Video instructions and help with filling out and completing When 8850 Form Payable

Instructions and Help about When 8850 Form Payable

So here we are the mortgage foreclosure crisis that's where public exposure is investigating and what we've done is we've gone out and we found an expert in to how to recover from the financial revival group Howard Bono welcome to the show thanks Stan Howard the financial foreclosure crisis we're going to show up on the screen you know a picture that so many people have probably have seen which is the side of a house which is helpful closure what does the financial revival group do when our job is to do is to educate people that are upside down in their homes latest statistics have shown about twenty-five percent of the people that have a mortgage on their house currently are upside down in their house twenty-five percent one and four one in four that's the the public statistic if you go to Detroit it's sixty percent yeah so I mean it varies from different parts of the country locally here about one out of four and so I think that's statistic actually that's amazing ago that's amazing because I live in Seattle and one in four houses as I go down the street or probably underwater those are the ones with a mortgage on so there are about 70 million homes in the country and about a third of those interestingly enough are owned outright yeah yeah so so it's one out of four locally here and what we're dealing with a situation that we as adults never thought we were going to get into and so now we've got this whole huge huge group of people rapidly growing group of people that really don't know what to do well let's talk about some of the individual issues then that they're going to have to deal with by the way where we're not selling anything here but if you were to go on to the my revival calm my financial revival by finance revival the website you'd find some some interesting things there i downloaded that book myself and i learned an awful lot of things alright let's go to the first thing is a mortgage a moral contract or is it a contractual one you know for most people most people in our age bracket for example we were always taught that you've gotta pay your bills keep your word keep your agreement those kinds of things and and so most people tend to think oh I made an agreement to pay my mortgage so that's it if you really look at the document that you signed there was two things in there the first thing said I the homeowner if I make my payments you the bank will leave me alone and what you find is that's accurate if you make your house payments the bank doesn't call you yeah but what that agreement that document also says is if I the homeowner don't make my house payments you the bank get the collateral that's an absolute choice that we have available to us based on the document was signed that was the document that was drawn up by the bank most of us didn't even read it and if we did read it we might not have understood it because there's a lot of legalese in it so it does say in that document that if I don't make my payments the the way that the bank can deal with that is to take the house now the other have stance from other remedies as well but I believe that people that was part of the agreement and so you can choose option number two as long as you're willing to deal with whatever those consequences on and and so one of the things that this is out of the washington post this is an article actually from a few years ago in 2021 it said the nation's housing walking away from a mortgage and the quote and it says that most owners are too worried about feelings of shame and embarrassment following a foreclosure and ignore the powerful financial reasons for going through with it basically which is for walking away huh I want to go to an example that you have on as part of the the book it's from Mark and Sarah 19 2021 they button average home for two hundred ninety-five thousand dollars we're going to say this is not in the heart of Seattle or or bellevue right but 295 thousand dollars at the time they put twelve thousand dollars down FHA loan right their payments are twenty-three hundred dollars a month and Mark was I think an electrician and a union electrician and Sarah took care of the kids at home and also did some part-time work so together they made 75 thousand dollars a year right so everything seemed just fine average thing okay 2021 comes along the house is now worth a hundred eighty-five thousand dollars and not going up right they owe 277 thousand dollars on it and marks doesn't have very much work anymore Sarah's some work and so they make less than fifty thousand dollars a year what should they do what they need to do is they really need to what we at the financial revival group do is we'll sit we sit down with people there are people have nine options in terms of the way that they can deal with their house nine different options now the first option is to stay and keep paying it's a legitimate option and many people most people at this point that's what they're doing because going back to that moral thing they think that that's the only choice they have they really have nine options what Mark and Sarah chose to do now Mark and Sarah is a real example I did change their names but it's a real example of one of one of our members that we work with.