When a lender fails to respond to your requests to refinance an underwater mortgage, you might have to file a complaint with the OCC. Q: We purchased the home in year 2006. We only put down 5 percent and have a first mortgage at 7 percent and a second at over 8 percent. Despite our [...]
Loan modification or refinance hell continues for homeowners even when a lender invites a borrower to refinance. Q: I'm not sure where to turn with respect to what’s going on with our mortgage. I have been with my lender (a big national bank) for almost 13 years and I have been trying unsuccessfully to refinance [...]
Bank refinance offer in the mail may be your best bet if you have a low balance mortgage loan. Q: I enjoy your column each week and have a refinancing question for you. I purchased my house in 1997 and refinanced in 2003. My current loan balance is small at about $75,000. On Tuesday, I [...]
You may want to file a complaint with the OCC if your bank has wronged you, but you may also be entitled to a foreclosure review. We received yet another email from a woman who has been trying to keep her house out of foreclosure for the past 18 months. She reached out to the Office of [...]
If you're interested in buying or renovating a home, one of the few loan products remaining is the FHA 203(k) home renovation loan. Q: My husband and I would like to purchase a neighbor's home to remodel and live in. It needs extensive work. I estimate we would pay him roughly $250,000 for the home [...]
Mortgage lenders that service home loans have their own take on the financial, mortgage and credit crisis and have their own problems also. Q: I think you should consider the cost incurred in servicing delinquent loans before declaring that lenders profit from servicing them. Most servicers of mortgage loans must remit payments to the investor [...]
Phil Ponce of "Chicago Tonight" interviews Ilyce Glink about real estate advice and refinancing in the new year. With Terry Savage. I recently had the opportunity to appear on "Chicago Tonight," alongside personal finance expert Terry Savage, to discuss ways consumers can beat the post-holiday financial blues. I gave viewers real estate advice for the [...]
When you pay off your mortgage loan in full, your lender is required to return any tax and insurance mortgage escrow money back to you. Q: I hope you can help me with this question. I have been searching the Internet and reading as much as I can on The Dodd-Frank Act and cannot find [...]
We kickoff the fourth quarter earnings season for 2011. The Dow had an up and down week and the euro crisis continues - all of which will affect coming fourth quarter earnings season reports. And as usual, providing personal finance advice, real estate advice and consumer advice on the Ilyce Glink Show January 15, 2012 [...]
Even if lender sends you letter asking you to call and modify your loan, you may not get any help. You may need to file a complaint. Q: I am trying to help my brother-in-law restructure his loan but the lender won’t call us back even after sending us as letter stating they were more [...]
