Q: I bought a small farm using money from selling my other farm and taking money from my IRA. Because of the large income tax I was going to have to pay on the withdrawal and today’s historic low interest rates, we decided to get a small mortgage of about $60,000 on a $350,000 purchase. [...]
Q: I am 66 years old and I bought my existing two-story home in November 2007 for about $235,000. The outstanding mortgage balance is $180,000. I wish to move to a single story home of similar value, but I do not have a job and am not yet retired, so I really have no regular [...]
The Mortgage Bankers Association announced this week that the number of delinquent homeowners rose a little in the first quarter of 2011, but over the course of a year, the number has dropped substantially. According to the MBA delinquency survey, the delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted [...]
Early last week, the LexisNexis® Mortgage Asset Research Institute published its 13th Periodic Mortgage Fraud Case Report, which evaluates the current conditions of verified residential mortgage misrepresentation in the country committed by industry professionals, based on data submitted by the Institute's subscribers. While reports of fraud decreased 41% from 2009 to 2010, according to statistics [...]
I started out today's show talking about the decisions you make every day about how you spend your money will dictate how wealthy you are later in life. I firmly believe that with a very little bit of effort, everyone can find an extra $1,000 to $1,500 in their budget that is essentially wasted money. [...]
It sounds like another round of bad news for the mortgage industry. The government has made it clear that no one is constitutionally entitled to a government-backed mortgage of up to $729,750, no matter where you live. Even in places where the cost of buying a house is far above the national average. The recession [...]
Q: My lender is one of the big box lenders that has had all kinds of trouble with their loan modifications. I went through the total disaster HAMP program and it took a year for the bank to finally give me a loan modification. I finally got my loan modification in May, 2010, and the [...]
Q: I am current on my 8-year-old FHA mortgage, which is with one of the big banks. I want to refinance to take advantage of lower interest rates. When I have called my lender, they told me it would cost me $4,000 to $6,000 in closing costs to refinance. What I want is a streamline [...]
Q: I recently sold a property in Texas to my aunt. This was a one-sixth undivided interest in a family farm. My brother owns another one-sixth. We received these pieces of property when my mother passed away a year ago. My tax lady needs an appraisal of my one-sixth property, but the appraisers want to [...]
Happy Easter on the Ilyce Glink Show April 24, 2011 Lots happening this holiday week. With the Royal Wedding coming up this Friday, my good friend Linda Rey posted this timely information, Protect Your Big Day with Wedding Insurance on the Equifax Personal Finance Blog. Two billion people are expected to watch Price William and [...]
