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Articles By Ilyce

Ilyce Glink is an award-winning, nationally syndicated columnist, television reporter and radio talk show host who is widely known for her expertise on trends and issues in real estate and finance. Her syndicated column REAL ESTATE MATTERS offers common sense information and practical insights for anyone thinking about buying, selling, rehabbing or refinancing a home.

  • Refinance ARM HELOC Into Fixed Rate Loan - An older Think Glink reader asks about combining an adjustable rate mortgage (ARM) and a home equity line of credit (HELOC) into a 30 year fixed rate mortgage. She’s also considering waiting until mortgage interest rates stabilize. Should she refinance the ARM and HELOC into a fixed rate mortgage loan? Ilyce says she should look at the terms of her loan and compare that with market conditions such as the value of her home.  

  • Watch Mortgage Interest Rates To Refinance - A Think Glink reader asks which economic indicators he should monitor as a gauge for when to refinance his mortgage or home equity line of credit (HELOC). Ilyce advises monitoring mortgage interest rates as opposed to all the economic indicators that affect them because of recent events in the housing and financial markets. Learn how to watch mortgage interest rates.  

  • Adjust Family Budget to Pay Mortgage Rent - Americans spend more than they used to on mortgage and rent payments. The percentage of the family budget used for housing costs has become unmanageable for some families. How can families cut or increase their household budget to pay their rent or mortgage? Ilyce offers some tips for the family budget. 

  • Property Inheritance Saves More Taxes Than Quit Claim Deed - A Think Glink reader asks about property estate planning. The reader’s husband’s mother wants to leave her property to her three sons. The reader wants to know whether using a quit claim deed or an irrevocable trust is the better option. Ilyce discusses some estate planning issues and advises that inheriting property saves more on taxes than signing a quit claim deed. Learn why here.  

  • Second Marriage Financial Issues Include House Deed - A Think Glink reader asks about her friend who’s in a second marriage but does not have her name on the deed of the house she shares with her husband. Ilyce points out that the friend would not be protected if her husband dies, especially if she’s not been included in estate planning. Ilyce suggests using a quit claim deed to change the home ownership to joint tenancy with rights of survivorship or tenants by the entirety.  

  • High Mortgage Loans Worry Home Owner - A home owner writes that she’s unsure of her home’s value and that she and her husband have taken out several mortgage loans. Because some of the loans will soon adjust she’s not sure they can keep making the payments. She worries about refinancing or selling the home and not getting enough to pay off the mortgage loans. How can she determine an accurate home value? 

  • Foreclosure Eviction Process Affects Tenants - A renter of a soon-to-be foreclosed property asks about the eviction process. Despite the renter paying his rent, the landlord did not make the mortgage payments. What does the eviction process look like for a renter of a foreclosed property? How soon will the renter be evicted? Can the renter avoid the eviction process by contacting the foreclosure auction purchaser? Ilyce offers advice about the foreclosure eviction process. 

  • Real Estate Taxes Can A Quit Claim Deed Change Who Pays - A father transferred his home to his children using a quit claim deed. He agreed to continue paying real estate property taxes but stopped. Now his children have been notified they’re behind on real estate taxes and could lose the property. One child wants to sign a quit claim deed to transfer ownership back to the father. Will this shift responsibility for the real estate taxes? Sam and Ilyce advise to first talk with the father and trying to work something out to save the home.  

  • Lien Stalls Real Estate Contract - A husband writes that his wife has a pending sales contract her home and her ex-husband’s divorce attorney has placed a lien on the home for attorney’s fees. The husband wants to know how to deal with the lien, which is a claim to the property. Sam and Ilyce advise talking to the couple’s real estate attorney.  

  • Who Negotiates A Short Sale - A home seller asks about the interests of his two lien holders. They are among the parties who negotiate a short sale. If one of the lenders who negotiates the short sale does not agree, the short sale may not occur. Second lien holders such as PMI companies or HELOC lenders want to recoup some of their money and may scuttle a short sale if they’re not included. Ilyce discusses who negotiates a short sale and their interests. 

  • What Happens In A Short Sale - A home buyer asks about a short sale that fell through. The home buyer met the home seller’s asking price but the second lien holder, a PMI company, wanted more money. Learns what happens in a short sale including why an offer may be rejected. Primary and secondary mortgage lenders both play a role in what happens in a short sale. 

  • Why Would Home Seller Offer House To Home Buyer - A while back a home seller said his real estate agent asked him to draw up the contract to sell his home for the full asking price and offer it to the home buyer. The home seller was unclear as to why to do this. Numerous real estate professionals throughout the country responded to Ilyce’s column. This column shares their feedback on when or why it’s appropriate to have a home seller offer a house to a home buyer. 

  • Does Seller Disclosure Include Rotten Neighbors - A home buyer writes that she bought a home under false pretenses. In the seller disclosure, the home seller said she was moving to a retirement community, but it now appears she moved to get away from rotten neighbors. Does the buyer have recourse? Do seller disclosure laws require mentioning rotten and noisy neighbors? Ilyce advises contacting a real estate attorney to understand seller disclosure laws for her area.  

  • Signing Quit Claim Deed Removes Late Wifes Name From Title - A ThinkGlink reader asks about adding her name to the titles of property owned by her husband and his late wife. She wonders about the effect of his late wife’s name remaining on the title documents. Has the reader discussed her concerns with her husband? He may want to pass the property along to his children. Ilyce suggests using a quit claim deed and working this out with an estate planner or estate attorney.  

  • Making Extra Mortgage Payments Can Save You Money - A ThinkGlink reader asks about making extra mortgage payments and the timeline. Ilyce says making regular extra mortgage payments will save you more money than making one large extra payment at the end of the year. No matter which way you’re making extra mortgage payments, you will likely pay off your mortgage sooner and save money.  

  • New Home Construction Buyers Feel Satisfied - The 2008 J.D. Power and Associates survey of new home construction buyers showed an increase in home purchase satisfaction from 2007. A J.D. Power spokeswoman says buyers get more for their money because home builders include once optional features such as granite countertops as standard. Ilyce lists the top home builders according to J.D. Power in this column.  

  • Seller Disclosure Did Not Include Building Permit - A home buyer asks about holding a seller accountable for not disclosing a missing permit for a studio apartment and for an inaccurate address on the real estate contract. Because the home buyer bought the property five years ago he may have exceed the statute of limitations to sue the seller. Ilyce suggests contacting the title company about the address mistake and a real estate attorney about the permit problem.  

  • Water Damage In Basement Is Seller Responsible - A ThinkGlink reader asks about water damage in the basement which has grown mold. During the sale, the seller assured the buyer the water damage was fixed. The buyer now wants to know if the seller is liable for the mold from the water damage she’s recently discovered. Ilyce praises the buyer for having documentation to back up her claim and suggests she contact an attorney. 

  • Contract For Deed Means Home Owners Get Sale Proceeds - A ThinkGlink reader asks how a contract for deed and her father’s death affect a home sale. Her parents bought a property using a contract for deed and she wonders whether the original seller can claim any of the money from the home sale. Sam and Ilyce advise that once the buyer satisfies the terms of the contract for deed, the buyer owns the property and keeps the home sale proceeds. In this case, the terms of her father’s will also affect the transaction.  

  • Home Equity Line of Credit Counts As Second Mortgage - A ThinkGlink reader asks whether his home owners insurance was correct to count a home equity line of credit as a second mortgage. Having a second mortgage scares the reader because his first mortgage is relatively low. Ilyce explains that the insurance is correct to count the HELOC as a second mortgage because the HELOC issuer has a lien on the home. 

  • Mortgage Loan Applicants Need More Documents - Today’s mortgage loan applicants have to provide more documentation than in the past. Mortgage loan applicants need to show proof of income, retirement fund records and recent bank statements. Ilyce itemizes what documents you should have available before applying for a mortgage loan. 

  • Canceling A Real Estate Contract Leads to Lawsuit - A home buyer decides to drop financing for a new home purchase after discovering high financing fees. He’s canceling the real estate contract but the sellers have threatened to sue. How can the home buyer break the real estate contract but not be sued? Ilyce and Sam suggest the buyer contact a real estate attorney.  

  • Did Notary Public Goof In Quit Claim Deed - A ThinkGlink reader asks about a quit claim deed whose signatory died before the quit claim deed was executed. Can the notary public who approved the signature be held accountable? Sam and Ilyce discuss notaries’ role in the quit claim deed process.  

  • Creditors Can Unwind Quit Claim Deed - A ThinkGlink reader asks whether it’s safe for his mom to quit claim deed her home to him to save the home. The mom has breast cancer and faces high medical bills and worries about losing her home to creditors. Signing a quit claim deed will not protect the home from creditors. Ilyce suggests contacting an estate planner to discuss the family’s options.  

  • Estate Planning May Include Quit Claim Deed Reversal - An adult child writes that his mother signed a quit claim deed to give her home to her children. The mother, who lives in a nursing home, needs to sell her home to support herself. The adult child wonders whether signing the home back to his mother and selling it will affect Medicaid benefits. Ilyce suggests contacting an estate planning attorney. Timely estate planning can help you avoid these kinds of dilemmas.  

  • Deed in Lieu of Foreclosure Affects Credit Score - A landlord wants to sell her investment property and has trouble. While the property is rented, the rent does not cover the mortgage. The landlord wants to know the effect of filing a deed in lieu of foreclosure on her credit score. She called the credit bureaus but could not get a direct answer. Ilyce says that the effect of a deed in lieu of foreclosure on a credit score depends on the individual because each person has different credit factors.  

  • Real Estate Contract Who Makes the Offer - A home seller asks whether he should approach a home buyer with the asking price for his home. The seller says the real estate agent wants him to approach the buyer. Ilyce asks whether the real estate agent represents both the buyer and the seller, as a dual agent. Ilyce also discusses why the real estate agent’s proposal may reveal strange circumstances around the home sale.  













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