In a mixing bowl, place softened cream cheese, shredded Monterrey, Cheddar, deseeded jalapenos and seasoning, mix well. Using a level tablespoon as measurement, measure cheese fritters. Roll into balls and place on a plate or sheet pan and set aside. Prepare breading station.
Breading Station: In a 1/2 size foil pan place flour. In another 1/2 size foil pan, crack eggs add water. Whip to create egg wash. In another 1/2 size metal foil pan place bread crumbs. Place an empty 1/2 size foil pan next to the bread crumbs. Place the unbreaded cheese balls next to the flour. Start breading procedure.
Breading Procedure: Place 20 cheese balls into flour. Toss gently to coat. Shake off excess flour and place cheese balls into egg wash. Cover cheese balls completely with egg wash. Transfer cheese balls to bread crumbs. Toss gently to coat. Shake off excess bread crumbs and return cheese balls to egg wash. Return cheese balls to bread crumbs. Toss gently to coat thoroughly. Place on sheet tray lined with parchment paper.
Frying Procedure: Heat counter top fryer or frying pan filled with oil to 360 degrees. Fry cheese balls for about 1 1/2 minutes on until golden brown. Place fritters on a plate lined with paper towel to absorb excess grease. Serve immediately with ranch dressing for dipping.