that's it for this week's show, thanks to my panel and to all of you for watching, i'm paul gigot, hope to see you right here next week. >> 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, your property man. about 8% of all u.s. households own time-shares, and the industry generated more than $70 billion last year alone, and it continues to grow. now, a time-share is a piece of property for which you own a specific amount of time, usually one week per year, and you use it as your vacation home. if you're thinking about buying one, well, i'm gonna give you some of the dos and don'ts and take you inside the latest project, from time-share giant westgate resorts, right behind me, the old las vegas hilton. but first, david siegel, well, he's the founder of westgate, and his story is amazing. in 1980, david siegel owned a small tourist attraction called the mystery funhouse in orlando, florida, and an orange grove. well, one day a man approached him and offered to buy part of the grove. >> i said, "what are you gonna do with it?" he says, "i'm gonna time-share it." i said, "what's that?" he explained the concept to me. i fell in love with the concept.

i didn't sell him the property. i decided i'm gonna do it myself. >> so, did you know what time-share was at that time? >> no. no. so, i built 16 villas in the back of the orange grove. >> those 16 villas would grow into westgate, the largest privately owned time-share company in the world. two decades later, his time-share empire was still expanding. and in 2004, david and his wife, jackie, decided to take on another project, building themselves the largest home in america. most people would say, "why?" >> why build this home, or...? >> why build this -- i don't think they'd call it a home. >> it's really the palace, right? >> why build this palace? >> we wanted a large home. we were planning on, like, maybe a 15,000-square-foot home. but by the time on paper that i got what i wanted, like, a huge ballroom, and we started having more kids, we needed extra bedrooms. it just became the largest home in america.

we weren't trying to build the largest home in america. it just happened. >> it just happened. >> yeah. >> the 90,000-square-foot house was set to contain 13 bedrooms, 30 bathrooms, a bowling alley, two movie theaters, of course, and a 20-car garage. >> we went on our honeymoon in france, and when we went to versailles, he says, "i want to build versailles in america." when we were on the airplane coming back from france, he designed the house on the back of a napkin. >> of course he did. >> he wanted, like, a 10,000-square-foot spa, and i wanted bowling alleys for the kids. and he wanted a movie theater. >> the estate was about 60% completed. and the economy crashed, almost taking westgate with it. >> in 2008, when lehman brothers went under, and the banks all froze, it was a terrible time for my company. it was a terrible time for the country. i had to do whatever was necessary to see that the company survived.

we cut our expenses. we cut our sales. >> but cutting expenses and worrying about revenues was really not enough. they also had to put the versailles house on hold, and eventually they listed the half-built mansion for sale. guess what? $100 million. the whole thing was being captured by a documentary filmmaker, who was profiling jackie for a movie called "the queen of versailles." did you enjoy doing that? >> i hated it. [ both laugh ] >> that wasn't a maybe, right? >> i did not like it. >> he hates it because it makes him look like he's mean, upset about business, like we have a bad marriage and all that, where really he was just mad because the camera people were always around. we had no privacy. he's a businessman, and business goes up and down. he's very smart, and obviously he's bounced back so much more than he was even a few years ago. >> indeed, david and westgate did bounce back, and the company became profitable again,

and versailles was never sold. what's the present status of the house? >> the house is free and clear, completely paid off. construction is going on at a very fast pace. we still have two more years to finish it. it's coming out beautiful. because it's taken so long, we've been able to add features that we weren't thinking about. >> in our great room, one thing i would like to do in the design of the floor is to mirror our beautiful, intricate, colorful dome that's in the ceiling. we might have to use semiprecious stones, like onyx, things like that. >> it's all beautiful marble, exterior. the inside, we're putting in gorgeous ceilings. it's gonna be like walking into a french palace when it's finished. we're not rushing it. >> we're going to live there for the rest of our lives, and it's not only gonna be a palace, but it's gonna be our home. >> how much longer till it's finished? >> it should be finished in about two years, i think. [ both laugh ]

>> the date's never the date, believe me, when it comes to construction. when we come back, i'll take you inside westgate's latest gamble right here in vegas and tell you what to watch out for if you're thinking about buying a time-share. [ woman vocalizing ] as one of the nation's largest investors in infrastructure, we don't just help power the american dream, we're part of it. this is our era.

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♪ >> welcome back. i'm bob massi, the property man. when the economy crashed in '08, it took westgate resorts' crown jewel down with it. and david siegel? well, he was forced to sell the las vegas ph towers to pay off the mortgage. but he soon set his sights on another historic vegas property. in 1969, elvis presley took las vegas by storm and made the international hotel his home away from home. in fact, he was there before the international was even built, signing a long-term contract while the massive building was still under construction. the international was the first mega-casino to be constructed in las vegas, and elvis played

sold-out shows to screaming fans night after night. in the crowd for those first performances -- guess who? david siegel. >> first time i saw elvis perform, we sat in his booth right in the front of the stage, as close as you and i are. >> yeah. >> he sweated so much that during the show, i kept thinking, "oh, god, he's gonna get sweat on me." but he would pull out a scarf, and he would wipe it off, and the women -- well, they stampeded the stage. i'll tell you. it was like a mad frenzy. >> i remember the first time i saw him, which was in the '70s. i couldn't believe the lines. they wrapped this huge facility outside and around to get in to see him. >> 837 consecutive sold-out performances. >> unheard of. >> it'll never be matched again. >> "the king of rock" played the international for eight years straight, until his death in 1977. >> never had an empty seat. i saw elvis perform maybe 15 times. i saw him when he was thin, when

he was fat, thin, fat. and always gave a great performance. >> fast-forward a few decades, and the international becomes the las vegas hilton before the recession unfortunately forced it into foreclosure. with westgate also losing its las vegas property, david siegel, well, he knew exactly what he needed to do. >> my husband bought this hotel. years ago, he came here, and he couldn't afford to rent a room for one night. and now, with all his success, he comes back, and he bought the hotel. he just bought it. >> there were a half a dozen other companies that were also looking at it at the same time. i was the only one that was gonna keep it open. all the others -- some of them were gonna knock it down, which would have been a tragedy. >> yeah. >> others were gonna close it for two or three years, reposition it, then reopen it. i would not have bought it and have on my conscience lain off 2,200 people and affected their

lives. so, even though it's costing more to do the renovations, that's the way i'm doing it. >> and now elvis is back in the building. westgate has teamed up with graceland to unveil the first permanent elvis exhibit outside of graceland. there are hundreds of never-before-seen artifacts, and the elvis experience, which re-creates his performances with live bands in the very same showroom where it all began 59 years ago. guess what? there's even a wedding chapel. >> we made a deal to basically make this graceland west -- a 30,000-square-foot museum where people could come see pieces of history from elvis that they've never seen before. graceland has warehouses full of items that have never been on display. so, we're gonna be an extension

of graceland. people will be able to see elvis performances with 40-piece orchestras and backup singers and just like if they were here back in the '70s. >> and the towering building itself -- well, it's slowly being converted from the hotel to a giant time-share complex. >> there's 300 beautiful suites included in 3,000 rooms. it's very unusual that 10% of your rooms are suites. we have three sky villas on the roof that are 15,000 square feet each. we took a couple hundred hotel rooms and suites. we're converting them into 80 time-share units. ultimately, over the next 30 years, we will have converted every room in the hotel into a luxury time-share villa. >> what do you think attracts people to time-share? >> during the recession, a lot of people had beachfront homes and condominiums in the

mountains, and they would use them a few weeks a year. and then they would pay the maintenance and taxes for the whole year. time-share -- it's like an airline ticket. you don't buy the whole plane. you buy a seat. you can go anywhere in the world at any time and stay as long as you want or the least amount of time you want. and when you leave, you let someone else worry about it. >> mr. siegel, what do you envision in the future for this hotel? >> we're not gonna have the wealthy people staying here, although they're more than welcome. we're not gonna have the kids staying here. we're gonna have the middle america, the people that shop at wal-mart, people that have basically been ignored. they want to feel like v.i.p.s. >> and, clearly, there are a lot of people who want to feel like v.i.p.s, particularly in las vegas, and westgate's sales have never been stronger. up next, i'm gonna introduce you to a couple who's struggling to save their home, and i'm gonna try to give them some tips to

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♪ >> welcome back. i'm bob massi, the property man. from coast to coast, the real-estate crash devastated millions of people, and even though things have turned around, well, let me tell you. many are still dealing with the fallout. let me tell you about dennis and karen. they worked their whole life. they lost their jobs a few years ago. they're in their mid-60s. and, basically, they can't afford the payment from before. they need the lender to understand their circumstance and to give them the opportunity to keep the house of their dreams that they lived in for 18 years. >> it's home. this is what it is. we read our books. we watch our videos. we go through the things that

normal people do on a daily basis. >> for years, karen and dennis lived happily in their home and never fell behind on their mortgage payments until the first problem popped up. >> we unexpectedly got a message from the insurance company that they would no longer insure the house because they didn't like the roof. in order to keep the house, you have to have insurance. so, we had to take out a loan against the house. >> then their luck turned worse. i lost my job in 2009. they eliminated my job position. >> and not long after that, dennis lost his job, as well. >> things got really bad there for a while after dennis lost his job. we let go of all the pool service we had. we had to let go of the landscaping. >> we cut out the tv. we cut out cellphones, absolutely everything down to the bone. >> we got rid of everything that we could to make the payment. we're selling everything we can. we've sold the motorcycle, sold

the treadmill. we're just waiting for the people to pick it up. >> making their mortgage payment was the top priority. they tried repeatedly to reach someone at the bank who could work with them. >> their staff have a certain script that they read, but you can't really get into actually sit down and speak with anyone. >> we have a record of having been here for 18 years, all of this time. we're not going to all the sudden abandon our property and run off somewhere. we're, i would think, a very good risk. >> this is our home. and it's small. it's only 1,500 square feet -- a household of things that we've collected over our lifetime. it would be almost impossible at this point and time to just pick up and move. when you're trying to contact these people to get a loan modification and get refinancing, you feel unstable. you feel just like you're out there and nobody cares about you. >> your individuality and

integrity is not being taken into consideration by the institutions, and all of a sudden it's being yanked out from underneath you. >> we have always stood up and done the right thing, and we always pay our debts eventually. >> it was time to check in with karen and dennis and help them save their home of 18 years. >> how are you? >> good to see you. >> when did you actually move into this home? >> 1995. >> at some point a few years ago, i think you told me there was an issue with your roof. tell us about that. >> the insurance company sent us a notice and said, "we can no longer insure your home because your roof is too old." >> even though we had had no problems with it before, maintained it. >> and then we tried to get the refinance. >> so, you get approved for your loan. life at least at that point was good. >> yeah. it was right after that when i lost my job. >> right. >> when did you go default on your payments? >> it was right at that same time. it was within one month. >> 2012. >> yeah, one month to that point. >> up to that point, i'm assuming you were maintaining

the property. tell us. what has this forced you to do financially? i see what looks to be a wrapped treadmill over here... >> yes. >> ...a motorcycle. >> well, the motorcycle we had to sell in order to... >> and the treadmill, and we have some other things, like some things in the house that are worth some money. >> how were you treated when you tried to contact the lenders yourself? >> like a number. all they wanted to hear is, "well, when are you getting back to work, and how much money can you pay us, because if you can't, we're gonna find somebody who can pay us." when we had this landscaped, the whole thing looked like a beautiful beach area, and all of that grass that you see that's growing in over there -- none of that was there. it was all sand, all white sand, and the pool. >> a pristine pool. obviously, regardless of the condition, you love your home. >> yeah. >> when people come to me with these kinds of issues, the first question i ask them, regardless of age, i say, "do you love your

home?" "yes, i do." here's the tough part. those who have the gold make the golden rules. and the gold is with the lender. >> yeah. >> and what you have found out is that there is no loyalty. you are nothing more than a spreadsheet of numbers. >> yes, correct. >> in some tower somewhere, you're a spreadsheet. at this point in time, the short sale is not an alternative. bankruptcy is not an alternative. foreclosure is not an alternative. so, we got to go with the loan mod. >> got to go there. >> so, understand that if your loan mod is approved, 9 times out of 10, whatever your arrears are -- penalties, interest, things like that -- they will take that, and they'll put it to the back of the loan. >> right. >> but it sounds like you're close, and you deserve it because you've lived here 18 years, you're good citizens, you're great americans. i'm going to explain exactly what karen and dennis need to do to save their home, when we get back. and we're gonna follow their

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>> welcome back. i'm bob massi, the property man. and now it's time for the massi memo. earlier, we met karen and dennis, fighting to save their home of 18 years. now, they have a few options, but the only thing i see really that's gonna work for them is a loan modification. they need to get the bank to understand their situation and

that it's in their best interests to keep them in the home and do something with their mortgage so they could afford the payment. so, i'm gonna help them with that, and in a few weeks, we're gonna update you as to how it worked out. we also looked at westgate time-shares and their beautiful, new property in las vegas. you know, there are different types of time-shares, and before you buy one, you have to decide which one's right for you. so, let's look at them. the right to use -- buyers can lease the property for a specific time each year. if you have points, buyers can consider staying at various locations. you redeem your points after they've been accumulated. also, what we call floating -- the buyer reserves their own time during a specific time of the year. and a fixed week, which is pretty common -- the buyer is buying the right to use the same unit, the same time every year. but there's always things to think about when you're buying anything. first of all, if you purchase it... this is a contract, just like when you buy a home. understand it. make sure you understand the terms of the contract.

it's a long-term commitment. make sure you understand what costs are involved, maintenance fees, things of that nature. also, ask if there is an owners club or some type of an association, almost like a homeowners association, because what it does, it lends credibility and protects you as a time-share owner. by the way, don't get hustled by a slick salesperson -- i mean no disrespect -- because when you're buying this, make sure they explain to you exactly what you're buying and explain to you all the costs. make sure there's no hidden agenda. and, finally, make sure you understand what cancellation terms are of the contract. most states have a cooling-off period because when we buy a time-share, we're excited. usually, there's a cooling-off period. if you're a creature of habit, well, time-shares will probably work for you. they're meant for people who like to travel, take vacations, and plan out. so, if you take a vacation every year, i think it makes sense for you. you should look into it. that's it for today, but we have much more on our website... foxnews.com/propertyman.

and 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 ] >> 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,

and that includes where people live and how they get around. a look at how transit-oriented development could be reshaping your life, and sooner than you might think. [ woman vocalizing ]

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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 ] i am a family man.

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>> i want to take you inside another luxury home just hitting the market. and if you want to talk about luxury living in central florida, well, you turn to mark hayes. he's the president of isleworth and stockworth realty, and he knows his stuff. isleworth is the exclusive 600-acre residential golf community located in southwest orlando. it got the name "isle of worth" because of its location on the butler chain of lakes -- 11 interconnecting spring-fed lakes

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.

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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 ] california. ♪ ♪ paul: welcome to the journal editorial report i'm paul gigot and we begin this week with some post election turmoil in washington as both republicans and democrats adjust to a new postelection reality, top house democrat nancy pelosi facing grows opposition to her bid for speaker with at least 17 democrats signing onto a letter this week saying they'll oppose her in leadership election. president trump reportedly eyeing a broader administration shake-up following last week's firing of attorney general jeff sessions and retiring republican senator jeff flake vow to go oppose the president's judicial