Underwater Mortgage may Lead to Strategic Default Can honor ever exist in a strategic default or foreclosure when you have an underwater mortgage? Q: My wife has a home that we currently live in that she purchased back in 2003. We find ourselves in a place where we can no [...]
Deed-in-lieu or Foreclosure on a vacation second home is not a sure thing with a bank. Q: I have applied for a deed-in-lieu of foreclosure on a vacation beach home I own, but can no longer make the payments. I'm 72 years old, semi-retired with a mortgage on my primary home. If the bank doesn't [...]
If you stop paying on your mortgage or consider a strategic default, your credit score will take a big hit. Q: Let’s say I stop paying my mortgage each month. And let’s say there is some time before the house is foreclosed. Who continues to cover insurance, utilities and such? What impact does [...]
Mortgages and Interest Rates are still dropping. Ilyce discussed this topic along with other questions from callers, providing personal finance advice and real estate advice on the Ilyce Glink Show October 9, 2011 on WSB Radio. More personal finance advice on WSBRadio. This week, on my show, I just had to talk about it again, [...]
Mortgage Interest Rates Hit Another Low. Ilyce discussed this topic along with questions from other callers giving her personal finance advice and real estate advice on the Ilyce Glink Show October 2, 2011 on WSB Radio. I have said it before, and this week I said it again: mortgage interest rates hit another low. This [...]
Mortgage interest rates hit another low. Today's Economic News: Another crazy week for economic news. We saw our first report from the widely-respected Economic Cycle Research Institute that the economy may have technically gone into a recession last quarter (officially defined as two consecutive quarters of negative growth) or will this coming quarter (4Q2011). ECRI [...]
Q: For a brief moment in August 2009, my business just all but stopped. I’m an accountant and my clients had trouble paying their bills. I asked my lender for a loan modification. They said everything was great except I didn’t send a copy of my Social Security letter, which they never asked for it. [...]
Q: This past April my daughter and I entered into a contract with a law firm for a loan modification. We paid $3,500 up front and as of yet have gotten only "it's in the process." Or they're asking for documentation that we have already provided. At this point I believe we are the victim [...]
Q: I was trying to do a streamline refinance of my mortgage and was told that the lender can’t decrease the interest rate on my loan without changing the number of years left on my loan. I have never refinanced since I bought my home in 2004. My interest rate is 5.37 percent. Can you [...]
Q: I’m in loan modification hell. We supposedly "qualified" for the Making Home Affordable program, and our lender, Bank of America, gave us a new, modified payment. We supplied all the required documentation, etc, to our lender, and from what I have read everywhere, once you "qualify" and are given this new monthly payment, the [...]
