Ilyce Glink Show Notes - October 4, 2009; Atlanta Flood update; September job cuts and unemployment rate rises; Moving to Montana; Section 8 real estate investing; how to find an estate attorney; HUD-certified housing counselors and Net Present Value (NPV) calculations and why people can't get loan modifications; FREE BOOKS and EBOOK DISCOUNT DEAL; Taylor Bean Whitaker
Today on the Ilyce Glink Show, Ilyce went over the latest economic news, including an Atlanta Flood update, September job cuts and unemployment rate rises. Ilyce took questions from callers, and she weighed the pros and cons of Section 8 housing with an investment property owner who is thinking about converting his rental into low-income housing. Ilyce also advises a caller who is taking care of her mother's long-term care to update their wills with an estate attorney. Listen to the podcast here, and check Ilyce's blog for more show notes and links.
A reader wants to know if he should pay back a debt to a person that gave him money as a personal loan but the loan was never documented. With the death of this person, is there a valid loan?
If you have an adjustable rate mortgage (ARM), the loan interest rate will adjust at the end of the fixed interest rate period for the loan. When the ARM does adjust, the amortization of the loan will continue in order to have you pay off the loan in full at the end of the loan term. If your ARM was a loan for 30 years, the amortization schedule must work to get you to pay off the loan in full at the end of the 30th year.
Credit reporting agencies or bureaus collect information from thousands of sources.
Do the major credit reporting agencies obtain information from sources outside of the United States?
Do Equifax, Experian and TransUnion get that information from overseas?
Home buying has risks associated with it, particularly the purchase of a new construction home in a new development. There are pitfall all along the way. What should you do to protect yourself? How do you handle the uncertainty of buying a new construction home in a new development? One reader suggests that the buyer should share any risks in that new construction purchase with the lender that give the buyer the loan. Would you agree? What about municipal inspections and certificates of occupancy? The builder's or developer's reputation? What about using a real estate attorney? Leave your comment below.
Most people know that the $8,000 first time home buyer tax credit will expire at the end of the day on November 30, 2009. Most people know that the $8,000 first time home buyer tax credit is only for home buyers that have not owned a home during the p3 years prior to the date of the home purchase and have an income below $75,000, if single, or $150,000, if married. They also might know that the first time home buyer credit can't be taken if your income is above those amounts (it phases out), or if you buy a home from a close relative. Now we get a question from a reader that wants to know if he gets the credit, will he get caught if he does not plan to live in the home as his primary residence for the required 3 years following the purchase.
Signing a quit claim deed upon a divorce can be a mistake. You are much better off refinancing the mortgage after the divorce than letting your ex-spouse control the home by giving him or her title to the home using a quit claim deed. There are other options at the time of the divorce other than a quit claim deed. Years later you may find out that you will be hurt because you gave a quit claim deed when you divorced and now your ex-spouse has incurred additional debts and has harmed your credit history and your credit score.
A son works the family farm. Now his father is in mortgage trouble on another property. The son wants to know about transferring the home to himself now to avoid the loss of the family farm. He has worked the family farm for some time and his father's will intends on transferring the home to him upon his death.
Sushi and six degrees of separation. Last night, I had dinner at a good all-you-can-eat sushi restaurant in Palatine, IL called Sushi Para. It turns out my dinner companions and I had a lot in common.
