In this show today Attorneys Rob Draughon and Glenn Everton of Griffin, Clift, Everton and Maschmeyer will be sharing some creative ways you can still close your real estate transaction safely and with full disclosure of what you are signing. I will be revealing to you the everchanging rule restrictions on some loan programs and even lower rates and easier terms on other products. You can see the course and run it well when it comes to your financing.
What do YOU want to accomplish with YOUR mortgage? Let’s connect! Subscribe for weekly Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com Call me at (901) 482-0354. I want to hear your story. Make your plan. Let’s work your plan. If the deal works for you today, let’s do it today.
To Your Success,
Jo Garner, Mortgage Loan Officer NMLS# 757308 (901) 482-0354 jo@jogarner.com Jo@Jogarner.com
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LET’S GET STARTED!
Good morning, Memphis! Welcome to our internet listeners and podcast listeners across the 50 states! You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Officer. You can connect with me at www.JoGarner.com. Our general topic is BUYING & SELLING REAL ESTATE -BUSINESS AS USUAL IN AN UNUSUAL WAY IN REAL ESTATE Subscribe to get Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com Call us while we’re live today May 2nd, 2020 at (901) 535-9732.
INTRODUCING ROB DRAUGHON, ATTORNEY WITH GRIFFIN, CLIFT, EVERTON AND MASCHMEYER, PLLC.
Rob Draughon, attorney with Griffin, Clift, Everton and Maschmeyer is back in the studio with us. Rob Draughon, my mortgage customers love you and so do my referring partners. You make sure the real estate closing gets completed smoothly and you make it a celebration too. Take a moment and tell our listeners a little bit about yourself and what you do for your real estate closing clients. (Rob introduces himself and talks about what he does for his real estate closing clients)
INTRODUCING GLENN EVERTON, ATTORNEY WITH GRIFFIN, CLIFT, EVERTON & MASCHMEYER
(Jo) For the first time in our Real Estate Mortgage Shoppe studio we have Attorney Glenn Everton a member of Griffin, Clift, Everton and Maschmeyer PLLC. Glenn, you have centered your legal practice on commercial and residential real estate transactions and business law for over 30 years. Take a moment to tell our listeners a little about yourself and what you do for your clients at the law firm. (Glenn introduces himself and talks about what he does for his clients)
Jo tells story about KITTY KELLERMAN- NOT TO BE DAUNTED OR DISSUADED, AGAINST ALL ODDS
(Jo) Anything is possible when you set your head and your heart to accomplish something you want to do. During this Coronavirus shut down period, I had the privilege of being on Kitty Kellerman’s homebuying journey (avatar picture and not her real name.) Against all odds and everyone’s advice Kitty decided she wanted to live closer to some very close friends and family and she set out to move here. But challenges she faced was that she lived 4 or 5 states away with travel restrictions and safer-at-home measures being enforced. It seemed like an obstacle course Kitty would never conquer. But Kitty was determined.
I got a call from her friend, a former mortgage customer of mine. She said Kit was one of the most caring and positive women she had ever met. Her concern was that something was going to get snagged with all of the moving parts to Kitty’s transactions—buying a home here and selling a home 5 states away geographically and then getting everything moved.
Kitty said, “It’s now or never, Jo. With this job opportunity this just came up—it’s a chance that may never happen again. If I don’t take this chance now, I feel like the regret will nag at me for years to come.”
Kitty’s friend was right. To know Kitty was to love Kitty. She always believed the best in people and it seemed to me like people stretched to be the best professionals that Kitty believed them to be. There were plenty of us on her team—the realtor selling her current home so geographically far away, the realtor helping her with the purchase of her new home here, our mortgage team, the attorneys at the title closing offices, the movers and more.
Kitty did run an obstacle course, trying to track down needed paperwork, negotiate repairs to be done on one of the houses, get furniture moved when the place where she had been living set up travel restrictions and tight rules even on essential businesses. Never once did Kitty lose her bright and sunny outlook. As much as I wanted to meet this delightful lady in person, the entire mortgage transaction was completed electronically. Kitty did assure me that, once the social distancing rules are lifted, we were going to go have coffee and make a face-to-face connection. I am looking forward to the coffee time with Kitty.
What do YOU want to accomplish with you mortgage? Make your plan. Work your plan. If the deal works for you today, Let’s DO IT TODAY. Connect with me at www.JoGarner.com or call me at (901) 482-0354.
KEEP DOING BUSINESS AS USUAL IN UNUSUAL WAYS—HERE’S HOW IT HAPPENS
Going to over to attorneys Rob Draughon and Glen Everton of Griffin, Clift, Everton and Maschmeyer, Rob Draughon, you were saying ““WE’VE DONE IT BEFORE, WE’RE DOING IT NOW, AND WE CAN DO IT AGAIN” Talk about how this works….(Rob starts launching into his topics )
You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Officer. What do YOU want to accomplish with your mortgage? Make your plan. Let’s work your plan if the deal works for you today, let’s do it today. When we come back attorneys Rob Draughon and Glenn Everton will be sharing how you can still buy or refinance your home like business as usual even if it might be in an unusual way. See you back in just a moment.
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THE LOOK BACK MEMPHIS TRIVIA CONTEST
(dedicated to sky diver, appraiser and Real Estate Mortgage Shoppe co-host)
2nd segment after 9:15 break: Our Look Back Memphis Trivia Contest is brought to you by notable Memphis historian, Jimmy Ogle. Twelve of his Memphis History lectures entitled Making Memphis – Storytelling by Jimmy Ogle may be viewed by Googling “JIMMY OGLE PINK PALACE”. View at JimmyOgle.com. . The Look Back Memphis Trivia Contest is sponsored by John and Jennifer Lawhon of Lawhon Landscape (901) 754-7474 the Lawhon’s can help you plan your landscaping if you have a BIG, BIG project or a smaller project or you can do the big project in phases . The Lawhons are giving away a $25 gift card to the first person with the correct trivia answer. If you know the answer to our trivia question, call us at 901 535 WREC 901 535-9732.
Garner # 177 * 05/2/20
Trivia
Answer: Armstrong Field
Question: I was one of the early airports in the Memphis area. Who am I?
Hint: I was named for a
Memphis pilot killed in Word War 1.
Hint: Charles Lindbergh landed here on October 3,
1927 during his promotional tour around America following his successful
Trans-Atlantic flight to Europe
Hint: I am noted with a historical
marker in a field of agriculture between Frayser and Millington..
Final Hint: There were two other airports nearby
named Park Field and New Bry’s Airport. Who am I?
Answer: Armstrong Field is named for Lt. Guion Armstrong, a Memphis pilot
killed in World War I in France on October 4, 1918. He had enlisted in the Army
and his rank was First Lieutenant with the
13th Aero Squadron. Lt. Armstrong is memorialized at the
Meuse-Argonne American Cemetery in Romagne, France, an American Battle
Monuments Commission location. Lt. Armstrong received a Purple Heart and World
War 1 Victory Medal. Armstrong Field was
dedicated November 11, 1926.
Charles A. Lindbergh landed here on October 3, 1927 (four months after his
epic, non-stop solo
New York-to-Paris flight) as part of his 82-city tour promoting acceptance of
the 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 the
time, for attention before landing out at Armstrong Field. He was given a
heroes parade and then had a dinner that evening at the Peabody Hotel. (A copy of the dinner menu and program is
displayed in the Mezzanine Memorabilia Room at The Peabody Hotel).
Lindbergh’s visit in Memphis in 1927 is what convinced Mayor Watkins Overton and the City Commission to form the Airport Planning Commission, which led to the opening of Memphis Municipal Airport in 1929. Now the Memphis International Airport and home to FedEx, it is the largest cargo handling airport in America.
Bonus: Jimmy Ogle’s four distinct tours of Elmwood Cemetery scheduled on Saturday, April 25 have been postponed until Summer. For more information, call 901-774-3212 or go to elmwoodcemetery.org.
Jimmy Ogle has retired from walking
tours in Memphis. Twelve of his Memphis
History lectures from the Pink Palace entitled Making Memphis – Storytelling by
Jimmy Ogle, and now more than ten hours Downtown Walking Tours
are FREE on the internet at . . . You
Tube Jimmy Ogle.
View JimmyOgle.com
for 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 tradition of “hands on” legal advice to clients involved in a real estate closing transaction. Even in this age of pandemic, we are available by phone, email, or video chat. Rest assured, your questions will be answered to let you know the effect of the documents you are required to sign in order to buy, sell or refinance your real estate.
Question to Rob: Can you share some examples of situations where the customers closed business as usual but in an unusual way
TOPICS COVERED BY ATTORNEY GLENN EVERTON OF GRIFFIN, CLIFT, EVERTON AND MASCHMEYER
Question to Glenn – After we get through this initial crisis, will I still be able to buy or sell real estate?
Answer from Glenn – Yes! In fact, there may be even more opportunities available once the worst of the governmental restrictions are lifted. People will realize after being cooped up at home for an extended period of time – hey, it’s time to move up and buy a larger place!
Question to Glenn– I know you have customers who have said this to you. “Even before the crisis hit, I was having financial trouble and had a tax lien filed against me by the IRS. Can I still buy a house or refinance my existing loan?”
Answer from 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 of the real estate records, all is not lost. Our law office at Griffin, Clift, Everton & Maschmeyer has dealt with these issues before and will work with your creditor, your mortgage lender, and the title insurance company to try to accomplish your purpose – a successful real estate closing!
When you are selling your home or property, be sure to know what all will need to paid off at the closing and be gathering that information like account numbers and bank names, so that the closing attorney will be able to obtain an official payoff statement from the lienholder ahead of closing. This will include your mortgage, but also if you happen to have a line of credit tied to your home or maybe you have a judgment lien or tax lien that has been filed against you. As Glenn mentioned before, these might not kill your deal, but they will need to be dealt with in order to transfer title to the buyer. It is important to be aware of these things though before you even start to negotiate your contract to make sure that you will be able to satisfy any of those liens. If you are in a position where you are underwater with your mortgage, meaning you owe more than you are able to sell the property for, some lenders will work with you and allow a short sale, but be prepared to spend several weeks working with the lender to negotiate this type of arrangement.
When you are buying, be sure to inform your lender and even your real estate agent of any potential judgments or tax liens or bankruptcy issues up front. These items can be dealt with, but if they are not none until later in the process it can delay you closing.
Also, when you are buying, it is important to make sure that you have property insurance lined up well before closing. Many people wait until the last minute but this can delay your closing and prevent you from possibly being able to get a few different quotes from a few companies.
Question to Glenn: You work with commercial real estate transactions and not just the residential closings. How would you describe what is going on in our local commercial real estate markets.
Tip of the week – When you are buying real estate, be sure to have your funds lined up ahead time for closing. Your closing attorney will require that you provide good funds which means a wire transfer or cashier’s check. If you are moving funds from different accounts or have to sell an investment in order to have the funds you need, be sure to have this lined up several days before closing so you do not cause a delay.
Other tips you can offer? After closing on your home, you will get offers in the mail trying to sell you stuff. The advertisers get as much information off the public records documents as they can to make the mailer they send to you look like it came from your mortgage company or your title company. Watch out for these. They will try and sell you a copy of your warranty deed (you already have a copy with your closing ) They will try to sell you credit life insurance, and a prepayment plan. So many of these companies put the name of your title company and your mortgage company on their letter but they are not really connected to your title or your mortgage company.
Go to the website that you already know belongs to your mortgage company and title company to determine whether the mailer is legitimate or not.
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TOPICS COVERED BY JO GARNER, MORTGAGE LOAN OFFICER
- Talk about which mortgage products are experiencing rule restrictions and which loan types have lower rates and are easier to get.
- Earlier you heard me say that I would reveal to you the everchanging rule restrictions on some loan programs and even lower rates and easier terms on other products so you can see the course and run it well when it comes to your financing.
Yesterday on Tim van Horn’s WREC Memphis, News, Traffic and Weather show, I explained that mortgage companies and mortgage investors are experiencing a higher number of borrowers asking their mortgage companies to accept a forbearance agreement so they can delay making some of their mortgage payments. The mounting forbearance requests are causing financial stress on mortgage companies.
(Forbearance is not skipping these payments, just a delay in making them without the payments being reported to the credit bureaus as late.)
To protect themselves and the funds they have to lend out, some mortgage companies are raising the price on the riskier loan products or just not offering them at all. The methods used to mitigate risk vary from one mortgage company to another. So, if you don’t get what you need from one lender, try another one. Some of the mortgage products that are being priced 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 regular purchase mortgages or the mortgages to refinance just the amount to pay off the existing first mortgage)
Some first-time homebuyer assistance bond programs are suspended with many mortgage companies. Other down payment assistance programs are still available.
Loans to borrowers with very low scores are not available. The definition of a “low score” varies from one mortgage company to another. The company I work for, as of this week are lending with a minimum score of around 640. Prices tend to be higher for mortgages in the low credit range.
I have heard it said that Necessity is the Mother of Invention. This was truly the case for one of my clients we will call Jack. Jack finally got his offer accepted to purchase the perfect home for him—a home selling for way into the jumbo price range. At the same time the mortgage market went into distress and the jumbo program that had been so attractive just disappeared.
But Jack figured out how to buy the house he wanted even though it required jumbo financing and the source to get the jumbo financing he needed had all but gone away. He had already figured out the solution when he called me to finalize his prequalification letter. He told me, “I just want to be approved for the highest loan possible even though it won’t be the full jumbo amount. I am going to borrow against my home equity line on my current home for rest of the down payment so I won’t need to get a loan in the jumbo range.” Jack was another customer like Kitty who had already made up their mind and committed their heart to a goal and would not be daunted or dissuaded
- What are some paths you can take to still get what you want if your credit is holding you back?
- Like Jack, in the story I just told, try a different loan program altogether. The government, low down payment program is VERY forgiving when it comes to the lower credit scores. You might find your move-in costs AND monthly mortgage payment a lot less using the government product rather than the standard conventional lender product. Give me a call and we can explore these mortgage financing options together.
- If your credit scores are so low, you can’t find a loan product to fit your needs at all, then try taking a step back and work on getting your credit scores higher. One of the agents of the Equifax Credit bureau refers to a popular website to get ideas on how to improve your credit scores. That site is www.myfico.com You can also get your free credit report at www.annualcreditreport.com to help you know where to start.
- There are several books on the market and articles from some reliable sources online.
- There are several other ways to help you get through the obstacle course and across the finish line.
- I am happy to talk with you and we can explore some directions you might want to take on your financing.
- Consulting with you tax accountant, investment advisor or financial planner is a good idea too.
- If buying a home or selling your home is essential, then you can do it if you take proper precautions while the Coronavirus social distancing rules are in place.
Get with your realtor for guidance on the social -distancing and sanitizing rituals that keep home buyers and home sellers safe.
There are social distancing rules in play when dealing with your mortgage officer, like me and your real estate closing attorneys like Attorneys Glen Everton and Rob Draughon who are in the studio today.
REAL ESTATE TIP OF THE WEEK (Michael Brooks, National Renovation and Repair Mortgage Program Manager of Sierra Pacific Mortgage Company shares a real estate related money-saving or time-saving tip):
ANNOUNCEMENTS:
Talk Shoppe offers free networking & education to anyone interested in real estate, business and health and wellness. Talk Shoppe meets every Wednesday 9A-10A CT at Concorde Career College 5100 Poplar Ave 1st floor Memphis, TN (The Clark Tower) This Wednesday May 6th, 2020 Talk Shoppe presents: May 6th, Paul Williams, MD Corporate Physician, “Good Health: What’s Food Got To Do With It?” Contact: Miranda Griffin, Wellness Coordinator 901-859-2410; www.mirland@comcast.net; www.HealthyMidSouth.Net
Talk Shoppe events are free thanks to supporters like Tim Gilliland of www.BackupRX.com When you need to recover lost data on your computer, you will feel very thankful when you call Tim at BackupRX and simply download all your data and system files immediately when you need it. Contact BackupRX about getting your data automatically backed-up at www.BackupRX.com
Thank you to Maria Popa, financial planner and investment advisor with Strategic Financial Partners, for your financial support to offer Talk Shoppe’s free networking and education to our community. To put YOUR financial plan and investment strategy together call Maria Popa at (901) 260-6431
4. Subscribe at www.JoGarner.com and you can get our weekly blog posts with podcasts conveniently in your inbox.
5. Real Estate 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 ON ANYTHING YOU HEAR OR SEE FROM THE CONTENT ON THIS SHOW OR BLOG POSTS. THE INFORMATION WE SHARE ON REAL ESTATE MORTGAGE SHOPPE IS GENERAL IN NATURE MEANT FOR GENERAL EDUCATIONAL PURPOSES ONLY. ALL EXAMPLES GIVEN FOR ILLUSTRATION PURPOSES ON REAL ESTATE MORTGAGE SHOPPE AND ARE BASED ON TRUE STORIES BUT WE USE FICTIONAL CHARACTERS AND DO NOT DIRECTLY REFLECT REAL PEOPLE OR EXACT DETAILS 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 daily routine.”
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REJOINDERS:
- Troy and Lynn McDonald, Erin McDonald Insurance Agency (901) 849-7101
- Miranda Griffin, owner of www.HealthyMidSouth.com Miranda Griffin has very simple, easy-to-use methods to keep you on a healthy routine.
- Pat Goldstein, Realtor with Crye-Leike, Inc in West TN & North Mississippi (901) 606-2000
Transitional Music: “Stand” by REM; “It’s Not Unusual” by Tom Jones; “Life Changes” by Thomas Rhett; “Memphis” by Johnny Rivers for the Look 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 on commercial and residential real estate transactions and business law for over 30 years. Glenn earned his law degree from the University of Memphis School of Law in 1981 and his undergraduate degree from Vanderbilt University in 1978. He is a member of the Memphis Bar Association and a past chair of the Real Estate and Environmental Law Section. Glenn has helped many clients in the hospitality, convenience store and other commercial industries buy, sell, lease, and lend money to finance various properties in the Mid-South region, and is knowledgeable of the details of closings involving SBA 7a and 504 loan programs.
Glenn and his wife, Jeanine, are native Memphians and active members of First Baptist Church, Memphis. In his spare time, Glenn enjoys reading 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 ACCOMPLISH WITH YOUR MORTGAGE?
www.JoGarner.com (901) 482 0354 jo@jogarner.com twitter @jogarner NMLS# 757308 (currently working with Sierra Pacific Mortgage, Inc)
“Whatever YOUR personal priorities are, my job is to help you get the mortgage terms that will give you bragging rights when you talk about it and help you score on hitting your goals .”
As a mortgage loan officer, 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 you find 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 need to get the house you want to buy or refinance?
Different clients have different priorities in life—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 a long term goal of buying properties to build rental income.”
Jo Garner is a mortgage officer with extensive knowledge in tailoring mortgages to her customers who are refinancing or purchasing homes all over the country. 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 to refinance, how to get the best deal on your home purchase financing.
Jo Garner has been in the real estate/financing business for over 25 years. She got her start in Portland, Maine where she first began her real estate career. She received 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 and The Challenge.
On moving back to West Tennessee in 1987, she went into business buying and selling discounted owner-financed notes secured on real estate. In 1990 Jo went to work for a residential mortgage company and has been a mortgage loan officer for over 25 years. Her goal is to offer excellent, affordable service to her customers, tailoring the loan programs to the specific needs of her clients.
In addition to her work in the mortgage field, Jo Garner is the primary sponsor and founder of Talk Shoppe in Memphis. www.TalkShoppe.com Jo Garner also host the radio show Real Estate Mortgage Shoppe airing on News Radio AM 600 WREC and iHeart Radio with podcasts and show notes published on www.JoGarner.com