Garner # 177 * 05/2/20

TriviaAnswer: Armstrong Field

Question: Iwas one of the early airports in the Memphis area. Who am I?

Hint: I was named for aMemphis pilot killed in Word War 1.

Hint: Charles Lindbergh landed here on October 3,1927 during his promotional tour around America following his successfulTrans-Atlantic flight to Europe

Hint: I am noted with a historicalmarker in a field of agriculture between Frayser and Millington..

Final Hint: There were two other airports nearbynamed Park Field and New Bry’s Airport. Who am I?

Answer:Armstrong Field is named for Lt. Guion Armstrong, a Memphis pilotkilled in World War I in France on October 4, 1918. He had enlisted in the Armyand his rank was First Lieutenant with the
13^th Aero Squadron. Lt. Armstrong is memorialized at theMeuse-Argonne American Cemetery in Romagne, France, an American BattleMonuments Commission location. Lt. Armstrong received a Purple Heart and WorldWar 1 Victory Medal. Armstrong Field wasdedicated November 11, 1926.

Charles A. Lindbergh landed here on October 3, 1927 (four months after hisepic, non-stop solo
New York-to-Paris flight) as part of his 82-city tour promoting acceptance ofthe airplane as a dependable
mode of transportation. On his approach to Memphis, Lindbergh had“buzzed” the Lincoln-American Tower, which was the tallest building here at thetime, for attention before landing out at Armstrong Field. He was given aheroes parade and then had a dinner that evening at the Peabody Hotel. (A copy of the dinner menu and program isdisplayed in the Mezzanine Memorabilia Room at The Peabody Hotel).

Lindbergh’s visit in Memphis in 1927 is what convinced Mayor WatkinsOverton and the City Commission to form the Airport Planning Commission, whichled to the opening of Memphis Municipal Airport in 1929. Now the MemphisInternational Airport and home to FedEx, it is the largest cargo handlingairport in America.

Bonus: Jimmy Ogle’s four distinct tours ofElmwood Cemetery scheduled on Saturday, April 25 have been postponed untilSummer. For more information, call 901-774-3212 or go to elmwoodcemetery.org.

Jimmy Ogle has retired from walkingtours in Memphis. Twelve of his MemphisHistory lectures from the Pink Palace entitled Making Memphis – Storytelling byJimmy Ogle, and now more than ten hours Downtown Walking Toursare FREE on the internet at . . . YouTube Jimmy Ogle.

View JimmyOgle.comfor more info!

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TOPICS COVERED BY ATTORNEY ROB DRAUGHON OF GRIFFIN,CLIFT, EVERTON AND MASCHMEYER

Question to Rob: I know you have said, “WE’VE DONE IT BEFORE,WE’RE DOING IT NOW, AND WE CAN DO IT AGAIN” Talk about how this works….

Answer from Rob – Our law office at Griffin,Clift, Everton & Maschmeyer prides itself with a long history and traditionof “hands on” legal advice to clients involved in a real estate closingtransaction. Even in this age of pandemic, we are available by phone, email, orvideo chat. Rest assured, your questions will be answered to let you know theeffect of the documents you are required to sign in order to buy, sell orrefinance your real estate.

Questionto Rob: Can you share some examples ofsituations where the customers closed business as usual but in an unusual way

TOPICS COVERED BY ATTORNEYGLENN EVERTON OF GRIFFIN, CLIFT, EVERTON AND MASCHMEYER

Question to Glenn – After weget through this initial crisis, will I still be able to buy or sell realestate?

Answerfrom Glenn – Yes! In fact, there may be even more opportunities available oncethe worst of the governmental restrictions are lifted. People will realizeafter being cooped up at home for an extended period of time – hey, it’s timeto move up and buy a larger place!

Questionto Glenn– I know you have customers whohave said this to you. “Even before the crisis hit, I was having financialtrouble and had a tax lien filed against me by the IRS. Can I still buy a houseor refinance my existing loan?”

Answerfrom Glenn – From a title and real estate closing perspective, the answer is“yes.” When we have tax liens or court judgments show up in title searches ofthe real estate records, all is not lost. Our law office at Griffin, Clift,Everton & Maschmeyer has dealt with these issues before and will work withyour creditor, your mortgage lender, and the title insurance company to try toaccomplish your purpose – a successful real estate closing!

When you areselling your home or property, be sure to know what all will need to paid offat the closing and be gathering that information like account numbers and banknames, so that the closing attorney will be able to obtain an official payoffstatement from the lienholder ahead of closing. This will include yourmortgage, but also if you happen to have a line of credit tied to your home ormaybe you have a judgment lien or tax lien that has been filed againstyou. As Glenn mentioned before, thesemight not kill your deal, but they will need to be dealt with in order totransfer title to the buyer. It isimportant to be aware of these things though before you even start to negotiateyour contract to make sure that you will be able to satisfy any of thoseliens. If you are in a position whereyou are underwater with your mortgage, meaning you owe more than you are ableto sell the property for, some lenders will work with you and allow a shortsale, but be prepared to spend several weeks working with the lender tonegotiate this type of arrangement.

When you arebuying, be sure to inform your lender and even your real estate agent of anypotential judgments or tax liens or bankruptcy issues up front. These items can be dealt with, but if theyare not none until later in the process it can delay you closing.

Also, when you arebuying, it is important to make sure that you have property insurance lined upwell before closing. Many people waituntil the last minute but this can delay your closing and prevent you frompossibly being able to get a few different quotes from a few companies.

Question toGlenn: You work with commercial realestate transactions and not just the residential closings. How would you describe what is going on inour local commercial real estate markets.

Tip of the week – When you arebuying real estate, be sure to have your funds lined up ahead time forclosing. Your closing attorney willrequire that you provide good funds which means a wire transfer or cashier’scheck. If you are moving funds fromdifferent accounts or have to sell an investment in order to have the funds youneed, be sure to have this lined up several days before closing so you do notcause a delay.

Othertips you can offer? After closing on your home, you will get offers in the mail trying tosell you stuff. The advertisers get asmuch information off the public records documents as they can to make themailer they send to you look like it came from your mortgage company or yourtitle company. Watch out for these.They will try and sell you a copy of your warranty deed (you already have acopy with your closing ) They will tryto sell you credit life insurance, and a prepayment plan. So many of these companies put the name ofyour title company and your mortgage company on their letter but they are notreally connected to your title or your mortgage company.

Goto the website that you already know belongs to your mortgage company and titlecompany to determine whether the mailer is legitimate or not.

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TOPICS COVERED BY JO GARNER, MORTGAGE LOAN OFFICER

1. Talk about whichmortgage products are experiencing rule restrictions and which loan types havelower rates and are easier to get.
2. Earlier you heard me say that I would reveal to youthe everchanging rule restrictions on some loan programs and even lower ratesand easier terms on other products so you can see the course and run it wellwhen it comes to your financing.

Yesterday on Tim van Horn’s WRECMemphis, News, Traffic and Weather show, I explained that mortgage companiesand mortgage investors are experiencing a higher number of borrowers askingtheir mortgage companies to accept a forbearance agreement so they can delaymaking some of their mortgage payments. The mounting forbearance requests arecausing financial stress on mortgage companies.

(Forbearance is not skipping thesepayments, just a delay in making them without the payments being reported tothe credit bureaus as late.)

To protect themselves and the funds they have to lend out, somemortgage companies are raising the price on the riskier loan products or justnot offering them at all. The methods used to mitigate risk vary from onemortgage company to another. So, if youdon’t get what you need from one lender, try another one. Some of the mortgage products that are beingpriced up or suspended are these:

Some Renovation and repair programs

A minus or non-traditional mortgage programs

Jumbo mortgages

Some cash out refinances (they tend to be priced higher than regularpurchase mortgages or the mortgages to refinance just the amount to pay off theexisting first mortgage)

Some first-time homebuyer assistance bond programs are suspended withmany mortgage companies. Other downpayment assistance programs are still available.

Loans to borrowers with very low scores are not available. The definition of a “low score” varies fromone mortgage company to another. Thecompany I work for, as of this week are lending with a minimum score of around640. Prices tend to be higher formortgages in the low credit range.

I have heardit said that Necessity is the Mother of Invention. This was truly the case for one of my clientswe will call Jack. Jack finally got hisoffer accepted to purchase the perfect home for him—a home selling for way intothe jumbo price range. At the same timethe mortgage market went into distress and the jumbo program that had been so attractive just disappeared.

But Jack figured out how to buythe house he wanted even though it required jumbo financing and the source toget the jumbo financing he needed had all but gone away. He had already figured out the solution whenhe called me to finalize his prequalification letter. He told me, “I just want to be approved forthe highest loan possible even though it won’t be the full jumbo amount. I am going to borrow against my home equityline on my current home for rest of the down payment so I won’t need to get aloan in the jumbo range.” Jack wasanother customer like Kitty who had already made up their mind and committedtheir heart to a goal and would not be daunted or dissuaded

• What aresome paths you can take to still get what you want if your credit is holdingyou back?
• Like Jack, in the story I just told, try adifferent loan program altogether. Thegovernment, low down payment program is VERY forgiving when it comes to thelower credit scores. You might find your move-in costs AND monthly mortgagepayment a lot less using the government product rather than the standardconventional lender product. Give me acall and we can explore these mortgage financing options together.
• If your creditscores are so low, you can’t find a loan product to fit your needs at all, thentry taking a step back and work on getting your credit scores higher. One of the agents of the Equifax Creditbureau refers to a popular website to get ideas on how to improve your creditscores. That site is www.myfico.com You can alsoget your free credit report at www.annualcreditreport.com to help youknow where to start.
• There are severalbooks on the market and articles from some reliable sources online.
• There are severalother ways to help you get through the obstacle course and across the finishline.
• I am happy totalk with you and we can explore somedirections you might want to take on your financing.
• Consulting withyou tax accountant, investment advisor or financial planner is a good idea too.
• If buyinga home or selling your home is essential, then you can do it if you take properprecautions while the Coronavirus social distancing rules are in place.

Get with your realtor forguidance on the social -distancing and sanitizing rituals that keep home buyersand home sellers safe.

There are social distancingrules in play when dealing with your mortgage officer, like me and your realestate closing attorneys like Attorneys Glen Everton and Rob Draughon who arein the studio today.

REAL ESTATE TIP OF THE WEEK (MichaelBrooks, National Renovation and Repair Mortgage Program Manager of SierraPacific Mortgage Company shares a real estate related money-saving ortime-saving tip):

ANNOUNCEMENTS:

Talk Shoppe offers free networking & education to anyoneinterested in real estate, business and health and wellness. Talk Shoppe meetsevery Wednesday 9A-10A CT at Concorde Career College 5100 Poplar Ave 1^stfloor Memphis, TN (The Clark Tower) ThisWednesday May 6th, 2020 Talk Shoppe presents: May 6th, PaulWilliams, MD Corporate Physician, “Good Health: What’s Food Got To Do WithIt?” Contact: Miranda Griffin, Wellness Coordinator 901-859-2410; 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.; www.HealthyMidSouth.Net

Talk Shoppe events arefree thanks to supporters like Tim Gilliland of www.BackupRX.com When you need to recover lost data on yourcomputer, you will feel very thankful when you call Tim at BackupRX and simplydownload all your data and system files immediately when you need it. Contact BackupRX about getting your dataautomatically backed-up at www.BackupRX.com

Thank you to Maria Popa,financial planner and investment advisor with Strategic Financial Partners, foryour financial support to offer Talk Shoppe’s free networking and education toour community. To put YOUR financialplan and investment strategy together call Maria Popa at (901) 260-6431

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:

Max Depree “You cannot become what you want by remaining who you are”

TheBlissfulMind.com “The secret of your future is hidden in your dailyroutine.”

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REJOINDERS:

1. Troy and Lynn McDonald, Erin McDonaldInsurance Agency (901) 849-7101
2. Miranda Griffin, owner of www.HealthyMidSouth.comMiranda Griffin has very simple, easy-to-usemethods to keep you on a healthy routine.
3. PatGoldstein, Realtor with Crye-Leike, Inc in West TN & North Mississippi (901) 606-2000

Transitional Music: “Stand” by REM; “It’s Not Unusual” byTom Jones; “Life Changes” by Thomas Rhett; “Memphis” by Johnny Rivers for theLook Back Memphis Trivia Contest

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ABOUT ATTORNEY ROB DRAUGHN OF GRIFFIN, CLIFT, EVERTON AND MASCHMEYER

ABOUT ATTORNEY GLENN EVERTON OF GRIFFIN, CLIFT, EVERTON AND MASCHMEYER LAW FIRM

Glenn Everton is a member of the firm of Griffin, Clift,Everton & Maschmeyer, PLLC. Glenn has centered his legal practice oncommercial and residential real estate transactions and business law for over30 years. Glenn earned his law degreefrom the University of Memphis School of Law in 1981 and his undergraduatedegree from Vanderbilt University in 1978. He is a member of the Memphis Bar Association and a past chair of theReal Estate and Environmental Law Section. Glenn has helped many clients in the hospitality, convenience store andother commercial industries buy, sell, lease, and lend money to finance variousproperties in the Mid-South region, and is knowledgeable of the details ofclosings involving SBA 7a and 504 loan programs.

Glenn and his wife, Jeanine, are native Memphians and activemembers of First Baptist Church, Memphis. In his spare time, Glenn enjoysreading and working crossword puzzles.

Griffin, Clift, Everton and Maschmeyer Law Firm (901)752-1133

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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