Archive for April, 2013

All About Mortgage Broker Services For All Your Needs

At this time one can find a number of different types of mortgage broker. The services which are provided by them are not always being same. So in this article I am trying to clarify the difference between them which will help you in finding the best mortgage deal for your property. The law changes makes mortgage into three main categories. So you need to be cleat that form which category you need to go for best deal.

The first service on which you will find the most limited type of broker is known as Tied services. If you will go for such type of services, you may find very less number of mortgage brokers in it. The brokers who offer such type of services can only advice you on some specific mortgage. A bank or a building society is the example of it. If such type of brokers advices you best mortgage they have it means there is another better option is available which is not recommended by these service provider because such type of deals is not came under his belt. So if their company is not getting any benefit why he will share that thing to you. In this case you need to search for an alternative.

The second category which is provided by these brokers is known as Multi-Tied. Such type of service providers provide you wider services in respect to first one but still there are limited range of mortgage companies are offering such type of services. Many real estate agents works as a multi-tied and offers deals from a panel of lenders from which they have agreed to deal with. But instead of getting better service in comparison of Tied service provider it may be possible that you are not getting the whole picture. It possible that you miss out the best deal as the panel they work with is representative of all lenders.

The most demanded and recommended type of mortgage services which is in use is known as ‘whole of market’ broker. In such type of services the service providers are well experienced and they can easily give you the best deal according to your situation and they have also the access of the whole market. That is why they can offer you a full range of potential deal according to you and your situation. The service provider of this category are not tied with anyone. That is the reason that they often give you the deal which is generally not been offered by some mortgage provider. So I think the provider who providing such type of service can give you best deal.

Whichever level of broker you choose for your deal be sure about the fee and also that how he will take the fee amount. I will suggest you to visit an independent mortgage broker instead of choosing any type. Some brokers take their fees via commission while some take commission as well as fees. So, firstly understand all the things and then go for anyone.

Doing a Short Sale or Filing For Bankruptcy?

A short sale and a bankruptcy are two very different processes. As a bankruptcy lawyer in Scottsdale, I have seen people choose short sales and bankruptcies for all types of different reasons. Be it from a personal liability standpoint or a tax standpoint, there are a lot of reasons why bankruptcy or a short sale might be tools that we would want to use.

Short Sale

If an attorney could secure the appropriate releases from a lender, then a short sale could certainly be a viable option for a homeowner who gets in over his head on a mortgage. And in most scenarios, a short sale will do much less damage to a person’s credit score than a foreclosure. But when compared to a bankruptcy, short sales might not always be the more favorable option for every client.

Bankruptcy

Whether or not you should file for bankruptcy depends on your specific financial situation. In cases where a person’s bank or lender refuses to negotiate on the terms of a mortgage or discharge any of the debt from a mortgage, filing for bankruptcy might very well be a better option to try than a short sale. In particular, if a person will still be left with a personal liability or debt after the short sale or foreclosure has gone through, then that is when bankruptcy starts looking like the better option.

Ultimately, the decision whether or not to file for bankruptcy depends on multiple factors that are going to be different for every individual. Among these factors, in my experience, are the client’s financial assets, liabilities, current income, and his desire to retain or dispose of the physical property in question. That’s why it is hard to make a blanket statement regarding which option is better than the other. A bankruptcy lawyer in Scottsdale would have to weigh all of these factors before offering his opinion about the topic to a client.

Bankruptcy is a right that everyone has, and in a lot of cases, it is the best decision. For many of my clients in recent months, bankruptcy has proven to be the better option. Rather than looking at bankruptcy as giving up, more people are now choosing to look at it as a form of protection that is offered to them by the government. While a person is in bankruptcy, he can shield some of his assets and future wages from creditors, which he would not be able to do through a short sale. In addition, some bankruptcy filers are able to work out plans that allow them to keep their homes.

Bankruptcy Lawyer

Generally, bankruptcy ends up being the better option to go with for individuals with a lot of personal assets at stake, along with anyone whose bank or lender refuses to negotiate on the terms of his mortgage. On the other hand, a short sale tends to be the better option for people who are concerned about their credit scores, because those are usually not affected very much by going through a short sale on a property.

If you’re struggling to make your monthly mortgage payments, then you should visit a qualified bankruptcy lawyer to discuss your options. For people living in the Scottsdale area, Mackey Law Firm PC is a firm that can handle all types of bankruptcy, short sale, and foreclosure cases.