Attorneys
Welcome, Legal Professionals
Read to learn how we can help you: David Ward, a well-respected marketing consultant
for the legal profession, recently received numerous
emails with a common theme. What many attorneys
wanted to know were “tips on how to accelerate
payment for services rendered, politely, while
retaining the client and in the process not turning
into a bill collector or pushing the client away.”
His recommendation was to introduce a mortgage
professional to the client for a debt restructuring
refinance and in the process of the closing having
the attorneys bill PAID IN FULL! We have developed
long term relationships with legal professionals,
who have realized the true value of this service to
their clients & themselves, and have referred their
clients to us. In return, we now ask our clients at
closing if they are currently working with a legal
professional; if not, and are in need of legal
services, we refer them to our preferred legal
Providers, thereby returning the referral favor.
Wills and Trusts
When the client passes without a will or a trust,
their property may end up in PROBATE. What an ugly
word, PROBATE. With every loan application a
mortgage professional should ask the client if they
have a will or living trust in place and has it been
reviewed or updated recently to ensure they are
structured to take full advantage of estate taxation
laws?
If not, (80% of the time they don’t have a will or
trust OR they haven't updated them in awhile), refer
them to an attorney who can do this for them. Many
family planning attorneys recommend to their client
“if you are thinking of refinancing, do it now,
concurrent with this process (establishing a new
trust). It could cost you more in the future to
accurately reflect the trust and the new mortgage.”
Divorce
We provide a real service to Divorce Attorneys, as
well as their clients. The unique thing about a
divorce situation is that where there was one
household there are now two. There is a “housing
multiplying effect” associated with divorce. Divorce
attorneys should consider introducing their clients
to a mortgage professional that can provide
financing solutions for the distribution of assets
as well as providing for payment to the attorney for
services rendered.
Ways a mortgage professional can assist clients in
the process of a divorce include:
- Refinancing an existing property to cash out the
other party.
- Assisting the other party in the purchase of a
residence.
- Helping the attorney get paid by including a
"demand for payment" with the closing documents.
- Also, keep in mind that we bring conclusion to the
divorce transaction. Usually the house is the
largest asset.
Bankruptcy
While taking an application, we often become aware
of a situation that not only prevents the client
from being able to purchase or refinance but
actually presents an opportunity for bankruptcy as
an option. In these cases, we will question whether
or not the client has an attorney that they prefer
(and 90% don't) and if not, we will recommend one to
them.
In other cases, a person who has IRS troubles, a
pending lawsuit or some other situation that seems
to warrant bankruptcy will be told by the attorney
that they simply have too many assets to be able to
declare bankruptcy. In most of these cases, one of
the larger assets may include equity in their home
or other real estate.
We can then help the client, who is referred to us
by that attorney, by taking cash out of their equity
to be used as a negotiating tool for a favorable
settlement.
Allow me to give you an example. Bob and Sue
Consumer come home from work one day to find a legal
notice posted on their door telling them they are
about to be sued. The lawsuit is for something that
happened with their business but they were named
personally in the lawsuit.
Bob and Sue have equity in their home and a 401k.
Bob and Sue are busy professionals and don’t
understand how the legal system works. Someone at
work has told them that filing bankruptcy can make
debt go away and help protect their assets. They run
down and meet with a bankruptcy attorney.
After a review of their total financial picture, the
attorney tells Bob and Sue that they are not
candidates for a bankruptcy because of the amount of
assets they have. However, they need to think about
retaining an attorney to protect them and their
assets.
The attorney tells them that they will require a
$10,000 deposit to take on the case. Bob and Sue do
not want to create a taxable event nor do they want
to have to liquidate any of their other investments.
The attorney advises Bob and Sue to think about
pulling some cash out of their equity. This affords
them the ability to pay the retainer and also, by
debt consolidation, frees up monthly cash flow. This
is just one of the many situations where a
relationship between a bankruptcy attorney and a
mortgage broker can be of extremely great value to
each of their clients.
In addition to the services we provide to our
Preferred Affinity Providers, we also help maintain
their past client loyalty through our
Client
Retention Contact Program, therefore increasing
their monthly business & monthly income. To see how
we help our Providers businesses grow through this
program, Click Here.
We only team up with proven professionals with
the highest ethical standards who have demonstrated
a desire to work in their clients best interest. If
you feel you meet these standards, please
apply now to join
our elite team of Professional Providers.
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