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Video instructions and help with filling out and completing Can Form 5495 Insolvent

Instructions and Help about Can Form 5495 Insolvent

Hey this chair Harris enjoy poor Channel thank you for being us with our Q&A session about homeowners that are facing foreclosure our next question that we have is how do I prove that I am an insolvent in my financial situation Joe do you want to answer that or should I take this one - jr. I'm making a video I'll give it a okay glad Joe's on board I know he's feeling sick but we got to put a little pressure on the step up a little bit here so Joe tell us how how does a homeowner know when they're insolvent well I guess there's different ways to do it but really it's typically triggered by a hardship it might be a loss a job it might be medical illness it could be a number of adverse things but when you can't afford your mortgage you have a problem and then when you find out that you're underwater that's almost the definition of insolvent isn't it yeah basically what the lender does - is when you're doing a short sale as well they want to do a basic balance sheet of your assets versus your liabilities and once you put up they want to see everything that you do when you purchased and got your mortgage you filled out and did a credit report you give them all your bank statement you basically gave them all the information that they have about their net worth on a 1003 or a mortgage application when you purchase the home well let me tell you what they have that information still they have the right to pull your credit they have a right to look at your financial situation I've even seen lenders go back and and freeze bank accounts...