almost done building the largest, most state-of-the-art va hospital in the country. >> it's 1,200,000 square feet and has their national simulation center. >> it's one of the biggest jobs engines in the state of florida.

lake nona is the fastest-selling community in central florida. we're adding 1,000 new families to lake nona every 2 years. >> the community development model typically is build houses and then some retail comes in and then the jobs come in. we've been fortunate to be able to deliver on all of those things. >> so communities need to be built all at once. lake nona has six so far. but building communities does not just mean building homes. >> gone are the days where you live in a house in an isolated sort of place. it's really important that we have the nearby schools and we have the grocery store right down the street and we're close to your job. >> we have 7,000 students going to school here, right on our grounds at lake nona, from early-childhood-development centers and through to a graduate education where you can graduate from here with your m.d. or phd and never leave lake nona. >> because of the proximity of the medical city and the ymca and the schools within the neighborhood, i can ride a bike to work,

ride home, and pick up the kids by 6:00 at the after-school program. ♪ >> we've taken the best of what we've seen throughout the country and really the world, brought all different parts and pieces over here. >> to my left, we have the adult pool section of our aquatic center. across the street here, under construction, we have a new restaurant and a market that we're building. we're working right now on a million-square-foot, regional mall, the first phase of which is two hotels and an office building and a bunch of restaurants. we have a wide range of housing types, town homes all the way up to very large, custom-built homes. we have a 290-unit apartment complex that's under construction right down the road. this community is built around neighborhood parks and schools and jobs and all of these things. so we're also building a community that is better. >> when we come back, we'll take a look at lake nona's groundbreaking

medical city. [ woman vocalizing ]

♪ >> welcome back. i'm bob massi, the property man. i'm standing in lake nona, an 11-square-mile city built from scratch within the borders of orlando. lake nona is being built by the private investment company tavistock and is already grabbing nationwide attention for its medical city. >> there are five major components. ucf has a medical school and a life-sciences college there. the university of florida has a research institute. sanford burnham has a research institute. nemours built a children's hospital. and then the crowning piece is a brand-new, state-of-the-art va hospital. >> they found that the secret to making a great city is clusters. it's the collaboration within the cluster that makes it all work. >> i don't think the eureka moment really happens while

that scientist is in the lab, poring over his test tube. i think what happens is, the eureka moments occur when they're out here socializing at lunches and dinners, getting together. and the geneticist is with the physicist, who's with the scientist, who's with the surgeon. >> many of us are working in the local businesses or the medical life-science community and industry. so i've made deals and collaborations on the soccer fields. [ chuckles ] >> we felt that collaboration was going to be the turbo mechanism for us. the nemours children's hospital, they're able to recruit better doctors, same with the va medical center. because this doctor, if he wants to, can teach at the medical school right across the street, can do cutting-edge research, as well, in the next building across the street. the scientists, they're able to teach. they're able to practice. it's resulted in one of the most richest technology foundations that we could have. we have one gigabit bandwidth that we deliver to the homes

and businesses here. it's basically over 200 times the average speed of a u.s. internet connection. >> we started from scratch and put in all of the conduit and the fiber and all those things. >> that means everybody's internet in lake nona is not just the fastest in the country, but in the entire world. >> you can do amazing things with that. scientists need it. doctors need it when they're getting x-rays across their screens and the type of quality that they need. and the homeowners just absolutely love it. 20% to 30% of our residents work out of their home. and they're able to do so because we give them the right technology to be able to access what they need to. >> two critical quality-of-life components are integrated into every aspect of lake nona -- health and wellness and technology. >> the lake nona community is really a purpose-built place. >> so many people talk about health and wellness today. but how many people

really do it justice? >> how do we nudge activity? we all know that exercise is important. we need to move more. how do we design activity where it doesn't feel like somebody's forcing it upon us? we have 44 miles of trails throughout this community. if you look at urban settings now, a lot of them are having to go back and retrofit with sidewalks and bicycle paths. and all of that is master-planned into the . there's sidewalks and trails, a lot more accessibility to running, walking, biking. >> we've retained about 40% in preserves and park space throughout our 8,000 acres. >> there's public parks that are close proximity to everybody's home. >> every morning, there's a switch that goes off, and everyone comes out of their homes, and parents are walking kids to school, kids are walking to school. they're on bikes and scooters, and other small kids in tow.

so it's very vibrant. >> as you walk through the front doors of most of our businesses, you'll see the stairs immediately, and you'll have to search for the elevators. and so the percentage of people that are actually utilizing the stairs is clearly increasing. >> the lake nona life project is a voluntary study that will give researchers ways to keep improving the quality of life. >> it's a multi-generational, multi-decade research project. >> it's sponsored by johnson & johnson, studying how health behaviors can be impacted and how behavior change can take place. >> the insights that come from a project like this can be transformational in terms of the future for medicine and health and wellness. >> and the corporations and the universities that are part of the medical city, well, they enable them to keep finding ways to improve how people live. >> we're excited about a new home that we're building called the intelligent home. the intelligent home of the future is gonna be a lot about sensors

and other things, too, as we continue to drive, you know, new technologies integrated in the house. g.e. is helping us with our new kitchen of the future. and how are we using digital devices and other things to help us with menu preparation and inventory of your foodstuff in your pantry and all those kind of things. >> we've worked very hard to find partners and anchors that think alike, that have the same dream that we have to create the ideal place that inspires human potential through innovative collaboration. we really bound out of bed every day. we think we can make a difference in people's lives here. >> coming up next on the property man, i'll go meet a woman who thought her only options were to let her beautiful property go into foreclosure or do a short sell. but then, she heard of a program that just might save her property. [ woman vocalizing ] [lance] monica, it is absolute chaos out here!

gale force winds, accumulations up to 8 inches... ...don't know if you can hear me, but [monica] what's he doing? [lance] can we get a shot of this cold front, right here. winter has arrived. whooo! hahaha [vo] progress is an unstoppable force. brace yourself for the season of audi sales event. audi will cover your first month's lease payment on select models during the season of audi sales event.

retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered.

comcast business outmaneuver.

♪ >> welcome back. i'm bob massi, the property man. i'm here on a beautiful piece of land just outside of orlando, florida. a woman named suzanne and her mother bought this property in may of 2005. ♪ what a rustic, warm feeling this is. talk about a log-cabin effect, you did a great job. >> yeah. thank you. >> so this is all just -- what type of wood is it? >> this is actually cedar. and then, you have the pine floors. >> the 2,400-square-foot, 3-bedroom, 2-bath property sits on 5 acres with a log-cabin home. >> i needed a place to move my horses. and i wanted to live out here with them. >> was the structure on this property at that time in '05? >> just the home. >> she went on to build a horse barn and two sheds. the area, at that time, was just orange groves, swamp lane and single-lane roads with one blinking light. >> we had just a couple gas stations with a volunteer fire department and a daycare.

>> mm-hmm. >> the closest grocery store was around 25 minutes away. >> suzanne purchased the home for $340,000. she took a home-equity line of credit for $150,000 to improve the property. >> i was able to purchase the home. and it was at a good rate, good value. i put the 20% down. then i took a home-equity line of credit out and was able to clear the property, built the 4,500-square-foot barn, fenced the property, put just a lot of investments into the property. >> unfortunately, suzanne went through divorce, which resulted in both of them moving out. they tried to sell the property, but then, well, the economy collapsed. almost overnight, the value dropped, and she found herself underwater. suddenly, she had very few options other than to try to short-sell the property for $236,000, almost half of what was owed. and she really had no interest in doing that or letting it go to foreclosure. with no decent offers, well,

she decided to rent it out even though the monthly rent was less than a mortgage payment. so you ended up going into your savings, your other sources of money, in order to make the payment. >> correct. i was just paying out of pocket every month. >> she then heard of the program called h.a.r.p., the home affordable refinance program. h.a.r.p. was set up by the federal housing finance agency in march of 2009 to help underwater and near-underwater homeowners to be able to refinance their mortgages. >> i met timothy lucero. he's a friend of mine. >> mm-hmm. >> he is an attorney. and he informed me about the h.a.r.p. loan. >> is that the first time you heard about the h.a.r.p. loan? >> absolutely. my banks did not advertise this loan at all. >> after being unable to refinance through traditional routes, well, she was able to get a h.a.r.p. loan of $401,000. >> the great thing about it was the home wouldn't appraise for what i owed on it. and i wouldn't -- i didn't have to worry about a reappraisal. i didn't have to worry about another credit check or anything like that. they just took the loan and pretty much refinanced it without any reappraisals.

>> people get the h.a.r.p. program mixed up with loan modifications, but they're very different. for example, in a loan modification, you had to show a hardship. you had to be behind in your payments, which upset many people. with h.a.r.p. -- unnecessary. no appraisal necessary. you submit the paperwork, and if you qualify, you get approved for the h.a.r.p. program just like suzanne did. the h.a.r.p. process allowed suzanne to reduce her mortgage payment about $700 a month. the h.a.r.p. refinance cost about $7,250 with a 4.8 interest rate, substantially less. so now, when you rent the house, are you in the good? are you in the black now? >> it is pretty much almost break-even. >> yeah. >> we get a little bit more than the mortgage payment. but it does not cover the taxes or insurances. >> so, let's go through some of the h.a.r.p. bullet points to qualify. first of all, the loan had to be before may 31, 2009. the homeowner had to be current on the loan, not more than 30 days late in the last 6 months. and here's what you need.

it could've been a primary home, a second home, or one- to four-unit investment property. obviously, it had to be a fannie or freddie loan. and the loan to value had to be greater than 80%. the h.a.r.p. program still has legs, but if you talk to most lenders today, it's not really that effective. it did help a certain percentage of people like yourself and others. but a lot of people it didn't. but i will say this to you. some of the people, the reason it didn't work, was because they were fed up with what they went through with lenders and they were so emotionally, just, broken. so what's your message to those who are watching the show here? >> people are so quick to take the fast act and short-sell or foreclose. and they need to research and evaluate the situation. >> here's what's important to understand. you have to do your own due diligence as a homeowner. you have to ask the proper questions of the proper professionals to find out what programs

are out there to be able to try to save your home. they're still there. be very aggressive in finding out what is still available to save your home. >> i think people need to take responsibility and not act fast. >> the one thing that i try to tell people all the time is they got to ask. go to professionals, ask. go to lenders, ask what programs are out there. find competent brokers, real-estate brokers. find out what's going with the property. and also, really try to understand the different kind of loans. congratulations on your decision. you did good. >> thank you. >> up next, the massi memo with information on refinancing that you can't afford to miss, so stick around. [ 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. anoro is not for asthma . it contains a type of medicine that increases risk of death in people with asthma. the risk is unknown in copd. anoro won't replace rescue inhalers for sudden symptoms and should not be used more than once a day. tell your doctor if you have a heart condition, high blood pressure, glaucoma, prostate, bladder, or urinary problems. these may worsen with anoro. call your doctor if you have worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain while taking anoro. ask your doctor about anoro. ♪go your own way get your first prescription free at anoro.com. hey ron! they're finally taking down that schwab billboard. oh, not so fast, carl. ♪ oh no. schwab, again? index investing for that low? that's three times less than fidelity... ...and four times less than vanguard.

what's next, no minimums? ...no minimums. schwab has lowered the cost of investing again. introducing the lowest cost index funds in the industry with no minimums. i bet they're calling about the schwab news. schwab. a modern approach to wealth management.

my "business" was going nowhere... so i built this kickin' new website with godaddy. building a website in under an hour is easy! 68% of people... ...who have built their website using gocentral, did it in... ...under an hour, and you can too. type in your business or idea. pick your favourite design. personalize it with beautiful images. and...you're done! and now business is booming. harriet, it's a double stitch not a cross stitch! build a better website - in under an hour. free to try. no credit card required. gocentral from godaddy.

♪ >> time now for the massi memo. earlier, we met suzanne, who was able to successfully refinance by the h.a.r.p. program. now, in 2009, the obama administration launched "h.a.r.p." as part of the making home affordable program. what it does, it provides the ability to refinance for people who may not otherwise qualify because of declining home values or reduced access to mortgage insurance. they could get a lower interest rate or what they call a more stable mortgage product. they've existed the program through the end of 2016, which is a good thing. but it's not always easy. you have to be current on your mortgage,

no more than 30 days late in the last 6 months and no more than once in 12 months. this is good to know. not only does it cover primary residence, but second homes and one- to four-unit investment properties -- important for you investors out there. it must be a freddie mac or a fannie mae loan. the loan also has to have been originated prior to may 31, 2009. loan to value -- greater than 80%. this is not, by the way, a loan modification. it is a refinance of your present mortgage payment. and usually, appraisals are not necessary. there are definitely not as many h.a.r.p. refinances being accepted anymore, but if you meet the criteria, please look into it. that's it for today. as always, there's more info on our website at foxnews.com/propertyman. and be sure to send me your questions or your property stories

at propertyman@foxnews.com. i'm bob massi. i'll see you next week. [ woman vocalizing ] >> from box on my fox business headquarters in new york city, the new "wall street week." >> welcome to wall street we, the program that analyzes the week that was an helps position position you for the week ahead. i maria bartiromo. coming up in just a few moments, former home depot and chrysler ceo, my special because this we can. some of the big headlines infecting every thing from wall street to main street. tax form once again dominating wall street conversations with the house and senate both voting to take their respective plans to conference. a process that will attempt to combine the two bills and hammer out their differences. some of the few key differences lawmakers are dealing with right now. the senatrs