Homeowners underwater may find some limited help with the new Home Affordable Refinance Program or HARP 2.0 started by the government. Ilyce Glink appeared on Seattle, Washington radio station KOMO Newsradio's program Consumer Notebook to discuss HARP 2.0 program changes that could help homeowners underwater qualify to refinance their mortgage loan. I appeared this week on [...]
Bank Fees and ATM fees are driving consumers crazy. Ilyce Glink appeared on Morningstar with host Christine Benz and discussed that people underestimate the complications involved in switching financial institutions. Ilyce cautioned viewers: think twice before ditching your bank. Major financial institutions like Bank of America, Chase and others have recently backed away from unpopular [...]
Julie Stav on the show. Mortgage interest Rates and the Bailout of Greece. And as usual, providing personal finance advice, real estate advice and consumer advice on the Ilyce Glink Show November 6, 2011 on WSB Radio. Greece - what a country! The nation's Prime Minister George Papandreou was set to put the proposed Eurozone [...]
Q: I just heard Ilyce on the radio talking to a listener about a house he was purchasing from his parents. She said that he would have to pay private mortgage insurance (PMI) if the appraisal came back and showed he was above the 20 percent equity threshold. I just bought a foreclosure here in [...]
This past Summer, our friends’ beautiful 100-year old home was hit by lightning and caught on fire. The house was a total loss and it will take them two years to rebuild. While lightning strikes can set a house on fire, more than a quarter of all house fires happen in the winter. According to [...]
Q: I was reading several of your articles in a New Jersey paper about loan modifications and what a nightmare they are. It made me tear up reading the second article which was almost exactly what we experienced with our lender. Our poor financial situation was caused by a health-related issue, as so many are. [...]
Q: I need guidance on what to do with my underwater mortgage. My wife, my preschooler, my infant and I are living in a house that we owe $90,000 on that we bought eight years ago for about $100,000. Comps in our neighborhood put the current value of our house at about $50,000. Three foreclosures [...]
Roth IRAs are great for some, but some don't appreciate the benefits. Q: Everyone talks about what a great product the Roth IRA is. But my belief is one is contributing after-tax money. That means you’re likely paying at least 40 percent in state and federal taxes on the cash. Imagine if you didn’t pay [...]
Using ARM loan is better than 401k to pay for college. Q: My husband and I are 56 and 55 respectively. We have 3 college tuitions and 2 of 3 weddings done, and are now thinking of taking advantage of the great prices for a vacation condo. We have enough cash for the 20 percent [...]
On Monday, October 24, 2011, the Federal Housing Finance Agency announced major changes to the Homeowners Affordable Refinance Program (HARP). The old version of HARP, which had been in place for about two years, assisted 900,000 homeowners in their efforts to refinance their mortgages. However a report from PR Newswire highlights two major problems with [...]
