The Troubleshooter 6-17-24

Episode Transcript

(00:00):
Yea ripped of news. You needadvice, so you don't have come running.
Just as fast as we can,Shooter's gonna help come Dix is the

(00:21):
Troubleshooter Show. No Tom Martino,Hi, Tom Martino here, Welcome to
the show. Three oh three sevenone three Talk three o three seven one
three eight two five five. Readyto take your calls, questions, complaints,
problems, whatever you have on yourmind. And hello everyone. Mike

(00:45):
see I got a good crewd onmy YouTube moron starting and uh, Facebook
flunkies, but YouTube morans are faroutnumbered. And then I mean the Facebook
flunkies are far far out numbered byYouTube warrants. We're we're basically getting together
every day and try to warn youof problems and questions. I answer questions

(01:07):
and take complaints and really, asI say, to make your life a
little easier. And that's really whatwe do each and every day, and
we love doing it. So allyou have to do is call, and
when we're on the air, youcan call three oh three, uh six,
three oh three seven to one threetalk three oh three seven one three
eight two five five, or ofcourse you can always call twenty four to

(01:30):
seven three oh three Martino. Nowwhen you call that, whether we're here
or not, you can leave amessage and we will get back to you
three oh three six two seven eightfour six six. So what I'd like
to do is start out by tellingyou we have some guests day. We're

(01:51):
going to talk a little finance hereand there. And you know, finance,
to me is really important. Ithink the crux of everyone's success is
how they handle their money. NowI'm not just talking about investments. I'm
just talking about handling their money.I think there are two problems that I
find with young people that start theirtrouble. And if you're a parent,

(02:13):
grandparent, if you're younger, ifyou're having kids, if you yourself are
just starting out. I'm going totell you the two main areas. The
two first areas that cause trouble forpeople. The two first and foremost credit
cards. Now I'm not the typethat says never use credit cards. They're

(02:38):
all bad. They're not bad,they're tools. Credit cards should never be
used as extra income. Ever.I know that sounds so obvious, but
you be shocked at how many peopleuse a credit card to buy things they

(02:59):
can't afford, and then they calculatethey calculate the monthly payment, and what
they start thinking is, well,I can make that payment. What they
don't understand is a minimum payment,We'll have you in debt for twenty years.
It's ridiculous and you you know,and it's snowballs. So you should

(03:23):
never buy something with the idea ofcalculating a payment and yeah, I can
make that monthly payment. Eventually,what happens is those monthly payments become exorbitant.
But even if they're not exorbitant,you're overpaying for everything you buy.
So credit cards are the number onekiller because they extend credit to everyone in

(03:46):
the beginning. So if you geta credit card, you can end up
in very big trouble. And Iknew a young woman who had six credit
cards and she would buy whatever orshe wanted. She wasn't making enough money
to buy that stuff outright, soshe would buy it make minimum payments.
She was buried, headed for bankruptcy. That can get you in trouble.

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But what's really bad, Well,first of all, then people ask when
do you use credit? Credit ismeant as a convenience to buy something,
and then you can It's first itwas for emergencies. I mean the wise
person would use it for emergencies.I mean, obviously, something goes wrong
and you can't wait to get itfixed, like your car to get to

(04:33):
work, or maybe something around yourhouse, so you use a credit card
to pay it and then make paymentson that. But you should attempt to
pay off anything on your credit cardmonthly is ideal. If you can't then
in three months, and at theextreme six months. You should never make

(04:55):
a purchase you cannot pay off insix months, and then you did not
have any more than two outstanding forsix months. You can have you can
have one that pays off in threemonths and one that pays off in six
months, but you have to calculate. Never make minimum payments. But credit
card debts snowballs, and people takevacations and buy things that they should not

(05:18):
be doing because they don't have theincome. But they start thinking the credit
card is like income, and thenthey make those feeble payments and it's snowballs.
That's number one credit cards. Okay, So credit is for convenience number
well, first for emergencies obviously,and then yes, convenience. If you

(05:41):
really want something, you want toreward yourself, but you've got to be
able to pay it off in oneto three and at the very outside six
months. Okay, and you can'thave too many things you're paying off in
six months. I'm talking about youdon't keep charging now. I know.
I'm going to tell you something thatthat that that is a hard concept.
Today, we truly have We havea notion that everyone should have everything they

(06:13):
desire. We really do. Wedon't say it, but we really believe
that. In fact, there arelawmakers that attempt to control outcomes of things
so people can have everything. Andimmediate gratification is another concept that has become

(06:34):
common. Everyone wants things now.And what we need was that Joe is
joining us via phone. Good,I got you. I was going to
introduce him. Thank you, thankyou, thank you. So people want
stuff now, and what they dois they don't look to the future.

(07:00):
Get it in the future. Andthat's another concept that gets people in trouble.
Okay, So that's credit. That'scredit and the use of credit.
In fact, the second thing negativeequity in cars. I swear to God,
if you're listening to me, youcan save your kids, save yourself,
save everyone trouble. Those two thingskill people. When I talk about

(07:26):
negative equity, and I'm not goingto get into it right this second,
but I want to ask Joe Kanno, who's a certified financial planner. He
gives when he does seminars and stuff. He talks about one of the main
problems people have is keeping money outof the dollar they earn. And he
will hold up a dollar and say, this much is for taxes right off
the bat, and then this muchyou pay to others just to finance things,

(07:53):
and then this much. He goesthrough it. Joe, let's go
through the dollar scenario. Okay,how much of that dollar? Now,
that dollar up to a third ofit goes to taxes right now, right,
and two thirds goes to finance charges. Now now, hold on,
just think so finance charges. Soyou're saying out of a dollar, are

(08:16):
you truly meaning people can spend sixtypercent of their paycheck. Yes, the
average American spends one third on taxestwo thirds in finance charges. Well,
then that leaves nothing, Joe,that doesn't make sense. So that leaves
that leaves one third of a dollar. Well, hold on, you just

(08:37):
said one third on taxes, yeah, right, and two thirds on financing.
That's three thirds right, that's allof it, right, It's about
they have about a third left tospend then. So basically, you know,
if you take a dollar bill,if don dollar bill goes to pay

(09:01):
for finance charges, another portion goesto pay for taxes, and they have
a very little amount left for themselves, right, Okay, so whatever,
the percentage doesn't matter, but verylittle. And the finance part of it,
the finance charge part of it,starts at a very young age.

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They do, you know a lotof you know in fact that children,
you know, teenagers are getting creditcard offers from banks and credit card companies
at the age of sixteen or seventeen. I used to give them for Jordan
in my milks. So they starton that finance problem right away where they

(09:48):
are paying others to finance things.Now for short term convenience or emergency emergencies.
There's nothing wrong with that at all. What really he gets to be
the problem is when you have severalthings washers, dryers, or when you're

(10:09):
younger, whatever, vacations, clothing, purses, jewelry, This gets to
be a big problem and it willtotally devastate you. Hold on a second,
we have a call coming up.We have Joe, we have your
calls. But listen, people,I'm serious. Do you realize we don't
have a problem with what people areearning. Oh, there's definitely a disparity

(10:35):
between the highest wagers and the lowest. Yes, there is disparity. Is
the nature of the economy. Nothingwill ever be equal, ever ever.
Okay, that doesn't mean it's hateful, That doesn't mean it's racist. It's

(10:58):
different. What you contribute is differentthan what someone else contributes, and society
puts a value on it. There'snothing wrong within equality when it comes to
who makes what for what. They'renot all the same, they're not all
equivalent. That's not necessarily bad.People go to the level they can do.

(11:24):
Now, if all you can dois if all you can do,
let's say, is the fast foodindustry, if that truly is the maximum
you can do and you don't havethe capacity to do anything else, that
doesn't mean that you must elevate thatjob to something that has way more cultural

(11:48):
impact and make it equal. Youcan't. And that's what we have to
get. We got to get usedto the concept that one equality in respect
and the way the laws applied andopportunity should be equal, but outcomes will

(12:11):
never be equal. Your station inlife will be what you do with it.
It will never be equal to all. Ever, what we can't do
is try to spend our way outof it with credit cards or try to
we just ruin ourselves. So let'stalk about really and truly building wealth,

(12:33):
not BS wealth. And then thenet wants to talk about a home warranty,
and I'm going to give her moretime, so I'm going to take
this break. And when we're onthe topic of products, waterpros dot net
Paul the waterman. He said,I want to make a product, and
not make a product, but importa product here, and I mean import

(12:56):
from the factories. They're American made. I want to bring in products that
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(13:16):
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three oh three eight six two fivefive five four. Any system will be
cheaper than anywhere and better. Threeoh three eight six two five five five

(13:37):
four. Go with a sure thingDenver's best roofer Excel Roofing dot com.
You don't pay a cent until you'recontent. Time for an insurance checkup free,
no obligation. In comparison, callCompass Insurance paying too much your coverage

(13:58):
at dozens of insurance companies find outout now three all three seven seven to
one. Help. You'll think you'rehis only customer when you choose Frank durand
the real estate Man dot com tolist your home with Remax Alliance three all
three nine two zero sixteen twenty two. Hi Tom Martino, your troubleshooter.

(14:18):
Three O three seven one three talksseven one three A two five five Welcome
to the show. If you're lookingfor Solarprobdenergy dot com. They can do
it all commercial, residential, andthey're great at sales and installation and service.
You know, there are only afew people I believe in for solar.
The rest are clowns. I'm serious. Probdenergy dot Com can take care

(14:41):
of you. Let's go to thenet. The nete welcome to the show.
What's going on with you? Andwelcome to anyone else who wants to
call three O three seven one threetalk seven one three eight two five five
what's going on in net? Interestedin your opinion about home warran Chy.
These companies are plentiful out there now. And I am I am currently with

(15:07):
and have been with since the eightiesof having a maintenance plan on my appliances
and many things in the house.And things have changed and the company is
kind of modeling themselves after all ofthese newer companies that have cropped up where
you pay a deductible for each visitand so on and so on. So

(15:28):
I was looking into another company,and I was looking at Choice home Warranty
and wondered if you knew anything aboutthat company, and if not, if
you might be able to look intothat company and how they perform. May
I ask something, why do youhave a warranty? Good question? Well,

(15:56):
because it has. It has overthe years served me well. It
takes care of many many things.I mean the current plan that I have,
I could have up to forty itemson this plan and there was no
charge for any visit, no matterhow many times they came out throughout the
year. If they couldn't fix it, they replaced it. Okay, here's

(16:18):
what I've now. Now, whatkind do you have right now that does
that? It's with serious okay andserious changing. I mean they're changing.
Yeah. No, no, you'renever going to get a plan like that.
Now, here's what I truly wantto ask. What were you paying
by the month? I don't knowby the month, by the year.
It had risen over the years,because, like I said, we've had

(16:41):
this. If you had to putin if you had to imagine in an
imaginary bucket, put every dime thatyou paid for that warranty in that bucket
and then put every dime that yougot out of it, would you be
ahead? You know, I neverreally took pen and pape. No one
does, because you would not beahead. I'm just gonna tell you you

(17:03):
just won't be. But but buthold on. What you're doing, though,
is you're doing what's called and andby the way, we're assuming they're
going to take care of things.So by a let's just assume they're gonna
take care of everything that they shouldtake care of. They don't, but
let's assume they do. You willstill, here's what you're doing. You
are getting a level monthly payment forpeace right rather than trying to dish out

(17:30):
two grand at once. Okay,here's the problem. You asked me what
I think of warranties. If trulywarranties were warranties, I would like them.
If they would say to you,all right, Nnette, we're gonna
come over and inspect your home,and you're gonna pay for what we're gonna
cover. Okay. So what theydo is say, okay, we're gonna

(17:52):
cover this, this, this,this, and this, and they inspected
it and they cover it. PeerI would love it, but they don't
do that. Here's what they say, how many systems do you have?
What do you have? What doyou have? And then they tell you
you mentioned forty items. So let'sjust take realistically twenty five items. Let's

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say in your home you have awasher, dryer, water here. Okay,
say they say the Nette, we'regoing to cover you for twenty five
items, and those twenty five itemsare going to cost you a certain amount
of month. Okay, So fortwenty five items, let's say you're paying
and I'm going to give ridiculous numbersthat aren't real. But just just to
give an example, you're going topay twenty five dollars a month for twenty

(18:37):
five items, okay, and you'regoing to be covered now. You pay
that, let's say for two years, and when you have a dishwasher problem.
By the way, I'm giving youall honest to god true scenarios that
have happened. So in two years, your dishwasher, you have a problem
with it, and they go outand say the nette, we're not covering

(19:00):
that. That was a pre existingcondition. And you say what you say,
yeah, that thing must have beenlike that two years ago because it
was too long. They call ita pre existing condition. And your dishwasher,
let's say, is ten years old. Of course, there's a lot
of pre existing conditions. So theysay, we're not covering it. Now

(19:22):
do they go back in time andsay, but you've been paying twenty five
dollars for twenty five items, whichreally, since it was pre existing,
we were never covering that to beginwith. Therefore, we're going to rebate
to you what you were paying onthis dishwasher. No they don't, no,
no, no, they don't.In fact, they keep charging you
twenty five dollars. And let's see, another year goes by and another problem

(19:45):
happens and they say, oh,we're not going to cover that because it's
normal wear and tear. And yougo, oh, now do they go
back and adjust your premium? No? No, no they don't. And
I'm going to tell you there arethings they will not cover pre existing conditions,
which how the hell do you know? Normal wear and tear and customer

(20:07):
abuse and lack of maintenance. Now, I want you to think of those
things, because almost everything that goeswrong will be previous. It'll be normal
wear and tear, it'll be ownerabuse, or it will be lack of
maintance, almost everything. So whatare they covering? Manufacturing defects? Now?

(20:27):
I want to tell you something.How often do you have manufacturing defects?
Now? Here's the deal. Here'swhat I really or catastrophic failure.
Okay, they'll cover that. Nowdo they pay off? Of course they
do from time to time they payoff. But what I don't like is
this. They extract from you apremium based on what they tell you they

(20:52):
will cover, but you don't knowwhat they're going to cover until it goes
wrong. You don't know. Soyou're paying for something. Here's what home
warranties companies say. Here's what theysay, and they hate when I bring
this up, but you read theircontract. Here's what they say. You're
going to pass x amount of dollarsbased on this many items, but we're

(21:15):
going to let you know what wecover when those items go bad. So
if they went and inspected a homeand then said, okay, here's what
we're covering, like a real insurancecompany or a real service company, but
they don't. They blindly cover everythingand then look for exclusions later. Now,

(21:40):
some people happen to hit it rightand get something that pays off,
but most of the time they neverpay off. They may do something here
and there. But I assure you, if you put into a bucket the
money that they supposedly are going tocover you, and then you take the

(22:00):
other how much you took out ofthe bucket, you're going to be behind.
And people are going to say,well, of course, that's because
they have to make a profit,that's right. So do they have your
best interests? No, they donot. They're not a home warranty.
Now, Now people say, well, Tom, I like wine. Okay.
Most people that say they like theirhas never had a problem or they

(22:22):
had something replaced, so they thinkit's wonderful, But they're going to come
across something major when they won't replaceit. And by the way, when
you say replacement, there's an actualcash value max on that that you're going
to find in almost every policy.Here's another thing I want to say,
So what do I recommend? Thisis the one time you would be doe

(22:44):
head absolutely positively dollars ahead if youtook a credit card and put it aside
for home emergency. That's it,home emergency, a credit card. Now
the monthly payment that you are payingfor that, put in a savings account,
just put it somewhere, put itin a CD, put it anywhere,

(23:08):
and then when something goes wrong thatyou can't afford, you put it
on that credit card. And thenyou pay as much down on that credit
card as you can with the moneyyou've saved, and then you make the
rest of the payments and pay itoff. Then when you're done paying that
off, it's done. It's done. And then you don't have a warranty

(23:30):
payment every single month, no matterwhat. So do I believe in home
warranties? No, not the waythey're currently written, they're the worst deal
you can buy. With a creditcard and a savings account, you will
be much better off, way betteroff. Even the interest you pay on
a credit card paying off a homeemergency is less money than paying for twenty

(23:53):
years of premiums. You'll see ifyou put the money, if you put
the if you put down on paper, you will see it. So no,
I would not buy one. Innet so I can't tell you.
If you can find one that willinspect your house and guarantee coverage on everything
that they cover, then I paythe premium. Gladly we have more coming
up. I'm Tom Martino. Gowith a sure thing Denver's Best roofer Excel

(24:22):
Roofing dot com. You don't paya cent until you're content. Time for
an insurance check up free, noobligation. In comparison, call Compass Insurance
paying too much your coverage at dozensof insurance companies find out now three oh
three seven seven to one help.You'll think you're his only customer when you
choose Frank durand the real estate Mandot com to list your home with Remax

(24:45):
Alliance three oh three nine two zerosixteen twenty two. I'm Tom Martino.
Welcome to the show. Three ohthree seven one three talk three oh three
seven one three eight two fo five. Speaking of wise financial moves, Compass
Insurance Group will do free insurance checkupsthree oh three nine nine six nine thousand.

(25:07):
They'll compare twenty six companies. Tellthem what you have, what you
need, and they'll be honest withyou straight up. If they can't beat
it, they can't beat it.Three oh three nine nine six nine thousand.
So the average premium on a homewarranty, well, there's no average.
There's a range from thirty five dollarsto ninety dollars, honest to god.

(25:30):
Now most of them fall within fortyto seventy dollars, and the forty
you get not much. But they'relike major systems, supposedly. Here's the
thing. Whether it comes to waterlinecoverage, sewer line coverage, home warranties,
they all suck. I truly recommenda credit card, and I truly

(25:52):
recommend you stash money away. Ifyou're gonna make the payment on the premium,
just stash it away. You willbe mile and miles ahead. That's
just life. And even if youhad to finance a furnace with a separate
loan. A lot of these companiesPlumbline fix at twenty four to seven eight
eight eight, Heating, dot ComBrothers. All of these major companies on

(26:15):
my referral list have financing and yourmiles ahead. Some of them be eble
to have twelve months same as cashyour miles ahead. Doing that, then
having a home warranty. Home warrantiessuck. And I defy anyone, and
I promise you, I'll give youyour say. Anyone listening anyone, you,

(26:38):
especially if you sell these things,let me know. I want you
to tell me because I know whatyour exclusions are. I know what your
contracts say. You will never youknow, normal wear and tear, for
God's sakes, that's what breaks down. Yeah, what what is this pre

(27:00):
existing condition? Crap? Threeh threeseven one three talk three oh three seven
one three A two five five.Now we are talking about your life,
liberty and the pursuit of happiness.And I have some news here that I've

(27:25):
I've gotten together. Okay, rightnow, people are complaining, listen to
this. I never thought of this, but they claim bosses claim. This
is a research project taken on byone of these big job sites and the

(27:45):
Wall Street Journal. Employers are complainingthat employees are now afraid to talk on
the phone. Younger employees. I'myou know, forget all gen and stuff
whatever. Younger employees. Let's justcall it what it is. Employees in
their twenties, thirties, and earlyforties, but mostly twenties and thirties either

(28:11):
don't know how or are afraid totalk on the phone. Why because they're
the texting generations. They text,they do shortcuts and texting, and are
losing communication skills, especially when itcomes to phone work, and they're finding

(28:32):
not only do they not like talkingon the phone, they don't know how
to communicate and to get people todo phone sales is almost impossible now.
So guess what they're Guess what they'rewhat they're adding. They're adding artificial intelligence.

(28:52):
Artificial intelligence. Artificial intelligence is likethe new thing. Do you think
you can tell if you're talking toa robot? Do you think you can
tell? Not? What you think? Now? I had some Did I
ever play these? I actually havehonest to God live samples not love.
Yeah, yeah, they're recorded liveand they are examples of phone work AI.

(29:21):
I actually I swear to you Idid it. I'm gonna try.
I'm looking for one right now.I actually have one. Let me see,
here's one now, this is forsure. Now, this is a
solar company in Florida that was usingan AI bot. Listen, Hi,
Judy, it's Amber. How haveyou been. Yeah, I'm just getting

(29:45):
back to you in regards to theelectric meter that was installed at five hundred
and twelve Langford Lane. I've beena photo of your home to make sure
we're looking at the right place.Do I have the right house? I
don't know. Oh, I'm drivingright now and I can't divert my attention
to my phone. No worries,I understand when you have a moment.

(30:10):
Could you take a look at thephoto and let me know if it's the
right house? Now? Hold on, do you hear what's going on here?
Do you find that remarkable how theyrespond to the variables? This is
an honest to god real call.That's a robot you're listening to. I
think the lady in the car isa robot. Listen, Well, not
while I'm driving. We'll have todo this call another time. Can you

(30:36):
call me back tomorrow. I totallyget it. Unfortunately, I have a
lot of people to speak with andwon't be able to call back. However,
if you have some time over thenext couple of days, I can
have an expert speak with you.I have availability tomorrow at four pm and
five pm Central time. Which oneworks better for you? Make it four

(30:56):
pm? Do you hear this?And one ession in regard to is it
to solar panels? So a coupleof years back, everyone's electric meter in
New Boston was upgraded from analog todigital in preparation for the net metering program.
This is the reason for my call, which is being recorded for quality

(31:17):
assurance. With this program, thereis a possibility we will be able to
help you reduce your electric bill byup to forty Has anybody come by to
talk to you about this upgrade yet? Yes? If the gen regard to
sower panels, then I vouted notto do it. So if that's what
it is, I'm not going with. I understand your concern, but trust

(31:42):
me, our team is really goodat what we do. We do a
free energy evaluation for everyone with thenew meters, and whether you want to
save money or not, we justwant to be able to give you the
information to help. The mornings orafternoons usually work better for us. I
think she goes right to the appointmentafter gotcha, we are super busy.

(32:02):
But what day in the next dayor so works best for you? It
would have to be tomorrow. I'mbusy the rest of the week. Okay,
let me check. Now, listen, it's uncanny, tom there's no
question, no no, I mean, can you imagine the intelligence it takes.
I mean that the programming. Butthis bot goes on and then they

(32:28):
have a mail that does it aswell. This bot goes on, I
swear to you, and probably issuccessful eighty five percent of the time.
Now that's an incredible appointment setting rate. Now I want to tell you.
I'm not going to tell you thename of the company, but I know
someone personally who's using it here intown, and no one suspects it's a

(32:52):
bot. No one, No oneI saw him. You know what,
I think we ought to get abunch of people to sign a petition to
Don'tier airlines use AI. Since youcan't talk to the real person at least,
maybe that would help, right rightanyway? Three oh three seven one

(33:13):
three talks seven one three eight twofive five. You know that's good idea.
We should Anyway, we got morecoming up on the Troubleshooter Show.
Go with a sure thing Denver's bestroofer Excel Roofing dot com. You don't
pay a cent until you're content.Wait time for an insurance checkup free,

(33:37):
no obligation. In comparison, callCompass Insurance paying too much your coverage at
dozens of insurance companies find out nowthree oh three seven seven to one help.
You'll think you're his only customer whenyou choose Frank durand the real estate
Man dot com to list your homewith Remax Alliance. Three oh three nine
two zero sixteen twenty two. Yes, I'm Martino, you're Troubleshooter three oh

(34:05):
three seven to one three talk sevenone three eight two five five. Okay,
So what's going on in your lifeand how can we help you?
That's what we ask every day.Three oh three seven one three talk seven
one three eight two five five.Now I don't have time to take probably
calls right now because we're toward theend of the hour, but I will
be ready for your calls anytime youhave them. And uh, you can

(34:28):
also call three Zho three Martino andleave a message and we will get back
to you. But there is somethingvery troubling going on that I warned you
people about, and it's happening still. I don't know what the hell's being
done. In fact, I thinkwe should probably try to get someone Kachina,
and you know, Deputy Doc mightbe able to do that while he's

(34:51):
there. We should try to getsomeone from the Consumer Finance Protection Bereau on
one of their PR people. Thisthing about bank fraud is going on all
over the country. It's too mindboggling. They're closing people's accounts for so

(35:12):
called suspicious activity and then you don'tget access to your money and they say
we're investigating. We have people losingthousands and thousands of dollars all over and
some of the biggest offenders Wells,Fargo, USAA, major banks just taking
your money and saying it was becauseof fraud. We got more on that

(35:37):
and coming up. Go with asure thing Denver's Best roofer Excel roofing dot
com. You don't pay a centuntil you're content. Time for an insurance
checkup free, no obligation. Incomparison, call Compass Insurance paying too much
your coverage at dozens of insurance companies. Find out now three O three seven

(36:00):
seven one help. You'll think you'rehis only customer when you choose Frank durand
the real estate man dot com tolist your home with Remax Alliance three all
three nine two zero sixteen twenty two. Yeah, ripped up new need advice.

(36:20):
Who you don't have? Come runningsustas as we can. Shooter's gonna
help coming Man Dix is the TroubleshooterShow. Now Tom Martino, Hi,
Tom Martino, your trouble Shooter threeoh three seven one three talk three all

(36:42):
three seven one three eight two fivefive, Welcome to the show. We
got a lot going on here.And uh I have a Joe Cano with
us from uh my Moneymway dot com, a certified financial planner, and we
were talking about in the first hoursome of the things that cause financial ruin.

(37:05):
Credit cards are the first thing togo wrong with young people. Credit
cards, credit card deck. Nowthat's not to say I'm not going to
go over the whole thing again.It's not to say you shouldn't use credit
cards, but you should use themwisely. They're not meant to be extra
income. They're meant for emergencies orconvenience, and when it's for convenience,
you want to get something and thenpay, you should limit that to something
you can pay in thirty days tosixty and on the very outside six months

(37:29):
for major purchases. Again, Ialso believe you should have a credit card
for homer emergencies instead of home warranties. Home warranties suck. They absolutely positively
suck. There is just no otherway to put it. I can think
of no home warranty worth the paperit's written on. Now. The second
way people get in trouble is withcars. It's the number two financial ruination

(37:54):
tool in the devil's toolbox. Now, I'm saying that what people do is
they make the wrong purchase for toomuch money about ninety percent of the time.
Now, if they work their assoff and just pay it off,

(38:14):
they might get out of it.The big problem is when people buy a
car, whether new or used,and do not commit to keeping it or
destroy it, don't take care ofit, don't maintain it. For whatever
reason, they have to get ridof it and they're underwater. The negative
equity in that car when you owemore than it is worth, will never

(38:38):
go away unless you simply work andpay it off. You cannot. Ever,
you should never get rid of acar with negative equity. Now the
car blows up and is no good. That means you made a stupid purchase
to begin with. But a negativeequity. Okay, So let's say you're

(39:01):
upside down six thousand dollars. Whenyou buy another car. That six thousand
dollars goes on that car. That'sgoing to multiply your negative equity in that
car. Now, if you're stupid, and if you truly buy something that

(39:25):
that that got you in trouble,the way to get out of it.
One of the ways would be toget a load to no interest loan on
a special incentive from a manufacturer,put the negative equity on a new car,
and then work like hell to keepthat car in perfect condition and pay

(39:49):
it off. Do not buy anothercar or trade that car until it is
paid off. That's one of thefew times you can really get ahead of
negative equity. But the best thingis not to have the negative equity to
begin with. Negative equity will killyou, and it just keeps growing.

(40:12):
I give an example of a kidI knew who bought a car. He
had to have a muscle car.He paid too much, ran the crap
out of it, traded it becausehe did something to the engine. Had
eight thousand dollars in negative equity inhis next car. That car turned out

(40:34):
to be four thousand. He hadtwelve thousand going forward. So he had
to buy a piece of crap sowe could afford the payments to put that
twelve thousand on it. So hebought a piece of crap. So now
he had twelve and a piece ofcrap. Six He had an eighteen thousand
dollars loan on a piece of crapthat would not last the time he owed
the money, and he had todeclare bankruptcy from a car, credit card

(41:00):
and cars. So what do Irecommend you do? I recommend the wise
use of credit. As I said, and I'm going to give you two
words that I swear to you aregoing to send shock waves. Shock waves.
But it's something that we need toknow, we need to know.

(41:22):
It's something that we must come togrips with as young people. I'm saying
as young people. I'm not young, but something that I came to grips
with and it made me rich Yep, at a very young age. Do
you know why I came to gripswith something? And it's something that you
need to come to grips with,and it's going to scare the living hell

(41:45):
out of you. Does anyone wantto take a stab at what I'm going
to say? Because it will,I swear to you, it will scare
you. And here's what it is. Ready, you must sometimes times do
without? No, no, no, no never. Yep, you have

(42:19):
to sometimes do without. Do youknow that is actually something that you should
consider doing without? How does thatsound? Do you think anyone can do
that? Joe Cannon My Money,Myway dot com. Joe, we talked

(42:43):
about much of the dollar for taxmuch of the dollar for financing, because
we've done stupid things and we've purchasedthings we shouldn't be purchased, or we
finance things we can't afford, andwe're up side down with financing and taxes,
hardly have any for ourselves. Sowhat's your recommendation? Come on,

(43:07):
you're a certified financial planner. Ifyou were instructing a young person, what
would you tell them? Yeah?Tom, you know, we actually we
got the numbers, We got thepercentages, for the dollar bill that you
and I were talking about earlier,actually thirty six percent of each dollar goes
to pay taxes. Thirty four pointfive percent of that dollar bill goes to

(43:30):
banks for finance charges. So peopletoday are left with only one third of
a dollar. And you know whatmost people do. They put this money
at risk, the one third ofthe dollar that they have. Now,
by the way, when you're talkingabout taxes, that's not to say everyone's
in that tax bracket, but whatyou're talking about with taxes are all kinds

(43:52):
of taxes. That is, okay, gotcha entertain human tax and all that.
Right, So one third of thatdollar bill that is left actually people
put the money at risk and putit in the stock market, so when
the market goes down, they havenothing. And this is exactly what I've
been talking to people about. Andokay, on your point, on your

(44:15):
point, Tom regarding what to do, you know is to get out of
debt. And we have a programhelped become the banker that you can actually.
Now this is just for young people. You know. We talk a
lot about taking money you've accumulated throughyour life in a retirement plan and rolling
it over to a guaranteed product forincome. But now let's talk about young

(44:37):
people. I want you to tellme what Jordan did your son? Yeah,
Jordan, actually you know when itwas sixteen years you know, I
bet him up. I become thebanker life insurance policy. I overfunded that
policy, being that I paid morethan the premium into the policy. It
builds tax free cash value. Andwhen he was sixteen years old, we

(45:04):
were able to take a policy loanagainst the policy bake cash for that car.
It was the nineteen seventy nine GrandCherchu Larredo, okay, and he
got a job a subway and hebegan making money and I told him,
Jordan, you're going to have topay back the policy loan, just like
you would at the first Bank ofLittleton, which was back at that point.

(45:30):
But he bought himself a car,right, Yeah, So in three
years that car was paid off.He had the money and instead of paying
the interest, instead of paying theinterest to a bank, the interest went
into his account at the at theinsurance and grew tax free exactly. And

(45:51):
he did the same thing with acondo that he bought in Dringwood Village like
fifteen years ago. He's renting thatout now and he's doing the same thing
with the swimming and here in Parkerthat he did about five years ago.
So it is a tool for youngpeople that want to be totally out of

(46:12):
debt. We can actually show peoplehow to get out of debt tom and
nine years or less by using theprinciple of becoming their own bankers. See,
banks make a lot of money.They make now. By the way,
if people think, well, I'lljust have a savings account, you
know, there's nothing wrong with asavings account, but this other way as

(46:35):
well. A few bucks a monthoverfunding a life insurance policy. You have
life insurance, but that's not thereason you do this, younger. You
do this mainly for the tax deferredgrowth. Yeah the text deferred growth.
And you know, having a savingsaccount is okay, like you said,
but it's not the same. YouSee, when you borrow money from a

(46:57):
life insurance policy, you don't borrowfrom your own money. You don't borrow
it from your cash value of thepolicy. You're borrowing the money from the
life insurance company. So that meansthat your cash value stays the same,
right, And then they charge youan interest rate, a very small rate

(47:17):
and then you charge yourself more thanthat on purpose, right, that is
right, that's what we call overfundingthe policy. And so it's not the
same as a savings account. It'sbetter than a savings account. No,
I understand that because for sure,because when you need cash you can take
it out as a loan and thenpay it back to yourself instead of becoming

(47:43):
beholding to a credit card company ora bank, You're just doing it for
yourself. It's such a wonderful tool. It is. So what happens if
you miss a payment? You're thebanker. You don't know what's make it
up later? You can't. Andalso I want to say this, like
for my son coming up on eighteen. So and I know I'm an old

(48:04):
fart for an eighteen year old,but here's what I want to ask you.
Joe, the cost of insurance ischeap. Oh it is. The
younger you are, the better.So this is a perfect time for somebody.
What would you suggest for what wouldyou suggest if I'm getting my first
policy for my son, because Iwant to mimic what Jason did, oh,

(48:24):
which is me what your son did? And Jordan, yeah, George,
of course, of course. Sowhat I meant was what amount what
face value to put on a policyfor a young person? Yeah, you
don't do a face value in thoseon the beginning, I mean a death
benefit. What kind of death benefitis what I meant, not even a

(48:46):
death benefit. What you're going tobe concerned about is the money that you
want to put into the policy.Oh, you should be asking what premium
do I want to put in?So you know, it's up to you.
But the more premium that you putinto the ball c the faster that
the cash value will build and thesooner that your son will be able to

(49:07):
tell. Yeah, but obviously here'swhat I mean, Joe. If here's
what I mean by that the premium, Yes, but the life would be
too. For example, if youwant to put two hundred miles a month
away, right, but then youhad a high death death benefit, then
it would be less cash value thanif you had a lower death That is
right. That is right, tom. So we become the banker's strategy.

(49:30):
We tried to minimize the death benefit. So you you start with how much
do you want to save? Basicallythat is right, and then we'll figure
the rest of it out. Yeah, okay, we'll think okay, all
right, thank you very much.That's Joe Canno. We got more coming

(49:51):
up. I want you to giveme a call if you have any questions
for him or for me, orany problems, questions and complaints of course
of any kind. Three zho threeseven to one three eight two five five.
And I want to tell you alsoabout Denverregen dot com. Denver Regen,
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(50:34):
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compass insurance, pay too much yourcoverage at dozens of insurance companies find out
now three O three seven seven toone. Help. You'll think you're his
only customer when you choose Frank durandthe real estate man dot com to list

(50:58):
your home with remax a lot threeall three nine two zero sixteen twenty two.
Hi Tom Martino, your troubleshooter threeO three seven one three talk three

(51:19):
oh three seven one three eight twofive five. Welcome to the show.
Okay, let's uh talk about yourproblems, questions and complaints. And we
have a financial discussion going on andwhat makes financial ruin or what starts it?
And I definitely say it all boilsdown to financing, first with credit

(51:44):
cards and then with cars and beingupside down with cars. So as you
approach, as you approach adulthood andhave you kids, you have kids who
are doing this. The biggest mistakepeople make, in my opinion, is
buying an old, used car forsomeone. I really mean that. Now,

(52:09):
if you get a slightly used,truly good car, it could last
someone. But the problem is they'regetting to be so expensive that people make
a mistake of buying used cars andspending too much for them, or they

(52:29):
buy cars with one hundred and fiftythousand miles or more on them. I'm
just going to tell you something,Okay, don't buy cars with over one
hundred thousand miles. Just don't.I don't know how else to put it.
Don't. If you want to doyour kit of favor, look for

(52:51):
special finance deals on an entry levelnew car with a five or ten year
warranty. Those small payments that youmake on that car will more than be
made up for, because if youbuy an old used car with one hundred
and fifty thousand miles, you willhave major problems with it. It's not

(53:14):
a it's just not a question.You're going to now. In very very
rare, rare, rare situations,you have people that take care of cars,
and you might find a gem froma little old lady from Pasadena.
That would be fine. If youcan find a gem that was truly taken

(53:35):
care of, do it. Butthat rarely happens. So in the absence
of thatw a brand new entry levelvehicle with the good warranties and really good
loan rates on newer cars they haveat all, they do it right there,
and they're incentivizing you to buy that, and you can really get ahead

(54:00):
of the system, but you mustkeep it for the duration of the loan
or you will never get ahead.Ever, and for older people, you
should look into leasing, but onlyonly if you lease from an honest less
or who does it in a waythat you're not paying extra Because it's a

(54:22):
lease, that's a whole different ballgame. See leasing, if only they did
it right, would be very beneficialto people. But most leasing companies don't
do it right. Because it's alease and the payment is lower because you're
financing the depreciation. What they dois take advantage of that and then pack

(54:44):
the car and make the payment higher. But they say, well, you're
still saving money over a purchase.But it's just I can't even get into
it right now. It's the moststupid way to lease a car. Let's
talk to Al. Al, welcometo the show. What's going on?
Yeah? Uh, you were talkingabout credit cards earlier, and I have

(55:06):
a fair amount of credit debt dueto various reasons, fighting court battles and
I'm unemployed. How much how muchthat are you in now? Just tell
me how much debt credit cards?Probably forty five thousand and then I you

(55:28):
know, I got a maybe afifteen thousand dollars car loan, And tell
me how much how much equity inyour car? Oh it's yeah, it's
probably twenty five or thirty thousand,that's not that's not my biggest concern.
No, No, I know,I know. I'm just trying to get
a picture here because I know you'regoing to ask some questions. So the
car is you owe how much onit? Fifteen? Yeah? About fifteen?

(55:54):
And it's truly worth double that?Yes, okay, I'll pay down
in that. I'm good. Uh, just just a tremendous amount of credit
card debt, and I'm curious ifthere's do you own a home? Yes?
And how much equity in your home? Oh? Five hundred thousand,

(56:17):
But I can't access it because Idon't have the credit rating to get a
decent Wait a minute, you havefive hundred thousand dollars in equity somewhere in
that range four hundred to five hundred, and you own it alone? Yes?

(56:38):
Okay, wow, Okay, thattakes you out of that takes you
out of the bankruptcy thing. Okay, go ahead, right, I can't
I can't go bankrupt. What isthe rate? What is the rate on
your loan? Home loan? Yeah? Two point seventy five? I think
something like, God, are youin? Are you in good shape?
There? Keep going? So?Yeah, I'm just I'm The problem I

(57:01):
have is all these credit cards youknow there, their interest rates are just
rising every year, and I everytime I start making progress on it,
something happens and I go back into, you know, not being able to
pay. And I really want topay them off. But the idea I'm

(57:22):
looking at is how do I getthe lowest interest rate for all my debt
outside? Well, you just saidyou can't qualify because you have bad credit.
Do you have bad credit? Yeah? Because because I have too much
credit, too or too much didI owe versus? You know? Well,

(57:42):
how much you make a year?How much you make a year?
Well, I was making one fortyuntil March and then I got laid off.
So now I'm doing small jobs,handyman type of work, and so
I'm maybe making thirty in a year. What were you making before? What

(58:04):
were you doing? What were youdoing? Engineering? And you can't get
another engineering job. I'm having areal tough time right now finding one.
And everything that I'm finding is usuallyout of state, and then they put
them on hold. What I'm seeingis that I keep getting interviewed and then

(58:25):
they they just cancel the whole Theycancel the position so it's like, I'm
going to tell you you're not alonein this, bro. You want to
hear what I'm hearing. People arenot very I don't know why. And
again when I say I don't knowwhy, I don't know the specifics.
I really don't. But people arebecoming very hesitant right now about the future.

(58:51):
And I don't know if it's becausethey fear Biden will be re elected
or if they fear Trump will beelected. I don't know the reason.
I really don't, but I finda lot of corporations right now are hesitant
on hiring right right. They reallyare. You're the third person I heard

(59:13):
where they started interviewing for a positionthen eliminated or said we're not going to
fill it right now. Yeah.Well, it's an election year, which
is always tough to find, youknow, higher profile jobs, but man
it I think it's worse this year. I'm kind of engineering. Oh well,

(59:34):
I've done mechanical, I've done instrumentand controls, and I've been a
project manager for over twenty years.So where was your last year? What
corporation did you work for last SergeantLundy? Okay, Now, now I
want to know about your monthly paymentson those How many credit cards? Well,

(01:00:01):
there's primarily there's two that I havethe majority of the debt on the
third one I was keeping paid off, but that's not going to continue right
now. So are you? Whatare your payments on those three credit cards?
Oh? Add it up? Yeah, probably two thousand a month?

(01:00:23):
Holy crap? And how and andand so at two thousand a month?
How long will you be in debton that forty five grand? That for?
Yeah, forever? Twenty years?Yeah? What is your fiico right
now? It's not. It justdropped due to a late payment and it's

(01:00:46):
down to six point thirty. Itwas at six eighty. But okay,
hold on a second, And howhow old are you? Fifty five?
All right, hold on, Iwant to talk to a couple people here.
Three oh three. You're a veryinteresting case and we should look into

(01:01:07):
this. Hold on three oh three, seven, one, three, eight,
two five five. Go with asure thing Denver's best roofer Excel roofing
dot com. You don't pay acent until you're content. Time for an

(01:01:27):
insurance check up, free no obligationcomparison call Compass insurance paying too much your
coverage at dozens of insurance companies findout now three oh three seven seven to
one. Help. You'll think you'rehis only customer when you choose Frank durand
the real estate man dot com tolist your home with Remax Alliance three oh
three nine two zero sixteen twenty two. Hi Tom Artino, you're troubleshooter three

(01:01:52):
O three seven one three talks sevenone three eight two five five. All
right, I want to I gota crazy idea for Al. You bring
up Al, I'm going to bringup Mark Massey. Mark, are you
there? Yes, Sir, MarkMassey is in the reverse loan business.

(01:02:15):
Now, before you go crazy,Al, just hear me out. I
know you're not really a candidate fora reverse loan under normal circumstances, but
you got a very weird situation.And again I might be barking up the
wrong tree. You're fifty five,you have five hundred thousand dollars in equity,
but you have a six thirty FICOand you're struggling with credit card debt

(01:02:37):
you want to get rid of.So this credit card debt is costing you
a ton of money. And ifyou got rid of the credit card debt,
your other debt would be manageable,right, yes, now, Mark
Massey, I have a crazy question. If you had somebody like Al with

(01:02:59):
a six thirty FICO five hundred thousanddollars in equity and he's trying to get
out of debt, all he wantsis to get out of forty five thousand
dollars worth of debt. If hegot a reverse loan at fifty five.
I know that fifty five there arespecial reverse loans you can get, and
he simply put enough money in thereto pay off the credit cards. And

(01:03:22):
that was one of the understandings thatat closing he'd pay off these credit cards
and then he literally kept the loanuntil he could refinance it, maybe until
rates go down or whatever, oror keep it. I don't give a
damn what he does. But whatI'm saying is is that have you had
people do reverse loans for a temporarymeasure to get out of debt and then

(01:03:45):
go back to a conventional loan orkeep it. Most people do keep it,
Tom but absolutely that makes sense becauseit'll pencil out. You know,
if you're paying twenty five to thirtypercent on your credit cards, you turn
around and pay seven and a halfon forty five thousand. That's a heck
of a lot better, and ithelps the situation with a six thirty five,

(01:04:06):
anything kind of north of six hundredis going to be fine. On
the reverse side, they you know, they get a little the problem.
I see, there's a few things. I see that's a big problem.
His damn loan is only right now, just two point seven five percent.
It's almost like free money for God'ssakes. But I but but when you

(01:04:28):
think about it, when you takehis two point seventy five on that and
you average it into his other debt, then you have a blended rate that's
way higher. So so L andthat's the right that's the right comparison point.
Tom, Like you're saying what youshould do out here, I'm not
recommending you rush into this, butwhat I'm what I'm saying is if you

(01:04:51):
pencil it out and you can geta pretty decent rate, that will lower
your overall blended rate, and youcan get out of that debt and listen
to this and not have a housepayment until you want to refinance it,
or you can make it. Youcan make your interest payments, you can
do whatever you want. But whatI'm getting at is you would have breathing

(01:05:14):
room here and you would be ableto get rid of the high interest debt,
preserve your credit, build your creditback, and I think you'd be
an excellent candidate. But but youhave to really put the pencil to it.
And Mark Massey, I think he'shonest enough. I don't think I
know's he's not going to tell youto get it if it's not going to

(01:05:35):
do you any good. It's calledsuitability, but it's something you may want
to consider, Okay, it's somethingyou go ahead. My question would be
like if you if I do areverse loan on the house, then then
I have a blended blended rate,right So no, no, no,

(01:06:00):
no. What I'm saying is thisis that you you have a blended rate.
Now, so the only way toknow what that is is you take
your two point seventy five and addup to three other cards and divide it
by four or yeah, or ifyou have three cards plus your loan and
you divide it by four and getyour arithmetic. Mean, that's what you're
paying, that's what you that's whatyour blended rate is. And if you

(01:06:21):
can get close to that, evenif you're paying a tiny bit more on
that blended rate. Your payment willbe manageable because you can make it your
payment or not make it. Butthe greatest part of this is you're not
going to miss any more payments.You're going to build credit. And then
what you have to do after thatis decide what to do after that.

(01:06:41):
Well, you can take a breatheruntil you get a job, you can
refinance it after that, whatever.But you it's it's a product that you
can get without a lot of credit, and it will it will stop the
bleeding, is what I'm saying.But I want to ask Mark Massy something
straight up, Mark, what isthe action cost of this? How much
is he going to add? Imean, we know he's going to add

(01:07:03):
something because there's going to be somepoints or something. If you had to
put a price on it, andlet's face it, on a five hundred
thousand dollars equity, he's not lookingfor you know, at fifty five,
he's not looking for a lot ofmoney. But if he did like one
hundred grand, let's say, bufferone hundred grand line of credit, how
much are we talking about in cost? So the cost that I could walk

(01:07:27):
you through is going to be realclose SAHA. This is not an FAHA
product. So if he doesn't haveto pay the two percent of the appraised
value of the home, so we'reprobably looking at about let's just call it
three, let's call it, callit nine thousand dollars. Oh, correct,
and we're going to be close withnine thousand dollars and nine thousand dollars.

(01:07:49):
He didn't have to come out ofpocket. That just rolls to the
back of the loan, okay.But so his forty five turns into fifty
four basically is his but he doesa way. Like I said, you
got to do the math here,al and look at your long term plan.
Man, you really do. I'mnot suggesting it will work. I'm

(01:08:12):
just giving a suggestion on what todo. Mark, give out your phone
number right now. Sure, mynumber is. You can just call me
direct seven one three two five sixfour six seven six. I'm here in
Colorado, and I'd like to helpyou do the math and walk through the
different scenarios. And I do bothreverse and forward. So if there's a
better regular mortgage option, let's justlook at it. It's going to be

(01:08:34):
a math formula. You can kindof tell me what you want to do
and maybe can you Can he getit right now? Can he get a
second? But he can't get asecond with that low rate? Could he
with that low score? Yeah,the score starts to affect you on the
front side. Even more so ishis income. Give your number again?
You have to give your number again. Seven one, three, two five,

(01:08:57):
six four six seven now hold on, okay, thank you very much.
Mark, go with a sure thingDenver's Best roofer Excel Roofing dot com.
You don't pay a cent until you'recontent. Time for an insurance checkup
free, no obligation. In comparison, call Compass Insurance paying too much your

(01:09:17):
coverage at dozens of insurance companies findout now three all three seven to seven
to one help. You'll think you'rehis only customer when you choose Frank durand
the real estate Man dot com tolist your home with Remax Alliance three oh
three nine two zero sixteen twenty two. Hey Tom Martine here three three seven

(01:09:38):
on three. I don't have alot to Hannah. We will take you,
I promise, but I need togo back to Al. Joe Canno,
do you have any suggestions for Al? You heard a situation what do
you think. You know, Tom, that's pretty uh you know, that's
pretty common really. You know.My suggestion would be, you know that
maybe uh either get I mean tryto get a refinance and pay a higher

(01:10:04):
rate. But I mean i don'tsee anybody that, uh, you know,
I'm not sure there's slender stuff couldactually offer, you know, some
some kind of refinancing treadom for him. Now, when you let me ask
you something, Joe, when youtalk about getting people out of debt,
like like, how do you guysdo it? I mean, he's he's

(01:10:26):
already pretty tapped out. So I'dlike to talk about your plan where you
have a plan to get people outof debt, and we can do that
coming up after the break in general. But I'm gonna take Hannah after the
break and then we'll go back tothis because I like to know what that
looks like. Now. He mightbe too far gone with what he's got
going on right now, but I'dlike to to tap your brain on it.

(01:10:48):
I'm Tom Martinez three oh three seven, one three eight two five five
more coming right up. Go witha sure thing Denver's best roofer excel roofing
dot Com. You don't a centuntil you're contenthave time for an insurance check
up free, no obligation. Incomparison, call Compass Insurance. Pay too

(01:11:10):
much your coverage at dozens of insurancecompanies. Find out now three oh three
seven seven to one help. You'llthink you're his only customer when you choose
Frank durand the real estate Man dotcom to list your home with Remax Alliance
three oh three nine two zero sixteentwenty two Ye ripped of news? Need

(01:11:34):
that who you don't have? Comerunning as fast as you can. Show
Shooter's gonna help. Come Man sixis the Troubleshooter Show. Now Tom Martino,
Hi, Tom Martino here, Welcometo the show. Three oh three
seven one three talks seven one threeeight two five five. I'm gonna go

(01:11:58):
right to the phones and help youin any way I can. I just
want to tell you that this hourbrought to you by Frank Duran the real
Estateman dot com for free market analyzesof your home. An analysis of your
home. He will do it.He will take your home and put it
out there as far as the compsthe neighborhood supplying demand interest rates and tell

(01:12:18):
you what you can reasonably expect toget on the market, especially with him
at the helm. And it's agreat learning experience free of charge if you're
even thinking about selling your house.Three ZHO three nine two zero sixteen twenty
two Frank Duran, the real Estatemandot com. All right, let's talk

(01:12:38):
about your problems. Okay, I'mgoing to start with I believe Al.
I want to finish up with ALand AL on your debt consolidation. Are
you still there? Okay? Ithink that that is. You know,
that's going to be an expensive optionbecause you're adding nine grand in costs.

(01:13:00):
Okay, I mean that's just theway it is. However, if you
needed to keep that loan for afull year or two or as long as
you want, you don't have toworry about it. Well, again,
it's going to accrue interest and it'sgoing to also eat up equity, but
you can also make payments on itif you want to maintain equity. But

(01:13:21):
here's what I'm thinking, I wouldnever suggest it under your circumstances. Normally,
if you could get a home equityloan, so you might want to
see you might want to see whata home equity loan would you know,
with your low credit, if someonewould do a higher rate and take more

(01:13:42):
risk with that, and then itmight turn out to be cheaper. Let's
say someone would do that for youfor lower points. Let's say somebody would
do a second, a peer topeer lender would do a second on your
home, and they would charge youinstead of all that you know, nine
grand, let's say three three orfour thousand dollars or two thousand or what,

(01:14:03):
and then a substantial rate even butbut but what it would be even
if they charge you eight percent,you still have your two point seventy five
percent on your house, and thenyou get a small equity loan just to
pay off what you need to.You might want to go. I don't
know how. I don't know anythingabout peer to peer lending al but I

(01:14:24):
do know people do it. Okay, again, that is something you may
want to look into. It's calledpeer to peer lending. I will check
that out, and I know,I don't know. I could talk to
my credit unions and see if theydo that. I kind of yeah,
they I don't think with your score, but you can talk to them.

(01:14:46):
Nothing wrong with it. But butI wouldn't refin if I didn't have to
refly that first. I wouldn't.I don't want to refly. That's going
to be a you know how muchyou are on that first probably about three
hundred and sixty, So you're sayingyour house is worth over eight hundred.

(01:15:10):
Yeah, Okay, listen out,just tread lightly. Call me with any
advice you need. But at leastyou're starting to look for ways to get
out of this mess. And youdo, you do. I have to
look for ways out of this mess. And I would try to get a
peer to peer second. That's probablymy first option. Try to get a

(01:15:34):
second and where they're not going torob you. But then you're going to
have to have a prospect for gettinga job or doing something. You're not
gonna you know, it's just goingto kick the ball down down the street
right now. But what you haveto do is look for a longer term
plan. Okay, let's go backto the phones. Now. It is

(01:15:55):
Hannah's Hannah, go ahead, Hannah, what's happening? Hello, Hi,
Hannah, what's happening? Hi?Tom? So, my car was toad
on the thirtieth of May by thisToad company down here in Colorado Springs.
It was toad because they were paintingthe parking lot the next morning and my

(01:16:19):
husband had parked there unknowing that isit in your apartment complex? Yeah it
is, okay, And so weretheir notices put out and all that,
because usually they do it the rightway. Usually they do it the right
way. So you're not contesting thereason, are you? No? No,
I'm not contesting why it was told? Okay, got it? So

(01:16:40):
what are you contell? What areyou calling about then? So it's a
whole big thing. So they towedmy car, not contesting why it was
toad. I called I'd say anhour after it was toad it toad at
seven thirty three in the morning.We called within the hour, maybe an
hour and a half because I hadto go to work that morning. The
car. They said that we couldcome pick the car up and pay two

(01:17:05):
fifty to get it or three hundredfor them to come drop it back off.
So we went up there to getthat's me, that's very that's very
reasonable by today's standards. Yeah,that's reasonable. So I had no problem
paying for the toe by the way, no problem. So we went up
there, My mom and my husbandwent up there because I was at work

(01:17:25):
to pick up the car. Theyget there, the car's not there.
Now this is by that time,two hours after it had been toed.
The car's not there. So theysat around and waited and waited and waited
with no answers. There were othercars coming that had been told from the
same apartment car, Where was yourcar? That's what I'm saying, Where

(01:17:48):
was my car? So? Butget this, they didn't show up until
or they didn't end up telling usuntil afternoon where the car was. So
at around twelve thirty noon they comeand say, my car's been in an
accident. What but yeah, yeah, but no, wait wait, wait,

(01:18:10):
wait, Hannah, Hannah, Hannah. It was towed into this yard.
How did it get into an accident? That's what I'm saying. So
it was towed at seven thirty threein the morning. At noon they tell
us it's been in at like twelvethirty almost one, they say, it's
been in an accident, But theaccident didn't happen until noon. So where

(01:18:32):
were they with my car from seventhirty three in the morning until twelve o'clock
in the afternoon? But what kindof an accident? Tell me about the
accident? Like like what do theymean? And was someone driving it?
No, so the toe come,the toe driver got in the car accident
with my car on his toe Okay, but they what was he driving around

(01:18:57):
with it all morning? Yes,from seven point thirty three in the morning
until noon that afternoon on a onecar tow bed. So there's no reason
why. I mean, I couldunderstand if he was towing other cars,
but it's a one bed. It'sa one car toe bed, so he
couldn't have been towing anyone else.So how what happened to your truck to

(01:19:18):
your car? So when the carwhen the tow truck rammed or hit the
other car, my car flew backwardsinto the pole that holds the the toe
rig thing. So it the backof my car wrapped around that pole.

(01:19:40):
What are they going to do aboutit? They got insurance, so that's
the thing. They won't give metheir insurance. All right, this is
ridiculous. Hold on, Hold on, hold on, this is absolutely what's
the name of the toe company.It's called toe Pros LLC, Colorado Springs
And by the way, through theBetter Business Bureau website, it says they

(01:20:04):
have an F rating. They're notBetter Business bureau accredited and they don't have
licensing. Oh oh uh oh uhoh, they probably don't have insurance or
anything. That's what I'm saying.So I called the apartment complex an apartment

(01:20:28):
complex man or the own whatever.The property manager, who I've never spoken
to before, says that they dohave insurance. He assures me they have
insurance, but because of what happens, they want to pay for it out
of pocket. Because they want topay for it out of pocket, because
how much damage do you have?Have you had it assessed? Yeah,

(01:20:50):
So that's what I'm trying to getto. So the they say they want
to pay for it out of pocketbecause they don't want their their insurance rape.
Okay, got it? How muchdamage? So they told it to
an autobody shop. Thisll just tellme how much damage right now? Well,

(01:21:10):
so there's it's. I think itwas like twenty five hundred dollars for
the damage to the back of thecar. But because they won't give me
their insurance information or anything, Imean, I'm thinking it probably should have
been totaled out. Well, whatyear is your car? It's a twenty
nineteen fourd escape. Okay, firstof all, you shouldn't let them get

(01:21:31):
it estimated. You need to doit. Do you have insurance? Oh?
Yeah? So but here's the thingthough, they towed it to the
autobody shop, and the autobody guyhas it. So then they were calling
me telling me they were going togive me a loaner car because this has
already happened. This was May,May thirtieth that all this happened. So

(01:21:55):
they said they want to give mea loaner car, they'll get the car
fixed and all this. So thenthey call back a couple hours later they
now they don't want to because theloaner car that they were going to give
me was I guess the owner ofthe toe company's car. Hey, Hannah,
Hannah, listen, Hannah, theseguys are just screwing you guys royally.

(01:22:15):
Now hold on, I mean youneed to do you have insurance?
Yeah? I do have insurance.You need to send your insurance guy over
there to assess the adjuster to findout how much damage there is. And
you need to put an acclaim withyour insurance and let them fight their insurance.

(01:22:36):
That's what you need to do.Yeah, but I'm I'm I'm already
I'm already way screwed past that point. Well, what do you mean screwed?
Did they take it apart and startfixing it? Yeah, they've already
started fixing it. And and whathold on a second, and what kind
of repair job are they going todo? What if this toe company is

(01:22:58):
good friends with the body shop andthey're gonna screw you, Well, you
can't let that happen. Send yourinsurance person over, or send an expert
over that you know and trust.You can't let these people do it without
checking. Are you listening, Hannah? Yeah? I am. I just

(01:23:24):
you gotta let this. Hannah.You need an expert on your side.
I don't care who it is.You need to hire someone to look at
that car. Now, here's thenext thing. Okay, you say they
started fixing it, what have youbeen doing for another car so far?
So that's what they said. Sothey said that they'd get me a rental

(01:23:44):
car, but they didn't, didthey Or did they? Yes? Or
no? Did you get a replacementcar? They did give me a rental,
but they would not put the rentalunder their like, they would not
put it under their insurance. Sothey were cashapping me the money for the
rental car. So the rental caris under my name through they were sending

(01:24:05):
me money through cash app for thePRIs. You are you know, Hannah,
you handled this all wrong? Soright now? Did they stop making
payments on the rental? Yeah,they did over the weeks as of Friday.
Why I so Friday came around.This is a thing. They said
my car would be ready on Fridayto pick up, so then they only

(01:24:29):
had extended the rental through the fourteenth. So Friday came around. I called
the auto body shop. He saysthat he told them the car was ready
at eleven am, and then theystopped contacting him after he told them the
car was ready. So they're notgoing to pay for the car. Well,
they already put a deposit to theguy because the guy said he wasn't
going to do a work on itunless they paid him a deposit first.

(01:24:56):
How much is owed on it?I think probably half of the three hundred.
These guys sound like These guys soundlike scumbags, Yeah they are.
So then I did some research overthe weekend, like looking at reviews,
and that's how I found out aboutthe Better Business Bureau accreditation and stuff.

(01:25:20):
I don't care about the Better BusinessBureau. Okay that that's the last thing
on my mind, because the BetterBusiness Bureau is a is a dinosaur organization
with no credibility whatsoever. They're justthey're during ancient organization. Their credit,
their accreditation means absolutely nothing, absolutelynothing. Did you do any research on

(01:25:43):
the auto body shop? Well?What about you know they took it there,
not her, so what research wouldBut they're I'm just curious if they
have a good reputation that they dohave a good reputation the auto body shop.
I've talked to the guy who ownsthe auto body shop, he's the
one working on the car. He'she's he does have a good reputation.

(01:26:08):
But what about the fact that itsays that they're licensing is they don't?
They have nothing? Well, what'sthe state doing about it? I don't
know if the Department of Regulatory AgenciesDora. They haven't obtained licensing through them.
Okay, you need to contact andput in a complaint, did you?

(01:26:29):
Yeah, So that's the thing.When I tried calling Friday, they
weren't open. So I was planningon doing that today, putting in a
complaint through them, because what Iended up doing Friday night was contacting the
police. But at this point,because of the I guess agreement that I've
had with them, they the policesaid it's the civil matter at this point,
which I understand. I was expectingthat it is. Listen, here's

(01:26:50):
what we have to do. Ineed to put somebody on. This is
Deputy Bow there, We've got Deputyjock In and we do have Deputy Bow
as well. Yeah, Deputy Bow. I want to because I think Doc
said he was working on to already. Is that right? And I mean

(01:27:11):
the the the reviews about this toecompany are just outrageous. Like the Toner
that's the owner, Tony. Iguess he just screams racial slurs at people.
He's gotten arrested at toe site before. He's They've done this to multiple
cars, have caused damage and reckedmultiple cars, and then they just go
no contact. Hannah. I justwait, I have a question. The

(01:27:35):
body shop said it's gonna be readyon Friday. What happened? Did you
go to pick it up? Sothey wouldn't let me pick it up on
Friday because they hadn't been paid forSo he's telling me, but hold on,
is it done right now? Hannah, is it done right? Now?
It's done, It's done. Yes. So you know, I've been

(01:27:57):
in contact with the terry as awhile. We've been on the phone,
and he's telling me that he contactedthem this morning and that they said they
would call and pay him was acredit card. So I don't know,
all right. I got to say, hold on, hold on, hold
on, Deputy Bow, call thesepeople, call these clowns. I want
to assign it to Bow unless Bois slammed. But I don't think he

(01:28:20):
is right now. I'm not sure. I'm trying to keep track here,
Okay. Three oh three seven onethree eight two five five go with a
sure thing Denver's best roofer Excel Roofingdot com. You don't pay a cent
until you're content. Time for aninsurance checkup free, no obligation in comparison,

(01:28:47):
call Compass Insurance Paying too much yourcoverage at dozens of insurance companies find
out now three oh three seven toseven to one help. You'll think you're
his only customer when you choose Frankdurand the Real estate Man dot com.
List your home with Remax Alliance threeoh three nine two zero sixteen twenty two

(01:29:10):
Hi, Tom Martino, you're atroubleshooter. Three all three seven to one
three talk three oh three seven onethree eight two five five. Okay,
So Butch, what's going on withyou? Butch? Hey? But what's
going on? Hey? Man?How you doing? By the way,

(01:29:32):
what do you get up on aweekend? You have a good weekend?
Father's Day celebration. I I wasthe father's day, first Father's Day for
me. Oh that's very cool.That's howlds your holds your baby? Then
less than a year obviously, right, three months? Almost a three months
and he is a very very smartsomebody. Oh he's even smarter than daddy

(01:29:59):
already. I say, come on, that's a little too much. So
what's going on? Man? SoI was wondering, I'm going on the
internet a lot on there. Yeah, yeah, and I'll be looking at
for a for a product. Whatare you looking at? A mousepad?

(01:30:19):
Mousepad? I want to get amousepad. I don't know what's the best
mousepad. Which one is the bestmousepad? How do a mousepad? And
you click a mousepad? Yes,sir, I say take a gamble?
Shit, okay, well I don'tgamble, sir. I'd like to be
very serious about what are they?Fifteen dollars? If that? How much

(01:30:40):
are they? One of them hascost three hundred a mousepad. Yeah,
it's got a special tracking technology.And come on, man, come on,
okay, give your entire desk withled a mousepad for goodness sake.
I mean I thought you're talking aboutjust like a little rubber eyed mousepad.
Well I could be. And what'sthe other guy off of cam? He

(01:31:02):
said? The interesting thing? Oh, the whole desk. There's a very
big one as well that you canput a whole your whole desk is a
mousepad that costs a lot more thantwelve dollars. Now the mouse pads.
I just went on Amazon and Iput mousepad down. They got one with
a risk guard for eight bucks.They got nine dollars. They have a

(01:31:24):
seven sixty five. I mean,I don't know what the hell you're looking.
I don't tracking technology? Does thathave tracking technology? Well? Hold
on, what kind of mouse doyou have? Optical? Or is it?
Is it the little ball on thebottom? Oh can you imagine?
It's a no? No, whatkind of mouse do you play this?
Gamer? Bro? What kind ofmouse do you have? I have an

(01:31:45):
optical mouse. They don't even makethe role. Oh okay, good,
I didn't know that. Okay,right, optic, So now you have
Yeah, are you a serious gamer? Good question, Greg, great question.
Yes, I'm a very serious gamer. And the book big game I
play is Lazier Suit Larry. NowI'm looking at advanced technology here, but

(01:32:08):
come on, truly, what issome of your fellow game serious? Is
what kind of machine you're running for? Leisure shut, Larry, leisure shut
Larry. Well, I got aPenteum three that I'm running an original version
of leisure Suit Larry, the originalone from a Then I wouldn't worry too
much about a mouse pad. It'snot going to up your game, bro.

(01:32:28):
Come on. But my big questionis when you go to one of
these sites, how do you knowthis is a serious question? How do
you? Okay? God? Becausethey have all these sights and they say
go ahead, oh this is thebest one. They have them all listed
out, but they seem like adsa lot of them. Is there like
a real place for consumer, likean actual site that is good? I
like this. Okay, here's whatI do seriously, on a serious note,

(01:32:50):
here's what I do on Amazon.If you go to the reviews.
You're gonna get some honest reviews.You really are, okay, so Amazon
reviews is good. What I dois, for example, let me see
what's the name of the one you'relooking at, the witch, the mouthpad,
the one that was really expensive justfor the heck of it. I

(01:33:12):
want to see what the reviews are. Go ahead, Oh, I have
to pull it up. Now,let me pull it up the moment,
Yeah, pull it because here's whatI do. Now, Now a dragon,
have you done that? Have yougone on and looked at the actual
people's purchased it, or they havequestions, you know? And I try
to stay away from the guys thatall all five stars, all one stars.
Try and find the medium guys,because then those are the ones are

(01:33:34):
a little bit more honest about everythingthat's right, that's true, or beware
of if they're all five stars,you get a few one or two,
I don't care. But if youget a bunch of bad ones and then
all of a sudden a few goodones, that's a really bad algorithm right
there. But I just want toknow because I go on here and you
have all kinds of ratings, butyou really read them, and you can

(01:33:57):
see, they're not all they're they'repretty genuine. I mean, you can
actually see it. If so,you get enough people responding and talking about
your, uh the product, you'regonna get some honesty there. You really
will, so I appreciate it.Tom. Do you have the name?
Do you have the name of yours? I'm just curious right now. The
expensive one this one here that I'mlooking at as a charging one though,

(01:34:23):
it's the Alti Ultra Fast wireless chargingdesk. It's a full moustpad covers the
whole desk, charges up products aswell. Oh okay, that's okay,
that's a whole different ballgame. Okay, okay, but listen, if you
go, even if you don't buyon Amazon. By the way, if

(01:34:43):
you don't go the Amazon, yeahI don't, Well, okay, but
you can. But it's still agreat place to go for the reviews.
I'm looking on here though, Ican't find anything expensive on any of these.
I mean, I'm luxury mousepad.It's a black leather two and call

(01:35:04):
Lee. You know, there's awhole bunch of people that don't even use
mousepads. They just go straight ontop of the desk and it works.
No I would never do that.Desk. Tell me you're telling me people
hitting a raw dog. Yep,thanks for that call, all right,
man, thank you. Yeah,you tell them they're hitting it raw dog.

(01:35:27):
Come on, you hitting a rawdog. Got three mouse four mouses
right in front of me, andnone of them have a mousepad. Tom
is fine for us. You know, I'm an atheist. I'm gonna say
a prayer for his son because Ithink he's gonna need it. Yeah,
okay. By the way, Idon't know why he had to make that
plane to everybody he meets in theworld, but people just deal with it.

(01:35:49):
What you want. I'm Tom Martine. We have more coming up.
Go with a sure thing Denver's Bestroof for Excel Roofing dot com. You
don't pay a cent until you're content. Time for an insurance checkup free no
obligation comparison call Compass Insurance paying toomuch your coverage at dozens of insurance companies

(01:36:15):
find out now three all three sevenseven to one help. You'll think you're
his only customer when you choose Frankdurand the Real estate Man dot com to
list your home with Remax Alliance threeall three nine two zero sixteen twenty two.
Hi Tom Martino, you're troubleshooter onetexture at five seven seven three nine

(01:36:35):
wants to know why Tesla drivers getaway with no front license. First,
of all, front license plates areraising our carbon footprint. We don't need
to make extra plates. All youneed is a rare license plate. So
if you're of the Church of Climatechange, then you need to urge states

(01:36:58):
to go with one. License plates. Just don't look right with a front
plate. All right, Leo,what's going on? Hi Leo? Oh?
Wow, my? A few yearsago, my daughter's driving her nineteen
eighty nine Shivvy suv ye. Okay, well intin. She just got off
the streetway. Did you say aneighty nine? Did you say a nineteen

(01:37:23):
eighty nine? Yes? Okay,go ahead? A few years ago?
How many years ago? Okay?Gotcha, sir, gotcha? Okay,
yeah, and a parking lot.She backed up a couple of feet and
the left front top wheel assembly fell, came off and laid down on the

(01:37:47):
pavement. I don't know how manymiles were on it then, how many
miles on it? Oh? Idon't know. But that doesn't happen to
any car. But the Shivvy.The mechanic says the upper A arm.
And then we got that replaced,and she got a nineteen ninety nine uh

(01:38:11):
vy and that started shaking got veryloose, Sam Willa. Shaking has pulled
over. And so you're calling nowyou're calling about a different one. Right,
you're not calling about the eighty nine. What do you what are you
calling about today? The ninety eightor what year is it' It was the
ninety nine. I'm talking about GeneralMotors since nineteen sixties. I've got two

(01:38:36):
other cars the same way has hadthis problem for the upper A arm.
And what when you say the upperWhen you say the upper A arm,
what are you actually referring to?What part? I've not heard it called
the upper A arm. I haven'teither, But it's what the hill assembly

(01:38:57):
fastens onto. Okay, you buildthe junkyard. Look in the chivy section.
Do you see those front wheels overthe forty five good angle? I
counted twenty three of them as pickyou apart, no forge, no dodgers,
nobody's jail. Oh, I getit. So you're saying that General
Motors has and it actually, bythe way, it actually is called an

(01:39:21):
upper a arm. It's a controlarm, and I looked it up,
and so they actually do call itthat. I just never heard it anyway.
So you're saying that General Motors hasa problem, a known problem or
is it something they're not talking about. Well, it's something they're not talking

(01:39:43):
about. But I had a nineteensixty seven Chivy did that, So they've
had this for forty years. Okay, but how about this, let's get
into this century, because you haven'ttalked about a twenty twenty or newer.
Is what about now? Do theyproblems now? Well? I don't care

(01:40:03):
about now. I'm talking That daycame within about two minutes of killing my
daughter. She is on the freewayjust before that happened. Yeah, but
there's so many variables like how wasit taken care of? How many miles
on it? There's so many things, and and if they've had a problem,

(01:40:26):
I can't find it. Go toyour local, pick your part,
go to the Chevy section. Okay. I want to call Kevin hold on
a second to put him on hold. I want to get Kevin call kin
on or and also jeffik either oneof them one or both. I really
do want to ask him about this, the upper arm. He's saying it's
a known problem. Okay, Iwant to say, because I am looking

(01:40:55):
here and it says here they haveexperienced some issues with up for control arms
in old, older models. Okay, up until nineteen ninety eight. My
god, I mean, I don'tknow. We'll we'll ask our people.
Are you really really three thirty yearsold? To be perfect? I'm confused.

(01:41:20):
I see. That's what I don'tunderstand why he would even bitch about
that. It's thirty plus years old. Mickey, hang on, We'll be
right back, Mickey, hang on. Go with a sure thing Denver's best
roofer Excel Roofing dot com. Youdon't pay a cent until you're content.

(01:41:44):
Time for an insurance check up free, no obligation. In comparison, call
Compass Insurance paying too much your coverageat dozens of insurance companies find out now
three oh three seven seven to onehelp. You'll think you're his only customer
when you choose Frank durand the realestate Man dot com to listen your home
with Remax Alliance three oh three ninetwo zero sixteen twenty two hin Tom Martino

(01:42:06):
here. Kevin Calkins shared an autotech. Have you ever heard of General motors
in the eighties and nineties having problemswith the upper A arms in their suspension?
Not chronically? No, Okay.I looked it up too, and
they said they had a few issueswith in the early nineteen nineties. But

(01:42:30):
Leo said, they have a problem. But Leo, it doesn't seem to
extend into any vehicles two thousand andup. So we're talking about twenty four
years ago. This problem was overcome, Leo, necessarily. Well, what
do you mean, I mean,I got a guy on here does all

(01:42:51):
kinds of work. Do you seeany major problems, Kevin, with any
of the control arms in the inthe front of you know, sort of
just sort of just worn out parts. I don't say, any chronic issues,
No, Cleo, Well you haveto do the junk yard. Check
out the shivvies only and what years? What years, Leo, I don't

(01:43:16):
know the US. There are somecars that are not happening in the year
two thousand and above, and itdoesn't matter. There's other brands of cars
no matter how old they are,they don't come apart. Okay, So
anyway, what is the point though, Leo, Leo, what is the
point, if you are correct,what is the point that we have established

(01:43:38):
that General Motors has a problem withupper A arms in vehicles up to year
nineteen ninety nine? What is thepoint It goes a way to bewond Okay,
the point is that they've had thatsince nineteen sixties. But they're not
going to fix it now. Thosecars are being those cars. They're not
going to redesign a damn thing.They're they're all out there. Man,

(01:44:01):
they're old cars. So is myold sixty six forward. Okay, So
what can you do to change it? They can't go back in time and
change it. Leo, what you'reeven if what you're saying is true,
there's no solution. Do you expectthem to have a recall on nineteen ninety
cars. I'm not talking about recall. I didn't mention that. Okay,

(01:44:29):
what are then? Here's what Iwant to know. I'm sorry, Leo,
I'm sorry. I don't understand thereason for the call. Let's say
you're correct, and let's say therehas been a chronic problem and still is
on cars up to let's say yeartwo thousand. What should they do about
it? They came within two minutesof killing my daughter all over, Leo,

(01:44:55):
I'm asking you a question. Leo, you're not answering the question.
If what you're saying is correct,what should they do? Really, I'm
asking, I really am asking,Leo. It took care. You can't

(01:45:16):
change the truth, you but I'mLeo. Let's say you're telling the truth.
What can be done? General Motorstalk to me about Nerdy taking my
life, the life of my droughter. Okay, first of all, what
could have happened didn't happen. Okay, I'm sorry, and I'm glad it

(01:45:39):
didn't. There is absolutely no pointto that call. I'm sorry. Tell
me what you want? What doyou want? We have more coming up.
Go with a sure thing Denver's bestroofer Excel Roofing dot com. You
don't pay a cent until you're content. Three leave time for an insurance check

(01:46:02):
up free no obligation comparison call CompassInsurance paying too much your coverage at dozens
of insurance companies find out now threeall three seven seven one help. You'll
think you're his only customer when youchoose Frank durand the real estate Man dot
com to list your home with RemaxAlliance three all three nine two zero sixteen
twenty two. Yeah, ripped,you need ADVI so you don't have come

(01:46:35):
run anxious. As fast as wecan show Shooter's gonna help come. Man
six is the Troubleshooter Show. NoTom Martino, Hi Tom Martino, your
troubleshooter three all three seven one threetalk seven one three eight two five five.

(01:46:56):
Welcome to the show. I wantto tell you, and we'll talk
to him in just a minute.Please mark your calendars for Thursday evening.
That's the twentieth six point thirty atthe Sheridan DTC. We're going to have
a seminar there my moneymway dot comabout financial things, especially going on into
older age. We'll talk about allkinds of stuff coming up all right,
like, for example, the mainthing safe and secure retirement. We'll talk

(01:47:20):
about investing, we'll talk about Medicare, social security, also reverse loans and
the like. And we'll talk toJordan in a minute. I want to
go to Micky, who's been waiting, and of course anybody with any calls
on anything. Three oh three sevento one to three talk three oh three
seven one three eight two five tofive Mickey, go ahead, Hi Tom
can you hear me? Hey,what's going on? Okay? I've got

(01:47:44):
a social Security slash PRARA retirement question. My wife is krok okay on social
Security, has been for ten years, and she's also a Puro employee or
a chip cool public school employee whois just retired, and she could take

(01:48:08):
a Peyerra retirement. Also, ifshe does right, takes a two thirds
hit on her social security right.Okay, if she doesn't take Peerra,
what happens? Could you just letthat pieri sit there and not take that
hit? You know what? I'venever even thought of that because normally it

(01:48:31):
benefits you to take the PARA andthe hit. So the question would be
why would you not? There iswhat's called the windfall. There's called the
windfall elimination of provision. Okay.That means that para who also receives Social
security, right, they do somekind of formula yes, and the maximum

(01:48:53):
monthly reduction. However, is nowyou what they do is you get a
maximum reduction from your para. It'snot I don't think it's your social security
that takes a hit. I thinkit's your para. It's the social security
that takes the hit. All right, Okay, that's not what I'm reading.

(01:49:15):
Are you sure of that? BecauseI mean it says, wait,
oh, hold on, your parentbenefit will not be reduced due to social
Security. I'm sorry. However,there are some provisions depending on how much
you make. It says this appliesto PARA retirees who also receives Social Security
earned benefit. It says, thewindfall provision reduces You're right, your social

(01:49:40):
Security benefit based on a formula,and in twenty twenty three, the maximum
the maximum reduction of your Social Securityis five hundred and fifty seven dollars or
one half of PARA. Well,if she's according to Social Security who I

(01:50:04):
talked to, they told us thatshe would take a sixty six percent,
yet two thirds offer social security.Yeah, but how much does that in
dollars offer social offer social that?Yeah? I'm asking what, I'm asking
what the what does the what?What does the math add up to?

(01:50:29):
Does she actually get less doing thePARA and the Social Security? She gets
the same amount, but she losestwo thirds to offer for social Security.
I understand. But when they addthem both together, it's essentially the same
benefit. It's essentially the same benefit. Yes, that's weird. Why would
they take I don't understand why ifyou paid into Social Security they would ding

(01:50:53):
you like that. Yeah, we'retalking about the government here, I know.
Oh, let's see. There's anotherhitchy in here also that currently,
if I die and she's not onPARA, she can replace her Social Security
with mine. Okay. The waynow, the way that work. Okay,

(01:51:17):
it's called survivor's benefits, and it'skind of like that. It's kind
of like that. What they dois they take they take the survivor benefit
or her, and she'll get whatever'smore right, and mine is twice what
hers is, so she'll get morewith you. But no, no,
she won't get your whole benefit.She's not going to get one percent of

(01:51:38):
your benefit. Oh, according toSocial Security, she does afore you talk
to them. My god, Ican't believe. Okay. First of all,
let me just answer this one question. According to the Parrot website,
you do not have to take PARAokay, Okay, you can remain on

(01:51:58):
Social Security. They can't force youto take it, and they can't reduce
your Social Security okay, And there'sno penalty or anything else because you didn't
take it. No, there's none, none that I can It says here
that parasocial security have their own eligibilitycriteria. As long as you are are
fully invested in one, you don'thave to take the other. Okay,

(01:52:23):
and then the other thing is nowwhat I'm very interested though. Survivor benefits
have always befuddled me. And you'resaying that Social Security told you that you
could take that she gets all ofyour benefit when you die, Yes,
as long as she's on social Securityand not parap. Yeah, but your

(01:52:45):
and your wife is on her ownsocial security correct, Okay, Okay,
we know what. I'm going tofind that out. I'm going to the
Social Security website because this is somethingI go over and over, and I
was told you don't get one hundredpercent of your spouse's social there's a formula.
Yours goes up a little, butit's not it doesn't equal the whole

(01:53:08):
thing. But but I'll find out. But that's not what that was told
face to face. In addition tothat, if I die and she gets
my social Security and she's also onPARA, she takes a hit on my

(01:53:30):
social security, she won't get allof my social security. She takes that
same two thor as hit. Okay, if your benefit is higher, she
can switch to the higher survivor benefit. Now listen, the survivor benefit is
generally again you're right, generally equalto the full benefit you're receiving at the

(01:53:53):
time of your death. If yourwife starts receiving survivor benefits at full return
age, the benefit will be reduced. Okay, So like so in other
words, you it depends if shewas taking your benefit or not your benefit.

(01:54:14):
But it says here if your wifestarts receiving survivor benefits before her full
retirement age, so apparently she's allowedto take it. But if she waits
to her full retirement age, shewill get one hundred percent of your benefit.
Does that make sense? Yes?And she said, okay, we'll
beyond that. And if she doestake your benefit along with PARA, it

(01:54:42):
will be reduced with a formula.Again, I don't know the exact formula,
but in other words, they're nevergoing to let you totally add them
up right, And I think theformula comes out kind of to you having
the same benefit. I don't evenknow why they do it, I swear
to you. The way it lookshere, the math The way the math

(01:55:03):
seems to be working out is thatthey reduce it, so you end up
getting the same amount, but youget it from two sources. How stupid
is that? Exactly? Man?You're losing that amount on your Social Security
that you have worked for and putin for all your life. That's what
it sounds like. Mike's got acomment. Go ahead, Mike. What's
your comment? Mike? I thoughtMike said he had a comment on Mickey's

(01:55:30):
situation. Mike is there? Mikestill there? And now are you there?
Yes, Mike, I'm here,Go ahead, sir. Yes,
what he's referring to. I wasa thirty year PARA employee inside business that
I paid Social Security into. Sowhen I retired from my parent job,

(01:55:53):
I had four options. I couldtake all the cash out I put into
pair of I could take the benefitpair at one, and when I died
it went away. The other optionis I could take a reduced benefit.
When I passed, my spouse gothalf of that, and the other benefit
was if I took PARA at anotherreduced rate. I passed, my wife

(01:56:16):
continued to get that same PARA amountuntil her death. But unfortunately the Social
Security has what's called a windfall program. And right, so I paid in
to Medicare and Medicaid, but Inever paid in to Social Security through my
para job. So my social Securitywas supposed to be eleven hundred dollars a

(01:56:41):
month. When they factored my Paararetirement monthly account, that went down to
three hundred and fifty and that moneyI will never get back that additional pair
or additional social security. Wow,that's bad. Or to go to the
Social Security website and look up thewindfall program. That's how they explain that.

(01:57:01):
Okay, So does that make senseto you, Mickey? Yes,
yeah, I knew all of that. My real all way question was if
she doesn't take her PARA retirement,will social Security thing her for that in
some way, shape or form ifyou contact If you contact Para, Parah

(01:57:27):
will hold that money for her.It will continue to accrue interest and then
she can take that out of alump sum later. But I don't know
how that will affect social Security now. But Para's pretty good about speaking to
that very question. My wife wasin that situation. She had a part
time job at the library, leftthe money in there, and she can
take that out and can now,if you did not tell me this,

(01:57:50):
if you did not do a workingenough like for Social Security and only worked
as a teacher, then you don'tbecome You don't you don't become eligible at
all for social right. You justhave to depend on PARA. That is

(01:58:11):
correct. That is correct, andPARA does give you a break. Since
I'm now retired and I have topay for Medicare, I can continue on
with the para insurance with the Medicare, or what I do now is I'm
on a supplement which is not theParacare, and my Social Security goes to
pay that one hundred and fifty dollarsa month or whatever. Okay, cool,

(01:58:36):
Thank you for the information we got. We got more coming up on
the Troubleshooter Show. Three oh threeseven one, three eight, two five
five Go with a sure thing Denver'sBest Roofer Excel roofing dot com. You
don't pay a cent until you're content. Time for an insurance check up,

(01:58:59):
free obligation comparison call Compass Insurance payingtoo much your coverage at dozens of insurance
companies find out now three all threeseven seven to one help You'll think you're
his only customer when you choose Frankdurand the real estate Man dot com to
list your home with Remax Alliance threeall three nine two zero sixteen twenty two.

(01:59:20):
All right, I want to talkto Jordan Cano, part of the
My Moneymway dot com group. We'rehaving the seminar Thursday night. Jordan,
what can people expect and why shouldthey make an appointment? Who should make
an appointment? And again, there'snothing to buy, nothing to pay for.

(01:59:42):
Everything is no obligation. Talk aboutthat, Jordan, You got it.
Yeah, we're gonna be having expertsnot only in the financial arena,
which is not building just tax freemoney and earning guarantees, but we have
people to do with tax benefits.So we have a CPA, not only
our personal CPA, but he helpsour clients and they to help answer questions.
We have a mortgage specialist, andof course social security, some of

(02:00:03):
those topics you guys were just talkingabout a few minutes ago, and I
just want to add one piece.You were talking about para R and D
kind of thing. Keep in mindthis is where the tax advisors are gonna
best in. But most para accountsSUFFICIH in Florida, there are typically r
and gs that they have to takealmost like a four to one k.
So for that, gentleman, whenyou talk about so security and para accounts,

(02:00:25):
at some point you can't just differforever. Okay, Now talk about
some of the things you'll be learningtomorrow or will be learning. Well,
yeah, and it's going to begoing on having information for not only getting
out of debt. I mean wetell people not only you can just pay
off your mortgages, and also creditcards that we've been seeing people rack up

(02:00:47):
lately, it's going to be showingpeople how to use it with their money
and keep earning interests instead of givingaway those banks or credit card companies.
That's just become the banker concept.And then of course the guaranteed pension account.
This one tom it's earning money,protecting your money, learning market crashes.
But the best part is you haveguaranteed floors that lock your cash in
every year so that you can't gobackwards. That is. Explain explain how

(02:01:11):
that works in real life? Yeah, real life I always equated to a
stairway. You know, when youhave money is going to go up.
When the market's up, and youget to earn the participation of whatever the
market grows to. But the bestpart is when it comes down with these
accounts, it's stays level. It'sit's like a stairway and go up sideways,
up sideways, so your account willincrease and anytimes market drops, the

(02:01:32):
lowest you can hit is zero percent. You can't go negative and you won't
go backwards. And then how doesthat then turn into income? Like can
you do you set the date whenyou open it or do you decide as
you're going on? In other words, what if I set a date and

(02:01:53):
it's farther out than I want it? Can you alter that date? You
can? You can, indeed,And that's a great question. This is
what life's about. We're not youknow, we can plan for five years
out, ten years up, butin reality it changes every year for everybody.
Right. So the point is iswith these accounts, they are fluid.
You can choose when it's with thatincome on, you can choose to
if you need to take more.When you have that income on, you

(02:02:15):
have the ability to take extra cashout if you need to. And so
these are the way to have thosepension accounts like the good old day pensions.
But with more flexibility, more growth, and more protection. Okay,
so one of the things you guystalk about from time to time are reverse
loans. Okay, now, howhave you seen people using reverse loans?

(02:02:40):
You know, I think they havea definite place for certain situations. When
do you guys recommend them? Youknow, I used to be pretty kind
of didn't think they were the bestbenefit for that. It's changed our mind
completely. My mind changed. Andyou're right, because we have our mortage
special ruth that will be there.But it makes sense a lot of times,

(02:03:02):
I'll say, when you don't haveenough money, if you just have
some security in your entirement, ifyou're widowed and you're not receiving the same
benefits you thought you were before becausethe spouse passed away, maybe the pension
wasn't paying out like one hundred percentlike you guy were talking about earlier,
so nothing got to the widow.Well, this is right. Reverse mortgage,
I would say, would make sensebecause you can then be able to

(02:03:23):
remain in that location, your spousecan remain in that location, whoever it
is, and not have to worryabout paying that mortgage payment if they didn't
pay the house off. That's oneway, and just another way would just
be able to have the ability tostill participate in getting some cash out.
A lot of times you still canget money and live there. And if
the mortgage values continue to go up, I've been told you can all these

(02:03:45):
refinance and get more out. Sothose reverse mortgages have places. But you're
right, it's time and place forcertain people. It just depends on the
situation. Okay, again, thisis going to be Thursday evening and all
people have to do is bring themselvesright. There's nothing to pay, nothing
to do, you got it,nothing to be anyhing to new. You've

(02:04:06):
been there before, we've had standingroom only, and you've been in as
events. It gets exciting when peoplestart asking questions because everybody gets to talk
and we get to have the expertslike ourselves and the CPA and mortgage help
answer these questions for anybody free ofcharge. All right, and again all
they have to do is call firstor go to my moneymway dot com three

(02:04:27):
oh three seven seven nine sixty sixhundred seven seven nine sixty six hundred.
I appreciate that. Now we'll beback to Jordan, Deputy BO. I
want to bring I want to bringthis thing pissed me off earlier. Yes,
it was a car was towed.Now, okay, so the car's
towed, but we find out itwas towed by a company called Tow Pros

(02:04:54):
and they don't have a license tobe in business, according to this woman
Hannah. And also they did damageto her car and then sent it to
a body shop, and now they'reghosting the body shop and they're not paying
for her rental. I mean,this sounds like a pretty bad damn company.
What's going on with toe Pros?Did you get a hold of them?

(02:05:15):
Yes, on a service. Thatdoes sound bad, especially if they
don't have the license. But thebottom line is the take care of Hannah.
So I did call over there,talk to a person named Kelly at
toe Pros, told him the situationwho I was, and she said she'd
get the owner's wife, Melanie,to call over to the body shop and

(02:05:36):
make a credit card payment so Hannahcould get the car. So I waited
to the next segment and called thebody shop, Terry's Auto Body. Talked
to the owner there and they didpay the man they tendered over a credit
card. And I called Hannah andshe's on her way to pick up up

(02:06:00):
the car right now, So,bro, that is wonderful. Hold on,
you know what you get right?Okay? Oh no bell, No,
we don't call that. He don'tcall that a bell. You get
my dinger? Man, Come on, Tom whipped out his dinger for you.
There, yeah, there it goesagain. That means I get to
come back later in the week.Yes, you do, and we're gonna
double your pay as a volunteer.As an unpaid volunteer, you get double.

(02:06:26):
And by the way, I haveanother one too that'll take us to
break. It's the same dinger,but it has some special for you.
There. Oh yeah, thank you. That was an easy one. More
coming up. Go with a surething Denver's best roofer Excel Roofing dot com.

(02:06:51):
You don't pay a cent until you'recontent. Time for an insurance check
up. No obligation in comparison,call Compass Insurance paying too much your coverage
at dozens of insurance companies find outnow three all three seven seven to one
help. You'll think you're his onlycustomer when you choose Frank durand the Real

(02:07:12):
estate Man dot com to list yourhome with Remax Alliance three all three nine
two zero sixteen twenty two. HiTom Martino, you're troubleshooter. Three oh
three seven one three talk three allthree seven one three eight two five five.
Okay, I want to go tothe phones, and I have a
Mike. Mike, what's going on? So I have a rental house right

(02:07:39):
now and the tenant in it ismy daughter and they want to buy the
house, and I'm wondering about doingan owner financing and what's involved with that
and if it makes sense or whatnow? Is the house paid for?
No, then you can't do anowner finance. Well, okay, so

(02:08:00):
have to be paid off first?Right? Well? Yeah, if you
if you want to finance a houseand you don't own it, you can't
have you can't sell it while youhave it loan on it. You would
it's against every loan I know ifyou if you let that house out of
your possession, so it's truly couldtrigger a do on sale clause, and

(02:08:22):
it's not a good idea. It'svery dangerous practice. Now what you could
do is also dangerous, but it'syour daughter. You could co sign the
loan and then just let her buyit from you. What do you mean
by co sign the loan co signeronto my Well, first of all,

(02:08:43):
why are you doing an owner finance? Can she qualify for a loan on
her own? Yes? Okay,Then why would you suggest doing an owner
finance. I don't understand that.If she can borrow money on her own,
why would you do an owner finance? What would be the benefit to
either of you? I don't wantanother rental, and I don't want the

(02:09:03):
tax consequences. Well, hold ona second, you're still going to get
tax consequences even if you finance it. They don't let you put off the
taxes. Huh okay, yeah,Then I know you're thinking about an installment
sale. First of all, youcan't do an installment sale. And they

(02:09:26):
took the tax benefits out of installmentsales long ago. There's no way to
trick the government when you don't wantanother rental. I get it, you
want to sell it. But whenyou sell it, you're going to have
some gains. And because it's arental, have you been depreciating it?
No? More bad news? Howlong have you owned it? Twenty years?

(02:09:50):
Okay? Let me tell you someday. Let me tell you the
real problem you have. Okay,the real serious problem that you have at
this point. You bought the housefor how much I don't remember. I
think there's about one hundred thousand lefton the loan. Well, okay,

(02:10:13):
for okay, let me explain somethingto you. For every year you did
not depreciate that house, and forthe life of me, I don't know
why you did not do that.If it was a rental moment initially you
or what keeping it as a secondhome, Well, when did it convert
to a rental? Never did becauseit's my daughter that's in there. Okay,

(02:10:43):
So it was never officially an incomeproperty. It's a secondary home,
is that right? Okay? Ifit wasn't held for investment, you're going
to escape this. But let metell you, under normal circumstances what this
means. If it was a rental, you would have been obligated to depreciate

(02:11:05):
it each year. Now there aredifferent depreciation schedules, but if you did
not depreciate it, a lot ofpeople feel, oh, I'm not going
to depreciate it, so I don'tlower my basis. The government will force
you to depreciate it even if younever took that depreciation, and you'll have
a higher gain when you sell it, no matter what, no matter what.

(02:11:26):
If you had it for twenty years, your basis would be zero in
that house approximately right now, whichmeans every dime you make is long term
capital gain. Okay, that isif it was a rental. If it's
not a rental and your daughters,has your daughter been living in their free
No? Has she been paying yourent she's been helping pay the mortgage.

(02:11:56):
Have you been declaring it as income. That's a good question. Have you
ever written any kind of expenses offon that house as a rental? No?
Okay, here's what I'm gonna tellyou. It would be best if

(02:12:18):
it was just a second home.Then they're not going to force you to
depreciate it. Okay, you're notgonna have to depreciate it, but you're
gonna have to realize every penny abovewhat you bought that house for. And
now you're allowed to add to thatbasis. If you did any permanent improvements,
you can add to that basis.Okay, and then and then that

(02:12:43):
will be your basis. So let'ssay, do you have any idea what
the purchase price was back then?Any idea at all about one hundred and
sixty Let's say one hundred and sixtythousand, and let's say over the years
you put forty into it, okay, in not in interest or not in

(02:13:03):
minor stuff. I'm talking about incapital improvements. If you did, just
to make numbers easy, your basiswould be two hundred thousand, What will
it sell for for forty four forty? Okay? Now were you hoping?

(02:13:24):
Because then what you're gonna have istwo forty minus any commissions or expenses you're
gonna have. That's gonna be ordinaryenuctions, not ordinary. That's gonna be
long term capital gain. What's yourincome other than that capital gain? What's
your income retired? Okay? Soyou're gonna have some capital gains to pay.
Okay, you're gonna have capital gainstax to pay. And the worst

(02:13:48):
case scenario, the worst case isgoing to be twenty five percent. That's
statement and federal. Okay. Soif you make two hundred, let's say,
or two forty, then do themath. You're going to have to
pay the rest of that to thegovernment. There's no there's no way around
it. There's just I mean,you can try, but there's no way
around it. So if you soldit for if you sold it for two

(02:14:11):
forty You're going to subtract excuse me, not two forty whatever you're going to
make, Let's say two forty inyour in your gain. If you make
two forty in your gain, you'regoing to have about sixty thousand to paying
taxes. Ohly crap. And you'renot going to get it. I mean,
I know people think they can getit right with it, but you're
not. You're not going to getout of it. Okay. You know

(02:14:35):
you can do a ten thirty oneinto another rental, but you don't want
another income. Now, let meask you something. What were you going
to Were you hoping to get moneyor to just help your daughter with a
house? What do you mean?Well, when you sell it to her,
did you want to make money?Were you going to do something with
the money? Were you selling itto her when you I want to sell

(02:15:00):
it to her. Were you goingto sell it to her for market value?
Not quite? I mean, I'mgonna give her, you know,
a discount on it. Okay,So you did want money, here's what
Let me let me get right tothe reason I'm asking. If you did
not want to get money out ofit, and you simply want to help
your daughter. You could gift herthe house, then there would be no

(02:15:20):
taxes to either of you. Butyou can't gift her the house. If
you want to get money out ofit, you need to sell it to
her, and she needs to goand get a loan. But there's no
benefit for you carrying the paper.It's not going to save you on taxes,
all right. So, so Iknow you're going to have people tell

(02:15:43):
you otherwise, and you're gonna getin trouble if you listen to them.
Okay, So I'm telling you thereal way to do this is to sell
it, have her get her ownloan, and pay your taxes. That's
the true way to do it.I mean, you know, other than
that, at it's going to behocus pocus and that's not what you want.

(02:16:03):
Uh three O three seven to onethree talk. We got more coming
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coverage at dozens of insurance companies findout now three oh three seven to seven
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oh three nine two zero sixteen twentytwo. All right, I don't want
to hesitate here. Let's go toFrank. Frank. What's going on,
sir? Hello Frank? Say Tom, you've mentioned the Colorado Motor Repair Act.

(02:16:48):
Yeah, the Auto Repair Act,right, Yeah, to give estimates,
get consent from the customer to makeYeah. What it says is this,
basically, if you drop your caroff. First of all, if
it's after hours, they don't haveto do it by writing. They can
call you, but they can chargeyou up to one hundred and twenty five
bucks. If it's going to bebeyond that, they have to get your

(02:17:11):
consent. And if you drop yourcar off like during normal business hours,
the estimate has to be in writing, and any changes that will be more
than twenty I believe ten percent moreor more than that, they have to
get your approval. Okay, Tom. The Act permits customers to waive the
right to receive an estimate. Idon't know if they do. I don't

(02:17:35):
actually I don't know that. Imean, maybe it does. I think
it's been a long time since Iread it. Yeah. Well, anyway,
my repair shop is a new owner. The requests that I waive those
rights. Oh okay, what doyou think? Well, I would never
wave it. Yeah, that's whatI thought. I thought it was kind

(02:17:56):
of it's buried in a long listof things that they want us to approve
before we start using them. Well, I mean, I'm not saying that
automatically makes them guilty, but let'ssee you actually actually hold on a second.
Under the actual act itself, youcannot wave your right. Oh.

(02:18:22):
I have read it in the identifyspecific language that the customer can use to
wave their rights. Well, thecustomer can do it. The customer can
say I don't want a written okay, but you can't do it in their
contract. Look, well they theyasked that, Okay, you can sign

(02:18:46):
Okay, you have to technically initiateit. I'm not going to split hairs
with you. There are exceptions.Yes, you can sign your rights away,
Yes you can, yes, okay, okay, but but why would
you do that? Exactly? That'swhat I was looking for. I don't
see any advantage to me doing it. Well, I don't even know why

(02:19:09):
they're asking you to. I don'tlike the idea at all. So there's
some right now. What they maynot want to do is get stuck with
a car that they can't work on. That's why they should give you an
initial one up front that'll cover theirass and then on the off chance it's
more, that's what they should do. I got to go on to hold

(02:19:31):
on a second, Ernie, youhave a comment on housing purchase. Go
ahead, Ernie, Yes, canyou hear me? Okay, yes,
sir, go ahead, Yeah,just coming on the gentleman that called in
and telling the house to his daughter. Yes, Tom, is it possible
that this gentleman, well, justbecause ardn't say was retired, But do
take out a reverse mortgage? Hecatches out? I think you said.

(02:19:52):
Helster works like four hundred and he'sgot three twenty pays off his old house.
He's got two hundred and something.Yeah, but he he can't take
a reverse loan out on a homethat's not his primary residents, that he's
not living in. That's the problem. By the way, I'm running out
of time. Let me let megive this out real quick call for your
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