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How to Spot a Great Contractor

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
January 11, 2021 7:03 am

How to Spot a Great Contractor

MoneyWise / Rob West and Steve Moore

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January 11, 2021 7:03 am

Finding the right contractor to do the job you need accomplished can sometimes be a challenge. But knowing the right way to inquire about a professional’s experience and methods can aid you in your search. On the next MoneyWise Live, hosts Rob West and Steve Moore have some questions you should ask before hiring a contractor. How to spot a great contractor on the next MoneyWise Live at 4pm Eastern/3pm Central on Moody Radio. 

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Here's a question for you. How many contractors does it take to screw in a lightbulb. Well let you know when one of them called back side contractors want to do a good job. So today, Pfizer's Pres. Rob Weston some questions to ask 1417 take your call today, 525-7000 800-525-7000 more despotic written contract. Next I hear my Rob, I want to say we could resist that joke at the top so we should make it clear that contractors are very busy people and they can always get back to us right away.

Wouldn't you agree, I wouldn't and I would also say that if you have any mail this and send it to Steve moneywise.not only occasional because those guys carry a lot of heavy tools on their belt. So I tried to stay away. That's right exactly right. And let me just say most contractors I would agree are hard-working, honest people and we would hope that especially applies to our Christian brothers and sisters to do contracting work. That's right. And we want to be able to spot them so I understand you have a list of questions released a few questions for us that we might want to ask first. But that's exactly right the first thing we would want to ask for is a list of recent references to or three should do it for most people. If you get positive feedback from folks who hire the individual the last few months. Well you can be confident about the answers to all of the questions and the next question is Steve.

How long will it take you for you to complete the work you want to get an idea of where you land on their list of priorities. Most contractors have more than one customer at a time. That's the nature of the business. A great contractor will give you a realistic timetable for getting the job done. That's right. And that's important okay. What else do we ask a prospective contractor that would be who you work for now. Hopefully a Christian contractor would say well I work for the Lord but at the very least, you want to contractor who says I work for you. Of course, the answer will tell you a lot about the individual I would never thought to ask that good question. I know what's next. Well, that would be how much experience do you have doing this particular job.

If a contractor specializes in laying carpet. Let's say expecting them to do a good job installing the hardwood floor might be asking too much. Depending upon their expertise.

Okay, I can see that ideally you want someone who's done the work. Many times, and again, those references will come in handy.

But on the other hand wrap. Everyone has to start somewhere.

You know, if we insist on hiring only those who've been in business for 20 years I was the new guys and girls going to get a start. I guess that's true yeah, but when it's your home and your job well, you probably want some experience. Okay I tell what's next on your list. Well, this next what is crucial. Steve, if you're having electrical or plumbing work done and the question of courses are you licensed and bonded. The answer has to be yes. You want to see proof. All right, no argument there. All right, what's our next thing to ask a contractor one. Next is that when you give me a detailed estimate.

You see, you want the individual to explain in the what's in the estimate and why it's needed. For example, if new equipment is being installed like a furnace or water heater. Ask about the particular make and model and why it's the best choice. Great contractor takes pride in submitting a comprehensive estimate and explaining why it's competitive you want to get two or three estimates from different contractors and keep in mind that a very low estimate could mean that the work will suffer.

Here's another one. Steve, how important are details to you. For example, how does that new hardwood floor transition to the carpet in the hallways at the same height. If not, how will you account for that new work will always have to mesh with existing material so you want your contractor to take things into account like okay, hadn't thought of that one either write anything else before we have to hear brick here today.

Yeah I would say the next one is will I be able to live here.

While the work is done. If the contractor has to use power tools were example and you have a toddler who needs a nap.

Well, that might be a problem.

You may want to consider staying with the in-laws. While the work is done. I would also ask who is responsible for the cleanup.

Where will the workers take their lunch break. Do you expect bathroom privileges that you want to work out those details with your contractor up front, especially during these cold times were you want to understand how their protecting themselves and your family at the same time.

Came back and chat some more about this contractor and you'd like to wait 800-557-8525 seven money and life run on the same track. Unfortunately, sometimes it seems like your money is heading in a different direction from your goal, and never enough three keys to financial contentment. Author Ron blue helps you to break down all your financial options to a basic floor and then shows you how to keep it all chugging along in the right direction on the same track never enough three keys to financial contentment available when you click the store button at moneywise live out of work. How should we as Christians think about investing. What if we could invest our money in a way that aligns with what we believe that Eventide we believe it is possible to love God and love our neighbor in the very practice of investing design investments for performance and a better world so you can invest for the future with a sense of wholeness and purpose. We call this investing that makes the world rejoice.

More information is available@investeventide.com hospitality Dustin Willis and Brandon Clement say it's the simplest way to change the world gospel centered hospitality makes a powerful witnessing statement as we open our lives and homes to the simplest way to change the world will show you how you can be hospitable even if you don't have the space for most people are more likely to step into my living room sanctuary. So why not read the simplest way to change the world more Moody publishers.com you feel stuck. I get tired of going to the motions of faith you want to make real progress in your life and not know where to start to grow as a book to help you grow spiritually grows well to the gospel as a starting point of the Christian life rather than the main point of all how to grow book by Darrell – available@moodypublishers.org that Moody publishers.O RG. Do you know if you have enough money of house. Do you know how much is enough if not Ron blue can help with his book, master your money a step-by-step plan for experiencing financial contentment.

Learn how to save and invest and give wisely to create a long-term financial plan and how to get out of debt. Find it all in master your money by Ron blue available when you click the store button moneywise live.org yesterday moneywise live last morning here in this program will only talk about God's view of how you manage your money whether it's giving saving buying saving for college buying a car buying a house. Maybe it's giving and generosity. Setting a lifestyle. While the Bible talks about all those things and much much more. So give us a call today if we can help you have any thoughts or comments in that regard. 800-525-7000 Rob any any final thoughts because I know between the two of us we probably hired all sorts of contractors. I mean, in the past year, we hired someone to work in our kitchen we had someone replace a dishwasher. I hired people to cut down some huge trees.

I hired a roofer to replace the entire roof. All those people I think would fall under the heading of contractors and God bless you. If you find a good one another, and an honest one, even not even an auto mechanic.

You can find someone who does their job, as unto the Lord in their honest boy. Write your name down your list and treasure it with your heart.

Yeah, the last contractor. I heard Steve was as a result of a 90 foot tree that ended up in my backyard did not originate in my backyard during a tropical salon that found its way into Atlanta, but that yeah that was fun know I would just say that perhaps the last question Steve that I didn't mention a moment ago is what payment will you need to start the work you know a great contractor won't meet all of the money up front, but it's not unusual for a contractor to ask for some payment before beginning the work.

It might be necessary to purchase materials. For example, usually half of the total amount or less and you know, especially right now you know a lot of the raw material costs are going through the roof would is a lot more expensive now concrete a lot of people are doing home renovations right now during the pandemic because they can't travel, so there redirecting money in the home improvement.

Well that's causing a lot of these raw materials to skyrocket and some contractors are able to buy more upfront to all the materials they'll need for the whole job and save you some money so those kinds of things I think are really keen to understand.

I like it. Again, our phone number if you have a question today for Rob West. Anything financial 800-525-7000. Let's begin by going to Tampa hey John you are you a former contractor or something and then the contracting field. While I am retired as a former material supplier contractors. They were in the mechanical installation but I have a couple of suggestions of some of the questions that potential clients might ask the contractor if I have to do principally with the financial viability of the contractor. Customers really don't know what kind of shape contractor then until they do a little investigation. It's very difficult to do the one suggestion I have, which I get myself out of ripping up was call the major local suppliers and asked them for reference of contractors who pay their bill is going to be the most reliable and those ones who won't have stage of the suggestion won't have the material supplier file a notice to owner which can potentially place the client in double-decker ready for payment. Now the lien laws differ from state to state that in Florida we have what's called a notice to owner so that that's a very good question to ask whether this supplier will be filing a notice to interesting. I love that that's really helpful and obviously you been on the other side of this equation so you know little about how this works as you've navigated this industry anything else.

John the comes to mind for me let you go now. This is helpful to say thanks very much for your program very, very reliable information on what I think is called today. Yes sir. God bless you John what you doing now is you in this business at all any longer. John and Mindy had a hammer in the consultant tell you a lot and seven years old and my retirement but I find it difficult, almost 40 years in the business is to look away from all my contractor so I get called all the time and help them out when I can. I love that John God bless you.

Thanks much for your call today think that I love talking to these guys you know they know so much, you, whether it's plumbing or whatever. I just stand amazed because as you know I'm a regular visitor to my local hospitals as I attempt one project after another, and then I end up having to not or they take blood or dress a wound or something like that. So always guy who grabbed hold of 220 right was that the yeah Sean is you gonna to 20 in one hand, 220 in the other and I was working on plumbing and electrical all at the same time. And those two things do not mix. Know that only a little water and now I guess yesterday I will plumbing and electrical bills don't mix either at Canton, Ohio hello Susan, how can we help you retired here and I can join hyper annuity and 600 a month or I can like a lump half of the money and invest.

Just wondering how to make that decision very good Susan so you're referring to the plot distribution which is the partial lump sum option plan for teachers retirement and so yeah this is that classic question of do I take the annuity the monthly income stream or that lump sum in one case of a guaranteed stream of income. As you said Susan with survivor's benefits of meeting your spouse would continue to earn that beyond your life or do you take, then the risk of the full amount which gives you access to the full amount of the funds.

If you needed to tap them for other reasons but you bear then the weight of the responsibility of converting that to an income stream. And you know for all intensive purposes.

That means investing add to and with that comes risk but you also have the principal balance as well that you can work with. If you need to tell me what you said.

The monthly payout was going to be and it would be hundred 38 a month. I can do 50% right and then I would still get 1% of the monthly that I would have 50% and that would that be if this number is 5375 a month and then I'd have to hundred and 54,000 invest okay 254,000 so we take the 254,000.

We were just just to try to earn 4% a year. That would throw off about 10,000 year in income where you would hopefully not have to touch the principal at all and if we take that into a monthly amount that's $850 a month and then what did you say they were going to give you on the monthly payout if you take the 50% 5375 okay so you to annually okay.

But if we add the roughly $846 to the 5375 now you're at 6220 1C are still 400 short, but you've also got about 1/4 of $1 million that you got access to. If you needed the funds, which I think gives you the best of both worlds because you know if you needed to tap them a major expense, unexpected medical situation or down the road you needed in-home care or something like that.

You got access to these funds and you've got nearly the same amount of income coming in.

The majority of it being guaranteed monthly. The other portion. As a result of the conservative income-based investment portfolio. So I kind of like that option. How does that roughly 6600 or in my case 6200 square with what's needed to cover your monthly expenses and as you and he talk and pray about this. Are you leaning one direction or another twilight leaning security so it seems like it why prudent financial aid to go. The other route yeah the thing I like about it. Susan is coming. Obviously you want to have peace of mind. You're the steward of God's money that has been entrusted to you and your husband is one flesh. And so you'll need to prayerfully consider this decision to make it together but I like the option of you having access to these funds again for unexpected reasons but also having the guarantee of you know just about $1300 shy of what you would've had because you still have 53 roughly $5400 a month coming in and I think you won't have much trouble converting that lump sum amount to an income stream with a prudent investment portfolio. That really is equivalent to what you would have received each month but still having the benefit of the access to the principal so I think perhaps your next step. Susan is to visit with some financial professionals in your area. If you don't Artie have one I go to our website moneywise.

My.org click find a CK and interview two or three in your area, get them to run these scenarios because the partial you're going to need a trusted investment advisor to invest this for you with the purpose of generating income since Susan called today for break will be right back is you probably find your career even your team for your getting a Christian foundation in your family maximize your resources to learn how moneywise.org the financial wealth you leave behind could be the best thing that ever happened to your loved ones or the worst in splitting hairs, giving your money and things to your children without ruining their lives. Ron blue explains why it's important to make these decisions now, instead of forcing your heirs to do it later. Splitting hairs will foster a real appreciation for the precious resources that God has entrusted to you, and it's available. Click the start button moneywise live.org and powerful, and sharper than any two-edged way… He's got just everything he does not attribute it in every attribute is got to listen to this argues that holiness would degenerate into cruelty without holiness would become craft justice without this would degenerate into a would be passionate and intemperate fondness doing this to Fred in accomplishing good without holiness is the holiness of God constitutes the perfection all attributes practice never veers from the other.

We think it's important thing to hear and I think it's important to die with now elation is an online experience. In addition, there are some budget coaches. We can help with that.

I just visit our website moneywise live.org and not only will you find an easy way to connect with a budget coach but also a way to connect with a certified kingdom advisor in your area. They both do similar kinds of things. But if you need some help with your actual investments. That's where certified KA in your area would help if you need help with basic things like budgeting and looking at your spending and learning outcome are learning how to determine how much is coming in and how much is going out.

Well, that case you need a budget coach and you can find both of them when you visit our website moneywise live.ORG all right, let's move along Murfreesboro, Tennessee hello Wayne, I understand you are a contractor, 43 year just getting started with kind of a contract when well I have developed a bill of family household office parks, office condominiums, the wonderful privilege that I built Moody radio station in Smyrna, 34980 91.0 I love you topic today is so timely and I have just a few ideas to get really good I think would be helpful toward consumers. Okay, you have the flooring words are words are interesting how sometimes use a word he can have more than one meaning when you use the word contractor and I was listening to you guys talk you were having a pretty big bowl of poor contractor.

But if we would think of it this way unit people, I'll make something they don't need a contractor or subcontractor handyman. They become one to replace. Therefore, covering they have an electrical issue, but they don't need a general contractor, they just need someone to work ask for more responsible jobs. You could think in terms of additions remodeling and new construction. Those generally have a contractor that would be like a general contractor on the whole job subcontractors work. So I think I would ask them if you belong to the Better Business Bureau Better Business Bureau is great Avenue to keep a sterling reputation with that. I can tell you if somebody don't like what you do, you're not able to come on the agreement and they file a complaint. A good contractor will do everything he can to get that resolved what you got is most people in these kind of jobs are good guys trying to beat people you get a few folks in here the rascals and they give every night what they're doing. So I think the idea of subcontractor or contractor use the word people really used about life and bonding.

If your general contractor. B.

If you need a small job handyman.

You won't have to pull a permit question is to have a job or is it just a small something that doesn't change anything structurally, so I could use yes okay you will education here today.

Wayne and this is really helpful. You know I'm thinking of it in terms of, for instance, if you needed a new roof would say what you need a roofing contractor. What were really talking about. There is a subcontractor because that's the individual is going to do the actual work or company versus as you set a general contractor, which would be typically much larger job is coordinating the whole project and hiring the subs underneath the general contractor, so that's great, and that the distinction there on whether or not a permit is needed related to licensed and bonded is really helpful.

So man way now. You've been really encouraging today and helpful to us. We appreciate your call anyway program, look into it or will we appreciate that Wayne and thank you for your hand in building the station in Nashville last time I checked it standing no leaks in the room I'm putting your filled it today. Thanks very much.

I was Wayne from Murphreesboro and he did a wonderful job on one of our stations for that we thank him and we think back chat with Lynn Nancy and Jesse to 800 557 you have money in a retirement account for just a general investing. You know, the stock market sometimes possible to enjoy both profit and peace of mind and investing no matter what's happening. You can see a short video webinar on sound mind investing.org since 1990 sound mind investing in stocks offer financial wisdom for living well sound mind investing thought Archie Christian healthcare ministries enables believers to meet their healthcare costs affordably, biblically and compassionately is not insurance but a voluntary cost-sharing ministry based on the biblical example of Christians sharing each other's needs and members are defined under the law for not having health Christian healthcare ministries might be your health cost solution call 800-791-6225 or visit CH ministries.org it's been lingering in your mind for the past few months. Is it time to move on for my current job. Maybe you're feeling drawn to ministry. Here's a thought about investing in the mission of Moody Bible Institute in Chicago. Moody is all about teaching students the word of God in preparing them for service, but the mission also involves Moody's sister ministries like broadcasting and publishing help make an impact in ministry at Moody check out all the career opportunities@moodyjobs.org that's Moody jobs.org well most of us aren't Bible study genes. That's why Moody publishers created the everyday Bible commentary series tantalizing Romans. In Revelation, every, and bring you important historical background insights from the original language help with difficult every day. Bible commentary series for people like more publishers.com.

I need some help. Sometimes I feel like I can't get a handle on my money.

I mean don't go. It sounds like you need the money might help you train your content and track your spending three dollars you spend every morning on coffee every morning, get access to fame difficult financially nice sounds awesome. Let's do it. Okay, searching for moneywise any abstract you son John Scott Wells will consider the impeachment of Pres. problem Wednesday, one week after riots in the nation's capital. House Majority Leader Steny Hoyer told Democrats on the Colbert membership plan to return to Washington on Tuesday evening to consider a House resolution calling on VP Mike pence to invoke constitutional authority to remove front proboscis resolution is expected to pass, but sense is unlikely to act.

Hoyer says the house will then consider impeachment on Wednesday.

Mississippi Gov. Tate Reeves signing a bill that gives the state a new flag that has a Magnolia and that no longer carries the Confederate battle emblem on Wall Street today stocks closing lower. The Dow dropped 89 points that I start off 165 and the S&P fell 25. This is SRN use phone calls today, five, 7000 more over there that your financial contractor around West Chicago, Illinois hi Lynn, what you question about 20 years now people tell me what I getting any other security now, what was Lynn. Were you married for at least 10 years. Okay, so I divorced spouse may be eligible to collect Social Security based on the spouse's work record as long as the marriage lasted for 10 years and then the spouse has to be at least 62 years old and of course not remarried and that if the requirements are met. The divorced spouse can get as much is 50% of the former spouse's benefits. Now that wouldn't be in addition to your own Social Security of the Social Security administration would give you the greater of the two that you qualify for. But again, if long as your 62 not remarried at least 10 years married prior to the divorce, then yes, you could claim spousal benefits.

Do you have your own benefits coming no okay so here are that that doesn't know it's whether or not you remarried but keep in mind year as a spousal benefit.

It's only 50% of his benefits so it could be that even though his or higher, you're still may be higher than his.

When you factor in, you'd only be entitled as a spouse to 50%. Does that make sense why, but I know why or why no no no no that's your benefit has nothing to do with his marital status, and that his new wife it, it's all about your situation. If you don't remarry, then you are entitled to 50% Hausa as a spouse or in this case, a former spouse. But again, they will look at your own benefits to see which is hiring you get the greater of the two okay very good Lynn, thank you for going about 800-525-7000. We have open lines.

If you'd like to call in and chat with Rob West today about anything financial. Now's a great time to try to get through Cleveland, Ohio hello Nancy how are you today? My medical bail that out now and have a Time card a lot of medical down out of the credit counseling a hardback book and validate her bills back one low monthly payment yeah.

Great question Nancy.

I know you mentioned, she's got some medical bills to see.

As a result of that situation did she amass some credit card debt along the way as well. No no no okay because credit counseling may or may not be applicable here. And certainly they can work with medical debt. The where it's most effective is with credit card that what you find is with medical debt. They're very willing to work with you to set up a monthly payment.

In some cases involves interest and in other cases it does not. Where is the credit card companies typically you're going from a high rate to a pre-negotiated credit counseling lower rate and that's where the real benefit comes in, but it's still worth a phone call. We partnered with Christian credit counselors. They been doing this for a long long time, staffed entirely by believers they're very reputable as a nonprofit credit counseling agency and that is the way to go if you to consider looking at can you bring it all into one monthly payment. Keep in mind this is not a consolidation loan there is not a new debt that's taken out.

That brings all of this debt together in one. They simply allow you to make one payment because you're paying to them and then they distributed based on their negotiated amounts and rates, but you may find that it's not effective and they'll tell you this is still worth a phone call, but given that she's really mean it doesn't have any credit card debt to speak up, but the next step is for you to visit their website and reach out to them. It's Christian credit counselors.org Nancy S you. Thanks so much for calling us today Dalton, Georgia Jesse, what your situation and how can we help on here and almost property and all lightly About an acre and you were looking at property in considering my 401(k). Her a lot of it with an opponent now to thank her that you 401(k) is currently interest" in Houston. All lab and having a payment and I will want your compound it was and also what you think about the tax right now income tax rate might be toward the end of the year when our early next year when I would actually pull the money out very good big fan of this approach Jesse but let me ask a couple questions.

Are you are you still working okay and how long do you plan to continue to work until the early part of 20 might be all into it until I make out dollars if I'm already kind girls. Okay have you done a retirement budget basically projecting what your expenses are going to be each month in retirement. No, not really, but she still cannot insured under her employer went okay I'm fine employer but she'll still be working all right yeah I think the thing I want you to look at is really understanding what is your retirement picture going to look like financially on a monthly basis. What is your budget. Hopefully your expenses are modest. I like the fact that you're completely debt-free.

Although were looking potentially taking on a mortgage at this point, but I want you to understand what those monthly expenses are both fixed and discretionary meaning the things you get bills for in the mail as well as the spending you do outside of that no eating out invites close every now and then and you know those things that are truly discretionary and then I want you to compare that with the income sources you know you'll have Social Security spouse's ongoing income for however long she's working and then beyond that, what else do you need to try to make up because really what we would typically want to do that 401(k) is let it grow as long as you can and then at some point roll into an IRA and converted to an income stream. You know, we would typically use around 4% a year of whatever that balance is. If it's managed properly. You should be able to throw off in the form of income without ever impacting the principal balance and hopefully that income stream plus Social Security plus any other retirement income you have coming in will more than offset what you need for your budget and I think that's really the driver here. The downside of using the 401(k) for the house is that you pay all that tax upfront so you're going to pay you know hundred percent of that withdrawals can be taxable, which is can be a pretty big bill which makes this fairly expensive money to get access to zero take a pretty big haircut rather than you borrowing working that into your budget and then moving forward from there. But I think the next step is to get a handle on that budget before you make a decision so I would encourage you to go there next, and if our budget coaches can help just visit them@ourwebsitemoneywiselive.org. Once you know that give us a call.

Jesse, thank you very much for your phone call today. You're listening to lifeline 5257 if that is robbing you of Freedom and peace of mind. Christian credit counselors can help where a nationwide nonprofit counseling organization has helped over 3000 individuals in the last 27 years get out of credit card debt 80% faster while honoring that info to learn how Christian credit counselors can help you visit Christian counselors.org Christian credit counselors.or call 800-557-1985, buying a home is the largest most nerve-racking purchase. Most of us ever make. It doesn't help that you're entering a maze of unfamiliar words and confusing options that can leave you intimidated frustrated and afraid. You can take advantage of navigating the mortgage mates by Dale Vermillion help you clear up the confusion on rack your nerves and make the best mortgage decisions possible with confidence navigating the mortgage maze available when you click the start button moneywise live.org here to help me understand God's purpose for your life to the eyes of a layman. It's your choice of the most productive and exciting years of your life in front of you. So many people buy you their productive years being behind their expectations are doing great things of long since given way to world they no longer understand if that's you, today you need to know how very special and rare you are in God's master plan.

If you been serving God for decades.

Your part of less than 10% of our population actually knows God you will keep yourself is the parable of the 10 pounds with you being the one who simply wants to hold on to what he has know how that every moment of every day. Most the people around you want to know more about God and expecting to tell them your job is revival outside the walls in my moving everyone and everything will help doing that go tomorrow. TW.com you reach people who call themselves Christian but don't know Jesus find out by reading the unsaved Christian Dean, and Sarah was a cultural Christian today. He pastors a thriving church that he wrote this book to offer starting points that lead to deeper conversations you'll be equipped to confront cultural Christianity and lovingly share the gospel to the cultural questions in your life.

Cultural Christianity is a huge mission field in desperate need of missionaries get your copy of the unsaved christian@moodypublishers.com you feel stuck.

I get tired of going to the motions of faith you want to make real progress in your life and not know where to start is a book to help you grow spiritually help others grow as well to the gospel as a starting point of the Christian life rather than the main point of how to grow by Darrell – available publishers.org that's Moody publishers.O RG tomorrow on some money. What about the pictures on bills things you may or may not have known about two dollar bills $10,000 bills and some of the claims you may or may not be carrying around in your pocket that and much more on tomorrow's program moneywise live with Rob West.

Let's move along Noblesville, Indiana hello Kathy, how can we help you. I got behind in her mortgage in July and August last year. So right now it's in collections Nantes holders yesterday $2400 or to go into foreclosure and she has to pay it by the 17th and she right now.

She had $800 $1600 fine. So find out how does that work is there anything she can do so it won't get foreclosed my Kathy and I appreciate you checking on her behalf under normal circumstances. You can typically miss four payments before the foreclosure process begins, but it does depend on a number of factors, including the lenders particular policies and the housing market during the coronavirus pandemic, the federal government protected mortgages insured by the Federal Housing Authority are backed by Fannie Mae and Freddie Mac against foreclosure for an additional 60 days beyond that.

But during that prick foreclosure.

They do give the homeowner in arrears. Time to get caught up on the loan or work out foreclosure avoidance like what's called a mortgage modification where she can demonstrate or they can demonstrate the hardship that resulted in their situation.

They may be able to to work it out by reducing the monthly payment or taking an amount that was in arrears and putting it on the backend and modifying the loan because in mind, the lender doesn't want to go through foreclosure. It's expensive then you know it will result in them collecting less than they would have if they can work something out so you know the other option is what's called a short sale where they agree to take what it's worth, even if the selling prices to leave them with the deficiency balance, meaning it sold for less than they owe on it but the other. The lender agrees to accept that because that still in some cases be higher than what they might get if it sold by auction in terms of where they go from here. You know, I think perhaps that $2400 number yell is the amount needed to avoid starting foreclosure at this point and that's typical of what would be communicated and they typically have a deadline for paying that.

So I think at this point it really comes down to.

First, what is their ability to pay. Moving forward, what, what led to this situation was their loss of a job.

Is there enough, your monthly income right now that if they can work something out to get monthly payments going again. They have the ability to do that or has something change that really is not going to allow them to get current even if the loan were to be modified. That's kind of the first situation is understanding where they're at financially and that second opening up that conversation to begin that process of seeing if there's a way to work out foreclosure avoidance like a loan modification or short sale.

They're willing to just let go of the property.

Is that helpful.

Was there something specific go beyond that you were you were wanting to understand well that the collection said it was because I was just wondering if they can or if she like if she paid that 2400 that she was paid until next month that she mentioned a breach of breach of contract that okay well I it's all about communication with these so I would just encourage you to encourage her to go back to them.

Just be real transparent about where she's at and see if she can work out. In this case it sounds like a loan modification would be helpful perhaps taking what's in arrears. Putting it on the back end of the mortgage and then seeing if she can get current as long as she has the ability to stay current. You don't work out a modification in the fall behind again.

She needs to get on a plan that she has reason good reason to believe she can continue with so I just encourage her to go back to them.

See if she can explain what the situation is and work out a plan moving forward that she can actually comply with because, again, keep in mind they don't want to foreclose, if at all possible. And so I would hope, especially as it gets closer and closer. This deadline that they would be willing to work with her. Rob, what about the body of Christ in a scenario like this. Is this where the local church might be able to step in, or might want to step in and if so are there any dangers to be wary of the situation. I think the key is just to do it in the right way you know if if this person is a part of a local church. I would be a great opportunity for benevolence ministry to step in. But you know Goodman have a black benevolence ministry is government going to want to know what is the situation that led to this.

Is there a workable plan moving forward. Will this money that's you know you put down to bring this mortgage current. You actually help to move her forward or she can be in the same situation. 30 days from now. So yes, I think this is a great opportunity for the body of Christ, but to do so in a way that's wise and not just postponing the inevitable. We want to work toward real solutions and the same thing would be true.

Kathy, if you're personally thinking of giving her the money now. If it's a loan that would be different than if it's an actual gift and so you want to be really clear about that, a gift or loan in which ever put it in writing so that there's no confusion down the line only say that because we've seen confusion in situations like this many times in the past that you hate for it to go in that direction, but we appreciate your generous heart and your phone call today.

Thanks very much.

Illinois Diane what's on your mind share out a lot I want to go online and I will open up an account account.

All, one 800 number number this morning.

Glad that I think you got the look so military. We traveled like my life. Anyway, I'm finding new closeout for old account money somewhere.

For me around about the law because you will not come back wondering I can find all account and I have because when they want to do it… Account asked the first question Diane is a means. This should be very simple. You know all they would have to do is put in your Social Security number and up would come up on the screen. Any brokerage accounts you had at their institution and then it's just a matter of confirming your identity as being the one to actually has the name on the account because every you can open a brokerage account without a Social Security number and that Social Security numbers linked to that account, whether it's a retirement account. A taxable account, whatever it is and then once they have it up on the screen is just as simple as you know what information they need from you to verify your identity so they can give you information on that account as soon as you identify the account, then you'll want to ask for them to send you a statement so you can see what is the balance. What is the history on the account. When was the last activity and then you can decide how to proceed. Closing the account with a zero balance taking a withdrawal to close out the account and they send you a check because there's actually a balance there. So I think what you need to do is perhaps just go to the Fidelity main Fidelity website I get the customer service number just a listen I try to open account. I couldn't. I don't want the web department. I just want you to look up my to see if I have any accounts there by my Social Security number and you once you do that, I think you should be able to proceed. I'm not sure why they were asking all these questions and then not telling you what the balance was. It sounds like there was some confusion you could also go and look for the asset search websites that are out there.

One of them is called unclaimed.org unclaimed.org and basically what these sites do is they will go out and look for unclaimed financial accounts that have balances and if you believe you may have some accounts out there a site like this one, or any number of others could do that search for you to look for these balances on these stale accounts that have dormant but have not been claimed and and that could be another way to go about this, but I go back to Fidelity one more time seedling to a search by your Social Security number. Diane we wish you the best with that.

Thank you very very much and it's amazing when you find out how many people have millions of dollars out there in the ether. That really is lost and those some of those websites to a really good job of connecting people with their money, but we could probably do an even better job if we'd be more detailed in our own finances and things like that. And now that were online these days. Some some cases.

That makes it even easier, but it's exactly right. Find these act on them. It really does make things moneywise live.

This program is a partnership between radio and moneywise thanks so much for joining us today for listing in your mind. Tell a friend and then come back this again tomorrow for a brand-new moneywise


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