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 when they wanted some other money so they know exactly what you're worth so a simple balance sheet and for the most part showing what you have and what you don't have is the simplest way to show that you're insolvent and they want statements they want everything and they want it right away so you know you got to give it to them and even if they say I can't find the file or you know we lost the facts do it again you will because you want to get the debt off your back yeah you want to get that thing here so hopefully that answers your questions there's a lot of ways to answer that hardship letter a hardship letter financials credit bank statements almost anything that you can prove that you have or do not have something is the way to go so hopefully that answers your question you guys have a great day and we'll see you on the other side hey this is Joe Harrison and I want to thank you very much for watching our videos one of the most important parts is is that recently did these videos is to take action to make things better than what they were yesterday especially when you're facing foreclosure so what we've done is we've put together what we call our home health analysis this is the next step in the game here so what that is is that we have put together a serious question to ask homeowners just like yourself the most important and exact question that you need to have answered in order to move forward and find financial freedom so what I want you to do right now is I want to want you to go to WWll Scott put your email and name in there and take this quiz this quiz is going to give you the exact roadmap of what to do and where to go next when facing foreclosure there's about 17 questions it should take you no more than three minutes 180 seconds at loss and find out exactly what you need to know for your specific situation every situation is different every person is different every home is different so I want to make sure that you know exactly what to do next so we'll go to WWE announced calm and take your question here today these questions that have been specifically made to make sure that you know exactly what to do know here's the biggest thing is that 85% of all homeowners find themselves in foreclosure and then nothing at all so the first thing that you need to do is you need some answers and some direction on where to go next and what to do next in Courtley big banks right now aren't giving you the answer that you need because it's not about you it's about them losing money and they don't care enough about you to ask you the right questions they ask you two questions that work for them not the questions that work for you so again I need you to go right now to home of analysis calm give me your email in your name and go through the 17 questions and you'll get an instant answer to exactly what to expect and exactly what to do next so it's a fantastic tool it's free to you it will cost you down and go take action and do it now and we'll see you on the other side thank you