The news from HOPE NOW, the industry-created alliance of mortgage servicers, investors, counselors, and other mortgage market participants, is that the endless miseries of loan modification hell may be abating. If Americans, who were in need of a loan modification, were in Dante’s second or third circle of Hell (as punishment for trying to achieve [...]
For more real estate and personal finance advice, visit Ilyce on the Equifax Personal Finance Blog. If the calls I received today on WGN Radio say anything about how Main Street America is feeling right now, people are fed up with incompetence. After the Debt Ceiling debacle and downgrade in the U.S. credit rating, everyday [...]
Many of the callers into my radio show express frustration at their inability to get out of debt. Unemployment, high gas prices and a stagnant housing market are keeping many Main Street Americans treading water. In response to these hardships, Wells Fargo announced its 36th free Home Preservation Workshop in Chicago on August 17-18, 2011. [...]
Are We Really Out of the Recession? on the Ilyce Glink Show August 7, 2011: Welcome to the worst week of financial news since 2009. Let's dive right in shall we? Among the week's highlights that callers dial-in to discuss with me: It was the worst week for the stock market since the financial crisis [...]
Q: My dad and my mom bought a house with a mortgage. My mom died, and my dad married my stepmom. They took out a second loan on the property, but then separated for awhile. During that period of time, my stepmom had my dad’s name removed from the second mortgage. The primary loan is [...]
Q: I was listening to you on the radio and I believe I heard you mention that FHA was now participating in something called the UP program, which you said was forbearance on mortgage payments if you are unemployed. Additionally, you said that Fannie Mae and Freddie Mac should be following suit and requiring their [...]
Our neighbors recently put their home on the market. They received an excellent offer within 24 hours of listing the property and got more money for their home than I thought they could. Meanwhile, two other neighbors have had their homes listed for a lot longer and don’t have any offers. What did these neighbors [...]
Q: My sister owns a rental property in California that had approximately $200,000 in equity. She owes $200,000 on the mortgage. This property is now valued only at about $250,000. She also has a mortgage on her primary residence nearby. She wants to give me the rental property which will become my primary home. I [...]
Q: When I was married, my wife and I signed a loan to buy a home. We got divorced, but she was awarded the house in the divorce agreement and stayed in the property for a few years after our marriage was finished. I had to sign a quit claim deed and in the divorce [...]
Solving the Debt Crisis with Ilyce Glink on the Erick Erickson Show August 1, 2011: It's a big day for business news, starting with the pending Congressional vote on a plan to resolve the debt ceiling debate and arrive at a deficit reduction compromise. Will productive steps be taken toward solving the debt crisis? Eric [...]
