Ilyce

A reader wants to know if they must continue with the short sale of their home if they have already signed a contract. The contract may state that the seller has rights to cancel the short sale of a home. If the contract does not permit the cancellation of a short sale, then the short sale seller is obligated to continue with the sale. Make sure you understand the terms of your short sale. You should also understand that a flop -- where the buyer turns around and resells the short sale property -- may cause you problems in your sale. Usually you flip a home as home sale values go up. When home sale values have gone down, you can try to buy a short sale home and then resell it quickly for a profit. They now call this home flopping.

Refinancing your mortgage can help you save money. When you finally close on your new mortgage loan, you should know what to expect. Incorrect information, mistakes in calculations, and misspellings are just some of the things you may encounter during the refinancing process. Be prepared to sign endless papers when closing on your mortgage. New HUD laws are in place to give refinancing homeowners new and improved refinancing disclosures about the costs, but the RESPA (Real Estate Settlement Procedures Act) disclosures can be confusing in their new form.

A father promised his home to his daugher. He failed to take care of his estate planning and may not have even taken care of estate planning basics and she did not get the property. The daughter had paid the taxes and upkeep on her father's home. The father, however, left the real estate property to his wife in his will. Is the father's promise enforceable? Can the daughter get compensated for the money she paid over the years? What basic estate planning task should the father have taken to avoid an estate problem?

Ilyce Glink Show Notes - October 10, 2010 - Ilyce discusses the foreclosure freeze: What is happening with the freeze? How are families reacting? How are homes being appraised? For more information on the foreclosure freeze, check out these recent blogs: Foreclosure Freeze: Did the banks Lie on Their Affidavits? Foreclosure Freeze: Don't Worry the Federal Government is Gunning for Mortgage Lenders Foreclosure Freeze: Ilyce on Good Morning America

Foreclosure Freeze
Three major U.S. banks have gone into a foreclosure freeze after admitting to foreclosure processing problems including the use of robo-signatures. The three banks in foreclosure freeze are Ally, Bank of America and JP Morgan Chase. Real estate expert Ilyce Glink was on Good Morning America to discuss the foreclosure freeze and what it means for homeowners. The Good Morning America foreclosure freeze video is included below. UPDATE October 7, 2010: The NewsHour with Jim Leher also picked up the clip and used it in last night's show. It's embedded below. This post was updated on October 13, 2010 to reflect the news that Attorneys General in all 50 states announced a coordinated investigation into foreclosures, robo-signers, and whether a foreclosure freeze should be instituted nationwide.

Ilyce Glink Show Notes - October 3, 2010 - Dan Solin Visits And Talks About Investing What are the three index funds you need to be properly invested in the stock market? Should you buy Exchange Traded Funds (ETFs)? How can you figure out what kind of risk you're willing to take? Take Dan's asset allocation test. Links to the latest posts on the Equifax Personal Finance Blog and CBS MoneyWatch.com. Thanks to everyone who came to our Foreclosure 2010 event on Saturday. It was a great success. What kind of event should Think Glink hold next year? Leave your comments on the blog.

Ilyce Glink Show Notes - October 3, 2010 - Dan Solin Visits And Talks About Investing. What are the three index funds you need to be properly invested in the stock market? Should you buy Exchange Traded Funds (ETFs)? How can you figure out what kind of risk you're willing to take? Take Dan's asset allocation test. Visit Ilyce's blog for more information and links.

The qualifications for first-time home buyer tax credit are affected by your spouse. When trying to receive the first-time home buyer tax credit understand that your eligibility for the first-time home buyer tax credit is affected by your spouse. If your spouse has already owned a home you will not meet the qualifications for first-time home buyer tax credit. Previous home ownership by your spouse affects your qualification for first-time home buyer tax credit. To find out if you meet the qualifications for first-time home buyer tax credit are not affected by your spouse visit www.homebuyertaxcredit.com.

FHA 203k loan slows loan approval process for first-time home buyer. First-time home buyer using FHA 203k loans may find the loan approval process slowed because of FHA 203k loans. The loan approval process for FHA 203k loans is slower than the loan approval process for other loans for first-time home buyers. FHA 203k loans are the most complicated FHA loans and can slow the approval process for a home buyer.

Renting out homes for short-term rentals helps some homeowners avoid foreclosure. Some homeowners fight off foreclosure by renting out their homes. In prime vacation areas short-term home rentals help homeowners facing foreclosure. This trend has some communities questioning why homeowners would rent out their homes for short periods, but it may be the only way some homeowners can avoid foreclosure.