Car Maintenance: $800 yr divided by 12 mo = $67 @ month

Car Tags: $300 yr divided by 12 mo=$25@ month

Christmas/Gifts: $1300 yr divided 12 mo=$109 @month

YearlyTotal: Monthly Total

$2400.00 $201.00

Now,if you were to take out $201.00 each month from your income and set it aside ina savings account, you can fulfill every one of these expenses that you WILLneed at some time in the future. Now, you will no longer have to maneuver yourway through the bank balance trying to figure out what you are going to do whenone of these future expenses

pops up. If you happen to be off on yourfigures as least you put something aside.

Callme if you want to know about budgeting and its benefits.

MarkLoden

mklmonthlybudgetingservice.com

901.624.0052

___________________________________________________________

TOPICS COVERED BY DEBT ATTORNEY BRUCE RALSTON

Alternatives to bankruptcy.

Bankruptcy is designed to deal with (A) multiple debt issues at once and/or (B)really big debt problems. Most of what I have done over the past 27 years isbankruptcy, but over the past few years I have been seeing more and more peoplewho are considering bankruptcy, but who don’t really have enough debt tojustify that extreme step. As I say to most of those people, “I promise thatyou can find someone who will file a bankruptcy for you. I’m just not sure it’sthe right thing to do, and I think we should explore other options first.”

So I decided to start tackling these other issues head-on as a way of helpingpeople avoid bankruptcy. Here are a few examples:

STUDENT LOANS.
I am literally the only lawyer in the western half of Tennessee who deals withthe whole broad range of student loan debt issues. Depending on how youcategorize things, there are at least three broad areas:
1. People whose only significant debts (or at least their only problematicdebts) are federal student loans. These can almost always be brought undercontrol by way of certain federal programs, and sometimes most or all ofthe debt can be administratively forgiven. These programs can be quiteconfusing, and the loan servicing companies often go out of their way to muddythe waters even more, but I can almost always clear away the confusion and setthings straight in just a couple of hours. But please don’t wait until theyhave started garnishing your wages. That makes the solution considerably moretime-consuming and expensive.
2. Private student loans are a completely different creature. The only twothings that private loans have in common with federal loans are the term“student loan” and the fact that they are very difficult to discharge inbankruptcy (although not impossible). There are no standardized programs fordealing with private loans. A rapidly-growing area of my practice is defending againstlawsuits brought by private lenders. It is quite rare for someone to be suedover a federal student loan, but for private lenders lawsuits are really theironly concrete collection tool. I have defended roughly 100 private student loanlawsuits and I haven’t lost one yet. Every one has either been dismissed orsettled on very favorable terms.
3. The more complicated scenario arises when someone has both private andfederal loans which are out of control, or when they have a lot of otherproblematic debt in addition to the student loans. One or the other isusually manageable, but combining the two makes both situations moreproblematic. That is often a factor in driving people into bankruptcy,especially if they have other significant debts which can be managed orresolved in bankruptcy. As part of the bankruptcy process we can often persuadeprivate student loan companies to work out payment plans with little or nointerest and reduced principal. Federal loans, not so much. But again, oncesomeone is out of bankruptcy that is a good time to use those federal programs.

MORTGAGE ISSUES
As you know, once a mortgage has been finalized the account is usually sold toa third party, and a separate servicing agency takes over the account.Unfortunately, the homeowner has zero say-so as to who takes over her loan.Since 2007 we have seen very few problems with loan origination, but we arestill seeing all of the same old problems with mortgage servicing that led tothe nightmare of 2007 – 2008. To be fair, in most cases there are no problemsas long as all of the payments are made on time, but as soon as somethingchanges or goes wrong everything can go haywire. If anyone has modified amortgage, or missed some payments and caught up, or filed any sort of bankruptcy,then they should not assume that everything is as it seems. There is a clusterof federal laws, as well as some fairly basic state laws, that give you certainrights. Some lawyers who are much smarter than me have designed systems that Ican plug into which streamline the process of determining facts and fixingproblems. Most of these laws have fee-shifting provisions, meaning that ifthe mortgage servicer crosses certain lines, then they have to pay myfees.

FIGHTING ABUSIVE DEBT COLLECTORS
There is a very broad and powerful federal law called the Fair Debt CollectionPractices Act which specifically targets debt collectors who cross certainlines. This law applies whether or not the person actually owes the money, butwhen the debt collector targets the wrong person then it becomes a much bettercase, and we have the opportunity to teach them a much-needed lesson. Like manyother consumer protection statutes, the FDCPA has a fee-shifting provision,which means that if we catch the debt collector crossing one of those linesthen not only do they have to pay my client some money (usually $1,000, butpossibly more), but they also have to pay my fees, so in most cases we don’tcharge any up-front attorney fees.

LEMON LAW & USED CAR RIPOFFS
I used to be a volunteer Lemon Law arbitrator for the Better Business Bureau.To be clear, in Tennessee the Lemon Law only applies to cars that werepurchased or leased as brand new. There is no lemon law as to used cars inTennessee. Some other states have that, but not us. That doesn’t mean thatthere is no protection for people who get ripped off when buying a used car,but I get these calls almost every day, and in maybe 1 out of 100 cases isthere anything that can be done to help. But if you bought the car new, and ifit’s still within the original factory warranty period (not any extendedwarranty) then there is probably something that I can do.
DON’T EVER BUY A USED CAR WITHOUT PAYING YOUR OWN MECHANIC TO CHECK IT OUTFIRST. NEVER.

CREDIT REPORTING
This is both quite simple and very complex. In a nutshell, all the Fair CreditReporting Act says is that IF a creditor puts something on your credit reportTHEN it has to be true and accurate. If it’s not, then you have to submit aproper dispute and give them a chance to fix it. Until you do that, you have nogrounds to file suit. But if there is an incorrect notation in your creditreport, and if you submit a proper dispute, and if they don’t fix it, then youcan sue the credit reporting agency and/or the “furnisher” of the incorrectinformation and make them pay. That is much more easily said than done, andthere are only a handful of lawyers in the country who do that regularly. I amnot one of them, but I know a few, and once the case has been properly set up,then I can bring them in to do battle. And yes, it can be very much like a war.

LAWSUIT DEFENSE
In addition to defending lawsuits brought by private student loan companies (asnoted above), we also defend against several other kinds of collection suits.If the plaintiff is a debt buyer (i.e. a company that you never heard of norever did business with) then the odds are very good that we can force them todismiss the lawsuit, because they can’t legally prove their claim in the faceof a proper defense. To be clear, they win most of their lawsuits simplybecause people don’t fight back. Those who do fight back often win, or at leastthey end up in a much better position than they would have been otherwise. Andevery now and then we find an overly-aggressive plaintiff who has violated theFDCPA, which allows us to turn the tables completely. It doesn’t work veryoften, but when it does it’s a really neat trick.

3^rd segment: TOPICS COVERED BY JO GARNER, MORTGAGE LOAN OFFICER:

1. What do yousee happening in the housing market during the “Shelter In Place” period?

Real Estateis considered an Essential Business and people are still buying and sellinghomes. If you are going to buyand sell, you will need to adhere to some extraordinary sanitizing rituals.Check with your realtor and they can inform you on these sanitizing andself-distancing methods. Even though weare seeing a drop in real estate activity due to everyone staying home, peopleare STILL BUYING HOUSES and LENDERS ARE STILL LENDING.

Somerealtors are using 3D 360 videos so that you can see the outside of the house,up and down the street. You can virtually go all through the home and look ateach room and more. Get used to itbecause even after the Coronavirus interruption, the virtual viewing of homeswill continue to grow in popularity.

• Are theprovisions in the CARE ACT allowing homeowners to put off paying their housenotes for a while for real?

Yes, theprovisions in the CARE ACT allowing homeowners to delay paying their mortgagepayments for a period of a few months, making it easier for people who havelost their incomes due to the Coronavirus pandemic to be able to delay payingwithout it being reported negatively to the credit bureaus. The provisions ofthe CARES ACT regarding mortgage payment forbearance only applies to mortgagesunder government sponsored enterprises like Fannie Mae, Freddie Mac, FHA orVA. Your mortgage servicer can tell youif your mortgage is under any of these.

A forbearance is an agreement between theborrower and the mortgage holder to delay mortgage payments without exercisinga foreclosure. But payments don’t goaway. The borrower will have to makethese payments later.

But, someexperts in the mortgage industry advise that, it you can make your mortgagepayments, go ahead and make them. Therecould be a downside to going into forbearance, because even if it is notreported negatively on your credit report, it could cause problems for you ifyou wanted to apply for another mortgage later.

If you arein a situation where you need to ask your mortgage company for a forbearance onyour mortgage payment, it is your responsibility to contact yourmortgage servicer (that is the company that sends you a mortgage statement) andnotify them officially of your need for a forbearance. You need to keep trying, even if the waittimes are really long to get someone on the phone.

LAID OFF,NO MONEY, NOW WHAT?

A couple ofweeks ago a past mortgage client of mine called distraught. He explained, “Mywife was just laid off of her high-paying job where she has worked for over 30years. We can’t make our mortgagepayment and we can’t get through to the mortgage company on the customerservice line. What do we do??”

I will sharewith you, our listeners, just like I shared with this couple, keep trying toreach your mortgage company to talk with a real person.

But in themeantime, go to the Contact Us tab on your mortgage servicer’s website and sendthem an email with the word “forbearance” in the subject line and in the bodyof the letter. Include your name, if it is on the mortgage statement, your loannumber and explain that you are unable to make your mortgage payment and areofficially requesting a mortgage Forbearance.

If you arehaving difficulty reaching your mortgage servicer, you can call the HOPE HELPLINE for people needing help and unable to make their mortgage payments. Counselors there are trained to help youwith mortgage issues. Call (888)995-HOPE. (888) 995-HOPE.

(But evenwhen your forbearance request is granted from some at the HOPE HELP line, youare still responsible for communicating with our mortgage company.

• If the FederalReserve rate is so low, why have mortgage rates gone up?

One verycommon misconception is that mortgage rates are tied to the Federal ReserveRates. Mortgage rates have neverbeen tied to the Fed Rate. Mortgagerates move up and down multiple times a day independently of the Fed.

Normally themortgage rates will go up and down based largely on the 10-year Treasure Billyield. But, due to major interruptionsin the financial markets, the price of mortgage rates are looking higher because High Risk PLUS Low Liquidity =Higher price.

When thestock market plummeted several days ago surrounding the effects of the Covid-19 pandemic and the governmentannounced that people who were losing incomes and needed help could put theirmortgage payments in forbearance, the supply of mortgage-backed securitiesfunds to lend begin to dry up very quickly. Remember your old high school economicsclass? When supply is low and Demand ishigh, what happens to price? Prices goup.

Withmortgage servicers forced to make mortgage payments to the investors likeFannie Mae and Freddie Mac even though they were not getting payments fromborrowers, it put mortgage servicers in a pinch. They did not have the capital to continuesupplying money to lend on new loans. The supply of mortgage money to lend was low.

The FederalReserve saddled up their calvary and rode in buying billions of dollars ofmortgage-backed securities to put more money in the market to lend, but now need to find a way to help theservicers or individual lenders will not be able to find servicers to take overthe servicing end of new loans. Inother words, the flow of new mortgage money to fund new mortgages flows in a circlewith servicers part of the circle. Ifyou have four basketball players standing in a circle and one player is havingdifficulty passing the ball, the flow ofthe ball around the entire circle slows down.

Because theFederal Reserve is continuing to buy Mortgage-Backed Securities by the billionscontinuing to grow the money supply, the forecast is that mortgage rates willstay low throughout 2020.

Once thefinancial markets return to normalcy and the people who had to file forforbearance are paying on their mortgage payments again, some of the tighterlending restrictions that lenders suddenly implemented are predicted to swingback toward normal again.

That is asimplified explanation of how the mortgage market looks right now.

4^th segment: REAL ESTATE TIP OF THE WEEK (Bruce Ralstonhas 1 to 1.5 minutes to share a real estate related money-saving or time-savingtip):

ANNOUNCEMENTS:

Talk Shoppe offers freenetworking & education to anyone interested in real estate or in business.Talk Shoppe meets every Wednesday 9A-10A CT. To get the website for our virtualMeeting Room, go to www.TalkShoppe.comand click on the Upcoming Events tab. This Wednesday April 15th, 2020 Talk Shoppe presents: ““Learn Today What 70% of Families Find Out Too Late AboutCare For Your Aging Loved Ones” A Panel Discussion, comprised of Mary Lou Nowakof Midsouth Home Helpers, Greg and Kelly Inman of Next Day Access, Chris MKnudsen of the Bailey Law Firm, Cathy Armstrong of Baptist Trinity Home Care,Denise Ward of Baptist Trinity Hospice, and David Hodges of BoatwrightPharmacy.

1. TalkShoppe events are free thanks to advertisers like Earle Leake of LeakeInsurance Agency (commercial insurance to cover your business. ) Consult withEarl Leake about covering your business and its assets. 901-737-9352
2. Thank youto Greg and Kelly Inman of Next Day Access for your financial support in makingTalk Shoppe’s education and networking free to our community. Greg and Kelly at Next Day Access can giveyour aging or handicapped loved one wheel chair access, grab bars, stair liftsand more by Next Day. Call Next Day Access at www.NextDayAccess.com

2. Thank you to RealEstate Attorneys Rob Draughon and Shelley Rothman of Griffin, Clift, Everton and Maschmeyer LawFirm for sponsoring this episode of Real Estate Mortgage Shoppe. Contact RobDraughon and Shelley Rothman for your real estate home purchase closing orrefinance closing by calling (901)752-1133

3. Happy Easter! Happy Passover!

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. THE INFORMATIONWE SHARE ON REAL ESTATE MORTGAGE SHOPPE IS GENERAL IN NATURE MEANT FOR GENERALEDUCATIONAL PURPOSES ONLY. ALL EXAMPLES GIVEN FOR ILLUSTRATION PURPOSES ON REALESTATE MORTGAGE SHOPPE AND ARE BASED ON TRUE STORIES BUT WE USE FICTIONALCHARACTERS AND DO NOT DIRECTLY REFLECT REAL PEOPLE OR EXACT DETAILS IN ANY OFTHE SITUATIONS.

QUOTE CORNER:

Anonymous “What a year this weekhas been.”

Jim Rohn “Happiness is not bychance, but by choice.”

____________________________________________________________________________________

REJOINDERS:

Bill Emmerling, Vista Points Mt Juliet and Memphis, TN (providingspecial needs trusts and resources) www.vistapoints.org

Leah Anne Morse, All Things New in Collierville, TN (helping people andfamilies organize to down size, up size or hold an estate sale. (901) 488-9733

Mary Lou Nowak, Mid-South Home Helpers, Germantown, TN 38138 (901)414-9696

Transitional Music: “Keep Holding On” by Avril Lavigne; “Fight Song” by Rachel Platten; “Keep Your Head Up” by Andy Grammar;“Taking Care of Business” by BTO for the Talk Shoppe Business Tip For RealEstate Pros

ABOUT MARK LODEN OF MKL MONTHLY BUDGETING SERVICE

• 

Welcome to the MKL PersonalBudget Planning Experience!

My nameis Mark Loden, counselor and founder of MKL Personal Budget PlanningSystem. I do not sell investments or insurance of any kind. I am a budget specialist and I teach peoplethe Essential Tools for managing their personal finances through a monthlybill paying budget plan. My serviceis simple and straight forward; not a ball and chain, but an organized planthat includes all your monthly budget needs and will help you to:

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

It is a“Fiscal Fitness Plan” for your personal finances!

901.624.0052 Office

­­­­­­­­­­­­­­­­­­­­­­­______________________________________________________________________________

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 me everywhere)

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 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 host 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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