I will becovering some quick tips on keeping your credit scores high andpositive actions you can take during the season period following abankruptcy.

Let’s stayconnected! Subscribe to get Real Estate Mortgage Shoppe podcast withshow notes every week in your email inbox. Call me and let’sdiscuss what YOU want to accomplish with YOUR mortgage. (901)482-0354

To YourSuccess,

McKenzie Mortgage RD Loans, Mortgage Loan Officer NMLS#757308 (615) 924-6215 This email address is being protected from spambots. You need JavaScript enabled to view it.www.TNRDHomeLoans.com

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HITTINGTHE AIRWAVES…

Goodmorning, Memphis! Welcome to our internet listeners and podcastlisteners across the 50 states! You’re on Real Estate MortgageShoppe. I’m your host, McKenzie Mortgage RD Loans, Mortgage Loan Officer. You canconnect with me at www.TNRDHomeLoans.com. Our general topic is AVOIDINGPITFALLS WITH DEBT RESOLUTION WHEN QUALIFYING FOR A MORTGAGESubscribeto get our weekly blogposts with podcasts at www.TNRDHomeLoans.com.Call us while we are live at (901) 535-9732Today is February 1^st,2020.

INTRODUCING ATTORNEY BRUCE RALSTON…

In the RealEstate Mortgage Shoppe studio for the first time, the expert in areasof Debt Resolution, Attorney Bruce Ralston. Bruce, I have heard somany good things about you as a professional and as a person. Youare known for truly helping your clients resolve debt issues beforeusing bankruptcy as only a last resort. Tell our listeners a littlebit about yourself and what you do for your clients (Bruceintroduces himself and talks about the services he offers hisclients)

THEFLANNERYS STORY—TRIUMPH WITH TENACITY

(Jo) Asa mortgage loan officer, it is such a joy and a privilege to be onthe journey to homeownership with people buying their home. As weare talking about Debt Resolution, I am remembering some verydetermined families who faced seemingly impossible odds when it cameto building back good credit.

One particularyoung family, the Flannerys, lost their jobs, their cars and theirhome during the economic downturn around 2010. They had two youngchildren and yearned to own their own home again so their childrencould play outside safely and not be cooped up in an apartment.

The loss of thecar and health issues delayed this couple getting the better-payingjobs they needed so the cycle of hardship pressed down on them. Mr.Flannery said, “Time after time I would finally get up on my feetand something else would crash in on me and take me down again. Itwas like a terrible movie where you just want to click off thetelevision, but you can’t because the movie is about youand you are the actoron the stage and the film is still rolling.”

The Flannerysconsidered signing up for a program to help them resolve some debtissues, but there was a cost to the program. They tried somethingelse but it didn’t work either. No quick fixes. They went to aspecial meeting about managing finances at church one evening andthat is where I got to meet the Flannerys.

Through astrong faith in God and just tenaciously working on their budget andapplying any extra to paying off some debt and paying down somecredit cards, the Flannerys emerged debt-free a few years later. Igot to be on their homebuying journey as their lender. It was aspectacular celebration that day at the loan closing.

What do YOUwant to accomplish with YOUR mortgage? Make your plan. Let’s workyour plan. If the deal works for you today, let’s DO IT TODAY. Contact me at www.TNRDHomeLoans.com or call me at (615) 924-6215. I would like to hear your story andexplore some mortgage programs that might help you.

Bruce Ralston,you are a very experienced Debt Attorney. I am positive you have metmany people like the Flannerys in your business as an Attorney andCounselor At Law. How is what YOU do for YOUR clients different fromso many of the Debt Relief companies in the market?

(BruceRalston launches his topic –just because you have turned all yourdebt over to a Debt Settlement company does not shield you fromcreditors suing you or coming after you and your credit in otherways. Stay local with reputable, trusted attorneys to advise you. Bruce shares other advice too)

You’reon Real Estate Mortgage Shoppe. I’m your host, McKenzie Mortgage RD Loans, MortgageLoan Officer. What do YOU want to accomplish with your mortgage?Make your plan. Let’s work your plan if the deal works for youtoday, let’s do it today. When we come back Attorney BruceRalston will be sharing more tips on the best way to deal withstudent loans. He will show you what to watch out for with DebtRelief companies –the pros and cons of using them.

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TALK SHOPPE BUSINESS TIPFOR REAL ESTATE PROFESSIONALS

^2ndsegment after 9:15 advertising break –It’s time to talk shop withTalk Shoppe’s Business Tip For Real Estate Professionals. TalkShoppe is a marketing company offering free education and networkingto anyone interested in real estate or in business. Talk Shoppe ismade possible by the financial support of its sponsors andadvertisers. For more about Talk Shoppe, go to www.TalkShoppe.com(shoppe) For our Talk Shoppe Business Tip today we have Talk Shoppesponsor, Mark Loden, owner of MKL Personal Budgeting Service. Mark, Ihave heard people say that you and your personal budgeting servicehas set them on the road to getting out of debt and living morefully. Take a moment and share a tip for our hard-working realestate pros out there… (Mark shares a budget tip on clues to helpyou decide when to purchase a new car)

QUESTIONS ANSWERED BY MARK LODEN

1. What is a description of the most common challenges you help solve for your budget clients? People who are coming out of extenuating circumstances and need to get control of their debt and finances
2. How is the best way to contact you? (901) 624-0052

www.mklpersonalbudgetingservice.com

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TOPICSCOVERED BY ATTORNEY BRUCE RALSTON

1. What are the pros and cons of working with a Debt Relief company?
2. What signs do you look for when identifying a debt relief scam?
3. Student Loan Struggles
4. Credit Reporting -What you need to know…
5. Fair Debt Collection Practices Act
6. Lawsuit Defense
7. Garnishment
8. Mortgage Issues
9. Property Tax Issues
10. Bankruptcy as a last resort—Chapter 7 and Chapter 13

TOPICS COVERED BY JO GARNER, MORTGAGE LOAN OFFICER:

1. Here are some tips on how to get the house you want for a payment and down payment that comfortably fits your budget.
2. Be ready for the race to win if you are considering buying a house in this market. The small number of homes available for sale compared with the high number of people wanting to buy homes now while the financing is still a bargain, is causing buyers to compete with multiple offers from others trying to buy the same house. Know in as much detail as possible what you want in a house—how many bedrooms, baths, access to the city or not, other amenities. Communicate this clearly with your realtor.

1. Have a very strong preapproval letter from your lender. Some sellers are looking more for the surest offer than the highest offer. Have your income and asset documents and other loan documents ready to hand over to your lender.

1. Get to the truth about what you can comfortably afford on a house note and what you can comfortably afford on a down payment for a house, continuing to keep a healthy emergency fund in the bank. You want to enjoy making your house payment each month.

Ifyou are that person who just cannot force yourself to go through allof the last 12 months bank statements and credit card statements toput together a working household budget, then turn up the volume on some good tunes, set a timer for as long as you need to review thelast 3 to 6 months bank statements and credit card statements. Writedown how much you are spending each month and where your money isgoing. Don’t forget bills you have to cover once or twice a year.

Calculateyour true income after taxes and deductions. Your income-to-debtratios ideally should be where your total house note and all otherdebt should not exceed over 40% to 45% of your gross income. Someloan program software will preapprove you will debt ratios as high as50% to 55%, but who want to be handcuffed to a house note with debtratios that high?

Ifyour debt ratios are too high, let’s talk about what you want toaccomplish with your mortgage financing. It may be possible torearrange some debt to make your cash flow each month moremanageable. Don’t pay off any debt until you have talked with yourloan officer. Depending on your situation, it may be moreadvantageous to you to keep more money in the bank than to use it topay down debt.

1. What type tweaks to your credit report can help you qualify for more attractive terms on your mortgage.

Iam not a licensed credit repair person and I direct my clients to thecredit bureaus for any final corrections or fixes. There are noguarantees that you will get the exact results you want 100% of thetime. What I am sharing with you is based on close observation andstudy of the cause and effect on numerous mortgage client creditreports).

1. Make your payments on time and do not let them get over 30 days late.
2. If a creditor is contacting you about a collection account, pay it as soon as possible or set up a payment plan with the lowest possible payment per month with an agreement with the collection company not to report negative information about you to the bureaus.
3. Never use more than 30% of your credit card limits. For example, if your credit limit is $10,000, you would never want your balance to go over $3,000. Your utilization habits on revolving account activity makes up over 30% of your credit score.
4. Stay away from 12-months-same-as-cash accounts. Most of the time these type accounts are scored as maxed out revolving accounts. I have seen these accounts drop someone’s score more than 100 points.

1. How long do you have to wait following a bankruptcy or foreclosure before you can qualify again for a home mortgage?
2. Bankruptcy Chapter 7:

2to 4 years from the discharge date of the bankruptcy depending on themortgage loan program and depending on the type of documentation youhave to prove extenuating circumstances that caused the bankruptcylike loss of income, death of a breadwinner, serious illness causingloss of income. Other factors are considered like reestablishedgood credit. These are a few examples

1. Bankruptcy Chapter 13 There are many factors that are considered for time for seasoning after a Chapter 13 Wage Earner bankruptcy is filed. For instance, if you have filed a Chapter 13 Wage Earner bankruptcy where you are making payments on 100% of your debt and have paid as agreed for a full year or more, you can apply for an FHA mortgage.

Youwill need to be prepared to prove with satisfactory documentation anacceptable reason for extenuating circumstances that caused thebankruptcy. Reestablished good credit is important. Borrowers underWage Earner Bankruptcy need permission from the court to enter into amortgage also.

Thereare several other conditions that need to be met when applying for amortgage after declaring bankruptcy within the last few years. Thepoint I am making is that there are ways to get a mortgage and ownyour own home again in less than 7 years in many cases.

1. Foreclosure Depending on the particular loan program you are applying to get, you may need to wait 3 years to 7 years following the completing on the foreclosure. That is not the day you turned in the keys to the house. That is the day the mortgage company transferred or sold the property.

Thereis not enough time on this show to go into the details of whathappens if you have a deficiency judgement against you if the bankhad to take a loss when they resold or transferred your property tosomeone else.

1. Short sale on a home The wait time following a short sale is not normally as long as the waiting period for a full foreclosure depending on the details and circumstances

1. Deed-in-lieu of foreclosure The waiting period following a situation where the borrower volunteers to give the property back to the lender without the full foreclosure can be a shorter time also depending on the details and circumstances.

Disclaimer: Mortgage loan regulations change frequently.

Toget more information about the loan guidelines as they apply to you,call me and let’s talk about the specifics of your credit event.

Also,here is a link to some of the Fannie Mae regulations. You can do agoogle search to find other Fannie Mae, Freddie Mac or FHAregulations

https://selling-guide.fanniemae.com

1. Other tips for qualifying for a mortgage
2. Don’t go buy anything on credit once you have a prequalification from your mortgage officer. Right before you close on your new mortgage, the underwriters and compliance teams complete a soft-pull on your credit to make sure thing has changed.

Thatmeans no co-signing for anyone else either.

1. Don’t change jobs in the middle of the loan process. And please don’t change how you are paid.
2. Albert Abbott was freshly out of the military with a job as a new hire. The salary wasn’t great but, at least he could qualify for the mortgage to buy the house that he wanted.

Aswe our mortgage team was processing Albert’s mortgage papers, wenoticed that, in the middle of the loan process, Albert had switchedfrom a salaried employee where the employer withholds Federal Incometaxes and other deductions, over to a 1099 subcontractor position.

Asa 1099 worker, the employer no longer withheld Federal Taxes andother deductions. Now, that Albert was self-employed, he would haveto pay his own taxes because now he was self-employed.

WhenI asked Albert about the switch from being an employee to beingself-employed he said, “Because I can make a lot more money.” His eyes bulged outward when I informed him that the governmentmortgage program he wanted would not allow us to count any of hisself-employment income until he had been on the job or at least 2years to set up a track record.

Albertdecided that “less is more” and arranged with his employer toreturn him to his employee status, even if he was making less money. At least he would be able to qualify for his mortgage.

Someof my mortgage clients who have been self-employed for 2 years ormore still have problems getting qualified for their mortgage loanbecause they don’t show a lot of income on the front page of theirtax return.

Whodo YOU know who is self-employed with good credit but keeps gettingturned down by banks when they apply for a mortgage?

Let’stalk! I know some details in the fine print of the mortgageregulations that sometimes will allow me to add back certain expensesto income which can sometimes help that self-employed borrower getapproved for the mortgage they need.

HowTo Contact The Credit Bureaus

Equifax Information Services

www.equifax.com

PO BOX 740241

Atlanta, GA 30374-0241

(800) 685-1111

Experian

www.experian.com/reportaccess

701 Experian Parkway

PO BOX 2002

Allen, TX 75013

(888) 397-3742

Transunion Consumer Relations

www.transunion.com/myoptions

2 Baldwin Place

PO BOX 1000

Chester, PA 19022

(800) 888-4213

REALESTATE TIP OF THE WEEK (1 to 1.5 minutes to share a real estaterelated money-saving or time-saving tip-Mark Loden, owner of MKLPersonal Monthly Budgeting Service offers a tip to our real estatepros on how to free up funds and get rid of stress when it comes topersonal budgets):

Attorney Bruce Ralston sharesa tip for listeners who need help with Debt Resolution but cannotafford the legal fees.

Local Free LegalClinics:

2SLAC – Second Saturday Legal Advice Clinic.(Monthly)
Main Library; 3030 Poplar Ave; first floor meetingrooms; 10:00 a.m. – noon
Second Saturday of every month, so datealways between 8 – 14
30 – 40 lawyers of all stripes, plus 10 ormore paralegals, so the odds of finding a good match for your problemare high.
Usually 100+ clients, some with multiple issues.
Opento the public. Organized by Memphis Area Legal Services


Attorneyof the Day (Weekly)
Every Thursday 1:30 – 3:30 pm (except holidaysand a couple of weeks around Christmas)
Old courthouse at 140Adams Ave.; Room 134 (first floor; southeast corner)
From 2 – 5lawyers; usually 20 – 30 clients, so it moves fast, and most adviceis general. Advice will be good, but the odds of finding a lawyer tohelp with unique problems are small.
Open to the public. Organizedby Memphis Area Legal Services


Veterans Legal Clinic(Monthly)
Second Tuesday of every month; noon – 2:00 p.m.
1407Union Ave., 11th floor
Veterans only. Must pre-register via theVA.
3 – 6 attorneys; 5 – 25 clients.
Organized by MemphisArea Legal Services and the VA.


Midtown Legal Clinic(semi-annual?)
Idlewild Presbyterian Church; 1750 Union Ave.
Verysimilar to 2SLAC
Other churches sometimes have similarevents.
Organized by Memphis Area Legal Services and IdlewildChurch.


Pro Se Divorce Clinic (Daily)
9:00 a.m. – noon;Monday – Friday.
Old courthouse at 140 Adams Ave.; Room 134 (sameas AOTD, above)
Produced entirely by Community Legal Center.

ANNOUNCEMENTS:

Talk Shoppe offers freenetworking & education to anyone interested in real estate or inbusiness. Talk Shoppe meets every Wednesday 9A-10A CT at ConcordeCareer College 5100 Poplar Ave 1^st floor Memphis, TN ThisWednesday February 5^th, 2020 Dr. Richard Ranta, Founderand Dean Emertius of the College of Communication and Fine Arts atUniversity of Memphis. Past Chairman of The Memphis and ShelbyCounty Film and Television Commission. Dr. Ranta presents “TheLatest on Filming In Memphis, TN” For more about Talk Shoppewww.TalkShoppe.com

Talk Shoppe events are freethanks to advertisers like Mark McLaurine, owner and HVAC strategistat Refrigeration Unlimited. When your heating and air system needsan expert contact Mark McLaurine at www.myhvacman.com

Thank you also to Leah AnneMorse of All Things New. Leah Anne specializes in helping peopledownsize or move into different lifestyles and spaces. Leah Anne canmake the move easier and more enjoyable. Contact Leah Anne at (901)488-9733

2. The Tigers are playingbasketball today. GO TIGERS!

4. Subscribe atwww.TNRDHomeLoans.com and you canget our weekly blog posts with podcasts conveniently in your inbox.

5. Real Estate Mortgage Shoppe reminds you to MAKE YOUR PLAN. LET’SWORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.

SPECIAL NOTE: REALESTATE MORTGAGE SHOPPE RECOMMENDS THAT YOU CONSULT WITH A FINANCIAL,LEGAL OR OTHER CERTIFIED, LICENSED PROFESSIONAL BEFORE ACTING ORINVESTING ON ANYTHING YOU HEAR OR SEE FROM THE CONTENT ON THIS SHOWOR BLOG POSTS. THE INFORMATION WE SHARE ON REAL ESTATE MORTGAGESHOPPE IS GENERAL IN NATURE MEANT FOR GENERAL EDUCATIONAL PURPOSESONLY. ALL EXAMPLES GIVEN FOR ILLUSTRATION PURPOSES ON REAL ESTATEMORTGAGE SHOPPE AND ARE BASED ON TRUE STORIES BUT WE USE FICTIONALCHARACTERS AND DO NOT DIRECTLY REFLECT REAL PEOPLE OR EXACT DETAILSIN ANY OF THE SITUATIONS.

QUOTE CORNER:

Earl Wilson-“If youthink nobody cares if you’re alive, try missing a couple of carpayments.”

American Proverb “InGod we trust; all others pay cash”

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REJOINDERS:

1. Mary Lou Nowak, owner of Mid-South HomeHelpers (non-medical assistance in the home for your aging or handicapped loved ones) Mary Lou knows what to do to help you and your loved ones remain safely and comfortably in their own home. (901) 414-9696
2. Pat Goldstein, realtor with Crye-Leike, Inc in West TN and North Mississippi. “The Gold Standard in Real Estate” (901) 606-2000
3. Kelly Inman, Next Day Access in Memphis, TN Next Day Access can supply you or your loved one with wheel chair access, grab bars, chair lifts etc within 24-48 hours (901) 617-4675

Transitional Music: “Money”by Barrett Strong, “I Might Be Cheap, But I’m Not Broke” by RikRoberts; “We Are Debt-Free” Flash Mafia Music; “TakingCare of Business” By Bachman Turner Overdrive—just the music andno lyrics for the Talk Shoppe Business Tip For Real Estate Pros.

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ABOUT MARK LODEN OF MKL MONTHLY BUDGETING SERVICE

Welcometo the MKL Personal Budget Planning Experience!

Myname is Mark Loden, counselor and founder of MKL Personal BudgetPlanning System. I do notsell investments or insurance of any kind. I am a budget specialistand I teach people the Essential Tools for managing their personalfinances through a monthlybill paying budget plan. My service is simple and straight forward; not a ball and chain, butan organized plan that includes all your monthly budget needs andwill help you to:

• Pay bills on time and stop collection agency phone calls
• Pay down debt such as credit cards, personal loans, etc.
• Set aside money for future needs such as clothes, car maintenance, vacations, savings and much more
• Learn how to manage your money so well that at any given time of the month, you will be able to know where you stand with regard to groceries, gasoline, savings, etc, in order to monitor your priorities and see them become reality.

Itis a “Fiscal Fitness Plan” for your personal finances!

901.624.0052Office

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BRUCE RALSTON, ATTORNEY AND COUNSELOR

Bruce Ralston

Attorney & Counselor at Law

2670 Union Ext’d. #1200

Memphis, TN 38112

901-543-5045 (This number follows meeverywhere)

901-432-5212 fax

901-235-DEBT – Text messaging ONLY

This email address is being protected from spambots. You need JavaScript enabled to view it.

www.MemphisBankruptcyLawyer.com

www.MemphisDebt.Lawyer

ABOUT JO GARNER-MORTGAGE LOAN OFFICER:

WHAT DO YOUWANT TO ACCOMPLISH WITH YOUR MORTGAGE?

www.TNRDHomeLoans.com (901) 482 0354 This email address is being protected from spambots. You need JavaScript enabled to view it. twitter @jogarner NMLS# 757308 (currently working with SierraPacific Mortgage, Inc)

“WhateverYOUR personal priorities are, my job is to help you get the mortgageterms that will give you bragging rights when you talk about it andhelp you score on hitting your goals .”

Asa mortgage loan officer, my job is to help you get to the benefitsyou want from your financing terms. What is most important to you? Ican help you find the financing terms that will help you get to whatyou want. What is your comfort level on a house payment? How muchare you comfortable paying down,? What type of financing do you needto get the house you want to buy or refinance?

Differentclients have different priorities in life—some are buying theirfirst home with very little down payment funds. Some are recoveringfrom medical challenges, divorces or preparing to send children tocollege and some are embarking on a long term goal of buyingproperties to build rental income.”

TNRDHomeLoans is a mortgage officer with extensive knowledge in tailoringmortgages to her customers who are refinancing or purchasing homesall over the country. She offers conventional, FHA, VA or other loanprograms for refinancing and purchases.

Jocan help you look at rent vs buy, when it makes sense to refinance,how to get the best deal on your home purchase financing.

TNRDHomeLoans has been in the real estate/financing business for over 25years. She got her start in Portland, Maine where she firstbegan her real estate career. She received her real estate educationfrom the University of Southern Maine and was personallymentored in San Diego, California by Robert G. Allen, author ofNothing Down,Creating Wealthand The Challenge.

Onmoving back to West Tennessee in 1987, she went into business buyingand selling discounted owner-financed notes secured on real estate. In 1990 Jo went to work for a residential mortgage company and hasbeen a mortgage loan officer for over 25 years. Her goal is tooffer excellent, affordable service to her customers, tailoring theloan programs to the specific needs of her clients.

In addition to her work in the mortgagefield, McKenzie Mortgage RD Loans is the primary sponsor and founderof Talk Shoppe in Memphis. www.TalkShoppe.com McKenzie Mortgage RD Loans also host the radio show Real Estate Mortgage Shoppeairing on News Radio AM 600 WREC and iHeart Radio with podcasts andshow notes published on www.TNRDHomeLoans.com