HOW DEATH CAN AFFECT THE TITLE AND TIMING ON YOUR REAL ESTATE TRANSACTION

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HOW DEATH CAN AFFECT THE TITLE AND TIMING ON YOUR REAL ESTATE TRANSACTION

Today’s topic covers crucial aspects that oftentimes get overlooked. Real Estate attorneys Rob Draughon andShelley Rothman of Griffin, Clift, Everton and Maschmeyer Law Firm will helpyou keep death of an owner from killing the real estate transaction.

I will be sharing stories from clients whotook wise steps to help their families survive well financially in the case oftheir passing way.

What do YOU want to accomplish with YOURmortgage? Call me at (615) 924-6215 andlet’s explore financing options that can be very profitable for you. Subscribe at www.TNRDHomeLoans.com to get Real Estate Mortgage Shoppe podcasts with shownotes in your inbox every week.

To Your Success,

McKenzie Mortgage RD Loans, Mortgage Loan Officer NMLS# 757308 (901)482-0354 This email address is being protected from spambots. You need JavaScript enabled to view it.

Sierra Pacific Mortgage

46 Timber Creek Dr

Cordova,TN 38018

IT’S SHOWTIME….

Good morning, Memphis! Welcometo our internet listeners and podcast listeners across the 50 states! You’re onReal Estate Mortgage Shoppe. I’m your host, McKenzie Mortgage RD Loans, Mortgage Loan Officer. You can connect with me at www.TNRDHomeLoans.com. HOW DEATH CAN AFFECT THE TITLE AND TIMING ON YOUR REALESTATE TRANSACTION. Subscribe to get our weekly blogposts with podcasts at www.TNRDHomeLoans.com. Call us while we are liveat (901) 535-9732 Today is March 7,2020.

INTRODUCING ATTORNEYS ROB DRAUGHON AND SHELLEY ROTHMAN

In the studio again we have Rob Draughon and Shelley Rothman ofGriffin, Clift, Everton, and Maschmeyer Law Firm. My clients and our team over at the mortgageoffice are so impressed with your service and help to clear up titleissues. Rob and Shelley, take a fewmoments to tell our listeners a little bit about yourselves and what you do foryour clients. (Rob and Shelleyintroduce themselves and talk about what they do for their clients at the lawfirm)

MORTGAGE RATES AT A50-YEAR LOW

(Jo) As of today March 7th, 2020, the galacticsize opportunities we are seeing from the mortgage desk are in these 4areas. Which of these categories fits you best?

  1. Buying a home with a 50-yearlow fixed rate interest rate.
  2. Refinancing your currentmortgage to a lower rate and lower payment
  3. Refinancing your currentmortgage to a lower rate AND eliminating 5 to 10 years off your mortgage term.
  4. Refinancing your currentmortgage to a lower rate and rolling into the refinance other higher interestrate debts so you can pay off the loan early and at a much lower interest ratecost.

This reminds me of one ofclients that I like to call a “rock star’ clients that we can call Gary Guyton(not his real name.)

GARY GUYTON’S STORY-TAKE TIME TO SMELL THE ROSES ANDSAVE MONEY TOO

Gary Guyton (not his real name) loved his profession and spent a LOTmore than 40 hours working at what he loved to do. In the past, Gary regretted being so busythat he missed very important opportunities to be present with loved ones whenthey needed him. He also regrettedmissing financial opportunities because he was nose-to-the-grindstone workingwithout looking up.

But, with the help of some friends, Gary blocked out time each week tospend with his loved ones and time to really put thought into how he wasspending his money. He called me notlong ago and we explored some refinancing scenarios.

By refinancing his loan of a little less than $170,000, to a 15 yearterm with a lower interest rate, Gary was able to eliminate about four and ahalf years off his remaining mortgage term and lower the overall interest costsover the loan amount. The refinance toa 15 year term from a 30 year term would save him over $40,000 over the next 15years. His payment would go up about$100/month but that was manageable for Gary.

In the past, Gary would have been too busy to take time to look intothe benefits of a refinance. But, heDID call and now he was happy and feeling VERY good about his decision to makeover $40,000 in financing savings over such a short time.

MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY,LET’S DO IT TODAY. Connect with me at www.TNRDHomeLoans.com. Email me at This email address is being protected from spambots. You need JavaScript enabled to view it. or just call me at (615) 924-6215.

Shelley Rothman and Rob Draughon, you see a lot of people making realestate related decisions in your real estate closing office at Griffin, Clift,Everton and Maschmeyer Law Firm. What advice can you share with us today to keepour timing and title on track for closing?

( Rob and Shelley launch into the first part of theirtopic)

You’re on Real Estate MortgageShoppe. I’m your host, McKenzie Mortgage RD Loans, Mortgage Loan Officer. What do YOU want to accomplish with yourmortgage? Make your plan. Let’s work your plan if the deal works for you today,let’s do it today. When we come back attorneysRob Draughon and Shelley Rothman will be sharing some valuable information whenit comes to avoiding closing delays and title issues with the passing away of ahomeowner. See you back in just a moment.

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THE LOOKBACK MEMPHIS TRIVIA CONTEST

2nd segmentafter 9:15 break: Our Look Back Memphis Trivia Contest is brought to you by notable Memphis historian, Jimmy Ogle. Twelve of his Memphis History lecturesentitled Making Memphis – Storytelling by Jimmy Ogle may be viewed byGoogling “JIMMY OGLE PINK PALACE”. Viewat JimmyOgle.com. . The Look Back Memphis Trivia Contest is sponsored by John and Jennifer Lawhon ofLawhon Landscape (901) 754-7474 the Lawhon’s can help you plan your landscapingif you have a BIG, BIG project or a smaller project or you can do the bigproject in phases . The Lawhons are giving away a $25 gift card to the firstperson with the correct trivia answer. If you know the answer to our trivia question, call us at 901 535 WREC901 535-9732. Big River Crossing

Question: It’s time to“brand” me, and my new name is for the new project that crosses the MississippiRiver. What is my new name?

Hint: I was first opened in1917 to provide automobile access across the Mississippi River.

Hint: A part of me had opened in 1916 for theincreased railroad demand in Memphis.

Hint: My automobile sections were closed in 1949when the Memphis & Arkansas Bridge was opened.

FinalHint: In December, 2014, my name with theoriginal bridge name received a new name to brand the most unusual pedestrianand bicycle crossing over the Lower Mississippi River.

Answer:Big River Crossing. Opened in 1916, the railroad portion with twotracks became the Harahan Bridge. TheHarahan Bridge was named for James Harahan, an Illinois Central executive thatchampioned a new bridge in Memphis to augment the Frisco Bridge (railroad only,one track) that had opened in 1892. In1904, there were eight automobiles in Memphis, but by 1910 there were 1,000,and by 1913 – 6,000 automobiles! Theneed for an automobile crossing was met in 1917 when the cantilevered portionson the north and south sides of the Harahan Bridge opened to allow vehicles tocross of the Lower Mississippi River for the first time, on wooden planks. By 1927, the “Broadway of America” (Highway70) opened to promote a paved, signed highway across America, connecting SanDiego with New York City (through Memphis). In 1949, a third bridge was opened,the Memphis & Arkansas Bridge opened, and the cantilevered supports wereclosed.

Fast forward to2013, and Memphis entrepreneur, CharlesMcVean, began championing the adaptive re-use of the closed cantileveredareas. Over $30 million in public andprivate support was gathered, involving two states (Tennessee & Arkansas),two counties (Shelby & Crittenden) and two cities (Memphis & WestMemphis), the cooperation of the Union Pacific Railroad and the Mid-SouthBicycle Community. The Main-to-Mainproject connects Broadway Avenue in West Memphis with Main Street in Memphis,and the Big River Crossing will connect the eastern portion of Shelby Countyvia green lines and greenways all the way to the levees of EasternArkansas. At a press conference at theChurch Of The River in December, 2014, the pedestrian and bicycle portion onthe north side of the Harahan Bridge, scheduled to open in the autumn of 2016,was official named BIG RIVER CROSSING!

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TOPICS COVERED BY ROB DRAUGHON AND SHELLY ROTHMAN OF GRIFFIN, CLIFT, EVERTON, & MASCHMEYER LAW FIRM

Something weget phone calls about frequently is closing on properties where the owner isdeceased.

What can youexpect if you have inherited real estate and want to sell it?

You shouldknow or find out who the legal owners of the property are before signing alisting agreement to sell the property.

These aregeneral guidelines:

  • If a couple owns property as husband and wifeand one of them passes away, the surviving spouse owns the property and canconvey it.
  • If people own property as joint tenants with theright of survivorship in the longest liver and NOT as tenants in common thesurviving tenant or tenants own it and can convey it.

If the soleowner passes away,

  • As a general rule, real estate cannot beconveyed within 60 days of the date of death of the owner. The reason for this rule is to allow peoplethat may be holding a deed from the deceased person to come forward and recordit.
  • In Tennessee, title to the property immediatelyvests in the beneficiaries or heirs at the time of death. It needs to be determined whether or not thedeceased person had a Will.

If not, theproperty will pass by the laws of intestacy in Tennessee. Under the laws of intestacy, depending uponthe facts, ownership of the property will be shared among any spouse andchildren of the deceased. If thedeceased was not married and had no children it would go to his or herparents. If the parents are alreadydeceased it would go to brothers and sisters. In this case, there are circumstances where the owners of property can be proven by what’s knownas “Affidavits of Heirship” . Dependingupon the circumstances, it may still be deemed necessary to open what’s knownas an Intestate Estate in the Probate Court.

If there isa Will, the real estate will go to the beneficiaries under the terms of thatWill.

Again,depending upon all of the circumstances, the Will may or may not need to beprobated or it may just need to be probated for purposes of proving ownership.

Be preparedto provide a certified copy of the deceased owners Death Certificate under allof the above circumstances.

TennCare ispart of Medicaid. The State can recoverrepayment from the estate for Medicaid received in connection with long termservices and support such as nursing home care or home and community basedservices for people over 55. If thelast surviving owner passes away, a TennCare Waiver will be required if theywere over the age of 55. TennCare has alien on the real estate of people that were on TennCare prior to passingaway. A TennCare Waiver states that theywere not on TennCare or, if they were, it will give the amount owed to theState which will need to be paid at closing unless other arrangements aremade.

Once theproperty is sold, depending upon when the owner passed away and whether therehas been a Probated estate, you can expect the net proceeds from the sale to beheld in escrow for anywhere from 4 months from the date of Notice to Creditorsof an opened Probate Estate to a year from the date of death. Your real estateattorney will review the circumstances, work with a probate attorney as needed,and let you know what to expect.

If you areunder contract with the Seller and the Seller dies before closing do notdespair.

Under thesecircumstances there will need to be a Probate estate opened at which point apersonal representative will be appointed by the Court. The personal representative can then conveythe property to the purchaser. Thebeneficiaries may need to sign the deed as well. ­­­­­­­­­­­­­­

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TOPICS COVERED BY JO GARNER, MORTGAGE LOAN OFFICER

  1. What are the biggestprofit opportunities you see in the current rate environment?

As of today March 7th, 2020, the galacticsize opportunities we are seeing from the mortgage desk are in these 4areas. Which of these categories fits you best?

  1. Buying a home with a 50-yearlow fixed rate interest rate.
  2. Refinancing your currentmortgage to a lower rate and lower payment
  3. Refinancing your currentmortgage to a lower rate AND eliminating 5 to 10 years off your mortgage term.
  4. Refinancing your currentmortgage to a lower rate and rolling into the refinance other higher interestrate debts so you can pay off the loan early and at a much lower interest ratecost.
  5. What aresome of the ways you have seen your mortgage clients choose mortgage terms thatbest fit their family needs?
  6. These are my personalopinions I am sharing with you. I am nota certified financial advisor, but I have been in the mortgage business forover 25 years. You learn something newevery day in this business. So, mynumber one observation is to own your own home. Own more than one. A home is avaluable asset that you can enjoy today, that can sustain you tomorrow and thatyou can leave to those you love once you have passed away.
  7. When you buy a home, bewilling to start small and gradually build up to the home you want later. You don’t have to move into your dream homewith your first home. The clients that Ihave seen become very financially well off and comfortable are those people whowere disciplined with their investments.

They started small with a payment they could afford, and gradually movedup toward their dream home.

A lot of the financial gurus you can hear on podcasts, books and mediainterviews will suggest you keep your total house payment under 25% to 28% ofyour gross income. Keeping your totalincome-to-debt ratio including your other payments under 38% to 45% of yourgross income.

Keeping a healthy emergency fund at all times fits in here too. Thefinancial experts in the media differ in their opinions as to how muchemergency fund you need, so check with a qualified financial planner. I heard one financial expert suggest keeping3 months of living expenses in an undisturbed emergency fund if you have astable, salaried job. If you areself-employed or largely a commission only employee, having a whole 12 monthsliving expenses in an emergency fund is suggested.

  1. As I describe to you the ways so manyof my former, financially successful clients have handled theirfinancial affairs, I am reminded of a dear client who has passed away not toolong ago. Let me share with you theHarlington family’s story.

Harryand Helen Harlington- Structure your mortgage financing with your other familymember interest in mind

Harry and Helen Harlington committed many years ago toput others first, including their own family members. Time after time financial challenges,physical illnesses and other of life’s storms tried to blow this family offcourse. Each time the Harlington’sregrouped and continued to put other’s interest first. This forced them to think of creativesolutions and take action.

The first time I met Mr. and Ms. Harlington was about20 years ago when they were buying a home. They wanted a 30 year fixed rate mortgage so that they could afford tohelp their children who were finishing up college. The Harlington’s set up a system to makeextra payments to try and pay off the mortgage early.

Thenmortgage rates dropped. Mr. Harlington and I explored some refinance scenarioswith a much lower mortgage rate than he was currently paying and on a 15 yearterm, which would automatically eliminate over 5 years off the mortgage. Mr. Harlington could do long math in hishead. Before I could print out for himthe benefits of cutting the interest by over a point and dropping over 60payments off the loan payoff, he already had calculated the tens of thousandsof dollars his family would get to keep in their pockets if he cut the rate ANDthe term on his mortgage. We did thatrefinance with him and his wife walking away with bragging rights

A few years later Mr. Harlington called me with some very bad news he had receivedfrom his doctor. By this time theshorter 15 year mortgage term had allowed him to significantly pay down thebalance on his mortgage. He had saved aLOT of money doing this.

But, true to his commitment to put others first, he gave up his desire to pay off themortgage completely, and instead, we looked at taking the smaller balance leftand refinance to a still low rate but longer 30 year term. The payments would BE drastically lowerthan he was paying so that, if he should pass away before his wife, she wouldbe able to easily make the payments on the remaining mortgage and leave plentyin the budget to pay for her personal care and keeping up the house.

Over a 20 year period, the Harlington’s saved tens ofthousands of dollars on what they paid on their mortgage by taking advantage ofrates when they could refinance to lower interest expense. They also saved thousands by eliminatingyears off their original mortgage.

What do YOU want to accomplish with YOUR mortgage? Let’s explore some options you have today while rates are at around a50-year low. Call me at (901)482-0354 or email me at This email address is being protected from spambots. You need JavaScript enabled to view it. .

REAL ESTATE TIP OF THE WEEK (Roband Shelley to share a real estate related money-saving or time-saving tip):

ANNOUNCEMENTS:

Talk Shoppe offers freenetworking & education to anyone interested in real estate or in businessand health and wellness. Talk Shoppe meets every Wednesday 9A-10A CT at ConcordeCareer College 5100 Poplar Ave 1st floor Memphis, TN (The ClarkTower) This Wednesday March 11th,2020, Sandy Wright of WrightEdgeSolutions will be presenting “ “TheDestructive Side of Hoarding: Dealing With Issues of Chronic Disorganizationand Hoarding.” For more about TalkShoppe www.TalkShoppe.com

Talk Shoppe events arefree thanks to sponsors like Maria Popa, certified financial advisor andinvestment advisor with Strategic Financial Partners here in Memphis. Set up an appointment with Maria Popa to puttogether your family financial plan at (901) 260-6431 You can also find Maria at Talk Shoppe.

Thank you also to MirandaGriffin of Healthy Mid-South for educating us on how to set up eating habitsand routines to stay healthy. You canfind Miranda at Talk Shoppe events. You can also find her at www.healthymidsouth.com

A special thanks to Don Lawler of www.storytellersMemphis.com for helping our business people at TalkShoppe tell their brand story in video. Don Lawler with StorytellersMemphis can help YOU and YOUR business brandtoo.

3. REMEMBER TO SPRING YOUR CLOCKSFORWARD 1 HOUR TONIGHT FOR DAYLIGHT SAVINGS TIME

4. Subscribe at www.TNRDHomeLoans.com and you can get our weeklyblog posts with podcasts conveniently in your inbox.

5. RealEstate Mortgage Shoppe reminds you to MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.

SPECIAL NOTE: REAL ESTATE MORTGAGE SHOPPE RECOMMENDS THAT YOU CONSULT WITH A FINANCIAL,LEGAL OR OTHER CERTIFIED, LICENSED PROFESSIONAL BEFORE ACTING OR INVESTING ONANYTHING YOU HEAR OR SEE FROM THE CONTENT ON THIS SHOW OR BLOG POSTS. THEINFORMATION WE SHARE ON REAL ESTATE MORTGAGE SHOPPE IS GENERAL IN NATURE MEANTFOR GENERAL EDUCATIONAL PURPOSES ONLY. ALL EXAMPLES GIVEN FOR ILLUSTRATIONPURPOSES ON REAL ESTATE MORTGAGE SHOPPE AND ARE BASED ON TRUE STORIES BUT WEUSE FICTIONAL CHARACTERS AND DO NOT DIRECTLY REFLECT REAL PEOPLE OR EXACTDETAILS IN ANY OF THE SITUATIONS.

QUOTE CORNER:

Dr Seuss- “How did it get so late so soon? It’s night before it’safternoon. December is here before it’s June. My goodness how the time hasflewn. How did it get so late so soon?”

Eric Thomas- “Change your24 hours and you will change your life.”

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REJOINDERS:

  1. Jana Cardona, Executive Director ofMid-South Business Network International www.bnimidsouth.com
  2. Pat Goldstein, realtor with Crye-LeikeInc., West TN and North Mississippi (901) 606-2000
  3. EricEurich, Kaizen Award-Winning business coach with This email address is being protected from spambots. You need JavaScript enabled to view it.">This email address is being protected from spambots. You need JavaScript enabled to view it.

Transitional Music: “Time” by Pink Floyd; “Time Is On MySide” by the Rolling Stones; “100 years” by Five For Fighting. “Memphis” byJohnny Rivers for the Look Back Memphis Trivia Contest

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ABOUT REAL ESTATE ATTORNEYS- SHELLY ROTHMAN AND ROB DRAUGHON -GRIFFIN, CLIFT, EVERTON & MASCHMEYER

ABOUT JO GARNER-MORTGAGE LOAN OFFICER:

WHAT DO YOU WANT TO ACCOMPLISHWITH 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)

“Whatever YOUR personal priorities are, my job is to help youget the mortgage terms that will give you bragging rights when you talk aboutit and help you score on hitting yourgoals .”

As a mortgage loanofficer, my job is to help you get to the benefits you want from your financing terms. What is most important to you? I can help youfind the financing terms that will help you get to what you want. What is your comfort level on a house payment?How much are you comfortable paying down,? What type of financing do you needto get the house you want to buy or refinance?

Different clients have different priorities inlife—some are buying their first home with very little down payment funds. Some are recovering from medical challenges,divorces or preparing to send children to college and some are embarking on along term goal of buying properties to build rental income.”

TNRDHomeLoans is a mortgage officer with extensive knowledge in tailoring mortgages toher customers who are refinancing or purchasing homes all over thecountry. She offers conventional, FHA,VA or other loan programs for refinancing and purchases.

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

McKenzie Mortgage RD Loans has beenin the real estate/financing business for over 25 years. She got herstart in Portland, Maine where she first began her real estate career. Shereceived her real estate education from the University of Southern Maine and was personally mentored in San Diego, California by Robert G. Allen,author of Nothing Down,Creating Wealth andThe Challenge.

On moving back to West Tennessee in 1987, she went intobusiness buying and selling discounted owner-financed notes secured on realestate. In 1990 Jo went to work for a residential mortgage company andhas been a mortgage loan officer for over 25 years. Her goal is to offerexcellent, 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 TNRDHomeLoans also hosts the radio show Real Estate Mortgage Shoppe airing on NewsRadio AM 600 WREC and iHeart Radio with podcasts and show notes published on www.TNRDHomeLoans.com

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