The Herd is a multi-authored blog of some of the top writers in the mortgage industry.  Today I am happy to announce our newest contributor, Chris Birk. He is a former newspaper and magazine writer that has had work appear in more than two dozen publications, including traditional outlets like the Chicago Sun-Times and Insurance Journal. He has also been published in online outlets like Copyblogger and Mortgages Unzipped. In addition to writing, Chris also teaches at a private Midwestern university.

SmartHippo is excited to announce John Cannata as our newest contributor to The Herd. John is a Licensed Mortgage Loan Consultant with LegacyTexas Mortgage in Frisco, Texas with over 16 years in the Mortgage Industry.

In addition to being a licensed professional, he is also a member of NAMB (National Association of Mortgage Brokers) which is a committee that promotes the highest level of professionalism and ethical standards.

SmartHippo is welcomes John to our team of writers and is excited to read his upcoming contributions.  John has already started to add some really great content into The Herd.  He has written posts like How to Save Thousands of Dollars on Your Mortgage, Solutions For Your Expiring ARM, & Credit is Your Greatest Asset When Financing a Home. Make sure to check back often to catch more great posts from John & the other great writers on The Herd.

In addition to adding some great content, John has also become active in assisting consumers with Mortgage Advice in the advice section of SmartHippo.  He has given some great advice to many that are looking to get a home loan.

The Herd is a collaborative blog put together by some of the top mortgage brokers, lenders, and companies in the mortgage industry.  These members will be sharing their advice and expertise on shopping for an online mortgage regularly on The Herd.  We at SmartHippo figured the best way to give our clients the highest quality information about getting a mortgage was to bring together some of the best in the mortgage industry to share their expertise. Our goal is to deliver extraordinary information to consumers so that they can make an educated decision when applying for a mortgage.

If you are a lender reading this and you would like to be considered as a contributor on The Herd, contact me here.

SmartHippo has won a “Best Money Saving Tools Award” from Wise Bread and will be featured in the new book, 10,001 Ways to Live Large on a Small Budget, launching today. This is a tremendous honor–if you’re a regular Wise Bread reader, you know it’s one of the best money saving resources out there, so to be recognized by them definitely means a lot to us.

As for the book, it’s written by top personal finance writers at Wise Bread, as well as some notable guest writers  from Zen Habits, Get Rich Slowly, and The Simple Dollar. It’s pretty safe to assume it’ll be an excellent resource and at $1o you won’t break the bank to get access to thousands of money saving tips. You can purchase the book from the site (and even get a free gift!).

Each month, SmartHippo puts out a personal finance newsletter with an ‘Ask an Expert’ column. (You can subscribe here) This month’s question is all about what to do if you’re in a bad situation and are deciding between foreclosure or bankruptcy. This month’s expert is Adrian Dayton, an attorney and PR Consultant in Buffalo, NY.

Here it is:

So here is the situation- you’ve lost your job and you are flat broke. No money left in savings, checking, or in your retirement accounts. You own a home, but you are more than 90 days late on your payments. Is it better to have the bank foreclose on the home- or should you file for bankruptcy?

The answer as always is- it depends.

The first big question to ask before deciding on foreclosure or bankruptcy (both pretty gloomy options)is: what other choices are there? Each of these options are incredibly expensive, and they should only be looked at as a last resort. You don’t want either of these, and either do the banks. Contact your lender to find out if they offer loan modification, forbearance (where they hold off on requiring payments while you find a new job), or a re-negotiation of loans in default. Generally the customer service individual you talk to on the other end of the phone won’t be able to offer these options, so you may need to work your way up the chain of command. Ask to speak with someone that can help provide alternatives to foreclosure. In addition, find an accredited counseling agency to help you negotiate; this is an inexpensive way to find a skilled advocate that knows how to speak the bank’s language. If there is any possible option that allows you to stay in the home- take it.

Another option is what is called a “short sale.” In this scenario the bank will voluntarily take the house back- and then sell it to the highest bidder. You are then responsible for paying the difference, but banks may not even take action to get that back- you no longer have any major assets they could go after. The bank may not be willing to do a short sale if you are too far upside-down in your home.

What if you have to choose between a bankruptcy and foreclosure? A foreclosure will remain on your credit report for 7 years, while a bankruptcy will be there for only 10 years. Either way, you have taken an axe to your credit rating, and especially in the current economic climate- a bank won’t lend you money for a car or home for some time. The one benefit of a Chapter 7 bankruptcy is that all of your debts are forgiven, as opposed to foreclosure where you lose the home, but are still responsible to pay your debts. The whole purpose of Chapter 7 is to wipe the slate clean, and give you a chance to start over. You should note you will be starting from zero with bankruptcy- meaning zero credit. With a foreclosure you at least salvage some credit, allowing use of credit cards, and possible other loan options. Freedom to continue using some credit is a definite advantage foreclosure has over bankruptcy. It all depends on your personal situation.

For those who have just hit a streak of bad luck- you’re not alone. Remember, it’s easy to ruin your credit rating, and while it’s hard to build it back up- it can be done. But rebuilding your wounded credit rating is a topic for another article.

Adrian Dayton is an Attorney and PR Consultant in Buffalo, NY  He can be reached at atdayton@gmail.com or on twitter @adriandayton. Adrian is currently awaiting the release of his first book The Year of 12 Virtues: Old World Virtues to Save the Modern World. You can learn more about it at adriandayton.blogspot.com

SmartHippo’s CEO George Favvas is at LeadsCon in Las Vegas today & tomorrow. If you aren’t there but are interested in what’s going on, here’s who’s tweeting about it. (Compiled with help from HashTweeps) If you want to be added to this list just @georgefavvas and let him know!