3. Buyer has spent

33. Buyer has spent money needed for down payment and closing costs and comes up short at closing. 34. Buyer does not properly "paper trail" additional money that comes from gifts, loans, etc. 35. Does not bring cashier's check to title company for closing costs and down payment. The Seller: 36. Loses motivation to sell (job transfer does not go through, reconciles marriage, etc.) 37. Cannot find a suitable replacement property. 38. Will not allow appraiser inside home. 39. Will not allow inspectors inside home in a timely manner.

24. Borrower/co-borrower

24. Borrower/co-borrower does not have steady 2-year employment history. 25. Borrower brings in handwritten pay stubs. 26. Borrower switches to job requiring probation period just before closing. 27. Borrower switches to job from salary to 100% commission income. 28. Borrower/co-borrower/seller dies. 29. Family members or friends do not like the home buyer chooses. 30. Buyer is too picky about property in price range they can afford. 31. Buyer feels the house is misrepresented. 32. Veterans DD214 form not available.

10. Illness, injury,

10. Illness, injury, divorce or other financial setback during escrow. 11. Lacks motivation. 12. Gift donor changes mind. 13. Cannot locate divorce decree. 14. Cannot locate petition or discharge of bankruptcy. 15. Cannot locate tax returns. 16. Cannot locate bank statements. 17. Difficulty in obtaining verification of rent. 18. Interest rate increases and borrower no longer qualifies. 19. Loan program changes with higher rates, points and fees. 20. Child support not disclosed on application. 21. Borrower is a foreign national. 22. Bankruptcy within the last 2 years. 23. Mortgage payment is double the previous housing payment.

The 80 Things That Can Go Wrong Between Contract and Closing

The 80 Things That Can Go Wrong Between Contract and Closing:

The Buyer/Borrower: 1. Does not tell the truth on the loan application. 2. Submits incorrect information to the lender. 3. Has recent late payments on credit report. 4. Found out about additional debt after loan application. 5. Borrower loses job. 6. Co-borrower loses job. 7. Income verification lower than what was stated on loan application. 8. Overtime income not allowed by underwriter for qualifying. 9. Applicant makes large purchase on credit before closing.

80 Things That Can Go Wrong Between Contract And Closing

80 Things That Can Go Wrong Between Contract And Closing
I saw this list one day and decided to keep it and give it to all my clients. It is not a scare tactic. It is simply to inform them that there are many things that can and do go wrong. The idea is to be able to anticipate hurdles that will need to be crossed and get them out of the way before my client ever even notices them.
The other day I received a compliment from another agent that I had been working on a transaction with. I always love to get this one. It means that I was doing my job right. We had just closed a 30 day escrow and she said, “This was probably the smoothest escrow I have ever had. I can not believe how quickly this past month seemed to go and how you and I only talked one or two times.”

Dennis told Matt that he didn

Dennis told Matt that he didn't know of very many attorneys making $515.00 per hour. Compared to the old method Dennis was using (where he averaged $90 per hour), by using virtual bankruptcy assistants he was able to increased his hourly income by 1,000%.
Utilizing this method not only provided Dennis with the ability to handle more bankruptcy petitions and increase his law firm profits dramatically, but the extra time he gained allowed him to pursue other areas of law which also brought in even more income for the law firm.
Matt: I am shocked. I had no idea that technology had advanced to the level where I could hire professionals to work out of their home drafting bankruptcy petitions. I would be fearful of the virtual assistant committing unauthorized practice of law.

TASK AVG TIME

TASK AVG TIME
Total Law Firm Time Total Attorney Time in Court Total Time Per Client 1 hr 25 min 20 min 1 hr 45 min
Total Amount Paid by Clients Less Filing Fees Less Virtual Assistant Fees Net Profit Per Case $1,500.00 -299.00 -300.00 $901.00
Net Hourly Income $515.00*

* This is only an example using the calculations provided. Your actual income may vary.

Virtual bankruptcy assistants normally extend their hours
to evenings and weekends. This enables them to contact
your clients and obtain necessary information after
they have returned home from work and are
more comfortable in their own home environment.

Utilizing virtual bankruptcy

Utilizing virtual bankruptcy assistants, debtor bankruptcy attorneys can earn as much as $515.00 per hour. See the chart at right.


Total time invested by the law firm so far = 1 hour, 25 minutes
g. After my review and approval, the virtual bankruptcy assistant electronically files the case through PACER using my login and password.
The following is an example that demonstrates how the profits for my bankruptcy law firm were immediately increased when I hired my virtual bankruptcy assistant:

change the case entirely

change the case entirely or cause me to make adjustments to the bankruptcy petition before it is finalized.
The Case Cover Sheet is a great time saver for me. For instance, when drafting the petition the virtual assistant may discover that the client's home has $15,000 in unexempt equity. By making a note for me on the Case Cover Sheet, I can quickly locate the problem and solve it before the petition is filed. Again, this is another important step that helps to eliminate the majority of catastrophes.
f. Returning a complete and thorough bankruptcy petition for my review. Once I receive the bankruptcy petition for review, if the virtual assistant has done his or her job correctly, I will have less than 30 minutes invested into reviewing the draft. At that point, I can send an email to the virtual assistant and approve the draft for filing or contact the clients to review their petition and make changes. Because the document is returned to me in PDF format, it is easy to email a copy to a client and call them to discuss certain issues.

Matt: But isn't a "bankruptcy forms processor" a

Matt: But isn't a "bankruptcy forms processor" a
non-attorney who prepares documents for the general
public and competes with attorneys?

Dennis: Not The Lawyer Assistant. They dedicated their services solely to attorneys. In fact, many
attorneys who did not have a bankruptcy practice
formed one when they learned about the benefits The
Lawyer Assistant offered to their law firm.

Matt: Is the company still in business?

Dennis: Yes. The first internet-based company

Dennis: Yes. The first internet-based company
offering virtual bankruptcy assistant service was The
Lawyer Assistant. Like I said before, the term "virtual"
was not used back then so The Lawyer Assistant
marketed its services under the more widely used term
at the time: "bankruptcy forms processor."

How to Increase Profits for Your Law Firm

How to Increase Profits for Your Law Firm

written by http://www.713training.com

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Matt: But not all attorneys remained "behind the
times." Have internet-savvy bankruptcy attorneys used
virtual bankruptcy assistants in the past?