Letters to divorce and bankruptcy lawyers - Posted by Jon


#1

Posted by Kevin(OK) on November 13, 1998 at 18:33:04:

Just because a situation is win-win-win, doesn’t mean it is legal or ethical. For example, when a house is in pre-foreclosure, you can’t get any info from the mort. co. because they have to keep the mort. info. confidential (I have been able to talk them out of it before, though). This would be a win-win-win, but the bank can’t give out this info., so the house goes to sherriff sale, and few or none win.

Kevin(OK)


#2

Letters to divorce and bankruptcy lawyers - Posted by Jon

Posted by Jon on November 13, 1998 at 11:23:55:

I was interested in sending letters to law firms in my area in hopes of them referring financially troubled clients my way, and I was wondering if anyone had one that they could share with me. I would hate to send one out that gets thrown right into the trash. Thanks for the help. Jon


#3

Re: Letters to divorce and bankruptcy lawyers - Posted by Irwin

Posted by Irwin on November 14, 1998 at 07:58:58:

On the theory that even a blind dog finds a bone once in a while, you might get lucky and find a deal this way. But overall, I think it’s a waste of time, paper and postage.


#4

Re: Letters to divorce and bankruptcy lawyers - Posted by Tim Pannabecker

Posted by Tim Pannabecker on November 14, 1998 at 07:37:12:

Jon,

Attorneys from time to time need to liquidate property at the request of their clients. This is the approach that I would use. I have had some success with probate and other unique situations. As mentioned attorneys will not compromise their clients position (this is highly argueable), but if they believe that you are a cash buyer that can perform quickly - you may have a shot. The need for a quick deal requires the seller to discount and attorneys may want to wrap up a messy case (unless they want the billable hours?).

Tim


#5

Re: Letters to divorce and bankruptcy lawyers - Posted by Eduardo (OR)

Posted by Eduardo (OR) on November 13, 1998 at 12:58:50:

Jon–

Put yourself in the lawyer’s shoes: They have a confidential relationship with clients. They have a bar association enforced code of ethics. They have standing in the community. They can’t take kickbacks (referral fees). What would be the incentive to jeopardize their position in any way by referring (naming) “financially troubled” clients to someone they don’t know based upon receipt of some form letter received in the mail? Give up this idea. --Eduardo


#6

Re: Letters to divorce and bankruptcy lawyers - Posted by JohnD(CO)

Posted by JohnD(CO) on November 13, 1998 at 21:11:41:

Well put. I would like to add, that even if you got a referral it would often be difficult to get the divorcing duo to agree. Some of the best foreclosure deals I have come across resulted from the two ex-spouses trying to stick it to each other. A common senario that I see is that spouse “A” will get the house in the divorce, but before the deed transfers from community property to spouse “A”, spouse “B” will have a few judgments recorded against him/her. Frequently, if spouse “A” sold the property, he/she would get a few thousand at closing even after paying off all the judgments. But spouse “A” frequently decides to just let the property go to foreclosure just to spite spouse “B”.


#7

Re: Letters to divorce and bankruptcy lawyers - Posted by Bud Branstetter

Posted by Bud Branstetter on November 13, 1998 at 16:23:20:

I’m in agreement that a form letter just like a cold call will not produce much in the way of results. But a call asking to send them a brochure or letter detailing how you can help them and their clients with follow ups may establish a relationship.


#8

Re: Letters to divorce and bankruptcy lawyers - Posted by Jon

Posted by Jon on November 13, 1998 at 14:11:03:

Eduardo,
I believe that if I sent a lawyer a letter stating that “I BUY HOUSES”, that he/she could have any interested clients call ME, therefore there would be no confidentiality issue. If he was giving me names and having me call them, that would be different. If I could help these people out of a jam then it would be a win/win situation as far as I’m concerned. The other thing is if they go to foreclosure or bankruptcy then it becomes PUBLIC RECORD, once again no confidentiality issue. The only difference, is one way they keep their credit or what’s left of it, the other way they lose everything. The way I see it is I’m helping someone. I’m not a lawyer so I don’t know the legal issue, but I certainly don’t see anything bad about this idea!
Jon


#9

Maybe it’ll work, but maybe it’ll be too… - Posted by raelynn mitchell

Posted by raelynn mitchell on November 18, 1998 at 21:57:12:

time and cost prohibitive. Why? It has been said that for many people to believe something, they must hear or see it at least three times. And that doesn’t necessarily mean the same form letter three times.

Is it possible that an ad in a legal publication that most lawyers read or at least receive might do the same thing? Although you have the ad cost, it might turn out to be cheaper than postage to each and every office you want to reach. And the publication will reach more of your audience for the same money than your form letter possibly can.

Don’t know if even this will work, but if you want to pursue it, consider contacting the local bar association and asking them which legal publications are most widely subscribed to and/or read by the types of lawyers you are trying to reach. And ask what the circulation of that publication is. Then consider creating an eye-catching ad to get them to call you, something that is likely to stand out and is different from the other ads. Visit the local library and look at back issues of this pub, to see what type of ads grab YOUR attention, etc., before you submit your ad to the publication.

Again, I don’t suggest or recommend this, but I’m not saying it’s a bad idea, either, just that I don’t know. However, if you pursue it, make it stand out in some way to create a higher response rate.

Also, to keep track of which ad is getting the best responses, consider putting a different code or extension on each ad, and then asking the callers what that code or extension is, that way any changes can be tracked to figure out which ad is working the best, so you can eliminate ads that don’t work very well.

Good luck in this pursuit.

raelynn


#10

Re: Letters to divorce and bankruptcy lawyers - Posted by JohnK(CA)

Posted by JohnK(CA) on November 13, 1998 at 23:04:33:

Jon, Why don’t you send some of your letters out to local attorneys and get back to us on any success you have.

Good luck
JohnK