Wills and Trusts

Without a will or a trust when the client passes, 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 that 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 now becomes 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.

Assisting clients consists of:

a) refinancing an existing property to cash out the other party.

b) assisting the other party in the purchase of a residence.

c) 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

In many instances, while taking an application, we will become aware of a situation that not only prevents the client from being able to purchase or refinance but actually looks like a good candidate for a bankruptcy proceeding.  In these cases, we will question whether or not the client has an attorney that they prefer (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 their clients.

In addition to the services we provide to our Preferred Affinity Partners, we also help them maintain their past client loyalty through our Client Retention Contact Program, therefore increasing their monthly business & monthly income.  To see how we help our partners businesses grow through this program, Click Here.

For a list of case studies on how we assisted our clients,  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, feel free to contact us to arrange for an interview.  Click Here for phone & e-mail information, or...