How To Buy A Foreclosure
Foreclosure expert Ralph Roberts provides tips on how to buy a foreclosure in Ilyce's column. Becoming familiar with real estate documents is essential to know how to buy a foreclosure.
Mortgage Bankers Announce Latest Mortgage Stats
The number of mortgage loan applications rose 3 percent since last week, announced the Mortgage Bankers Association this morning. Word must be getting...
Contractor Wants A Bank Commitment Letter
A buyer says his contractor wants a bank commitment letter. A bank commitment letter states that the bank agrees to fund a mortgage. Ilyce suggests he hire a real estate attorney so he’s not doing the deal blindly.
IRS Home Sale Exemption
If you lost a spouse, do you still qualify for the $500,000 home sale exemption when selling your primary residence? A new law permits widowed spouses to take the married exemption if the house is sold within two years. The exemption allows sellers to keep $250,000 in profits tax-free or $500,000 if married.
Construction, Condo Sales Continue To Drop
Construction spending in January 2008 fell 1.7 percent from December 2007 and dropped 3.3 percent from one year earlier, to $1,121.5 billion, accordin...
The Latest on Housing in the U.S.
"Let me be clear: I oppose any bailout," said U.S. Treasury Secretary Henry Paulson this morning before the National Association of Business Economist...
Use Cash Strategically On Credit Card Debt
If your credit card debt is spread out over several credit cards, you should plan how to use your cash to get the most benefit for your credit score. Spreading the payments across all the cards will not eliminate the debt, but it will lower the balance-to-credit-limit ratio, improving your credit score. Or to pay off the cards the fastest, put all of the cash toward the highest interest rate. Then use the money you'll save to pay off the rest of the cards. Plan your strategy for what will give the most benefit to your personal finances.
The Bankruptcy Handbook
If you can't pay your bills you may want to get information on filing bankruptcy. Another source for bankruptcy information is John Ventura's book, "The Bankruptcy Handbook."
Mortgage Lender Won’t Send Good Faith Estimate
A mortgage lender approves a borrower but does not say it in writing. The borrower calls and writes the mortgage lender. The mortgage lender does not respond to the borrower. What can the borrower do?
Stocks Fall On More Bad News
U.S. and European stocks fell today after bad news from financial services companies and the National Association of Purchasing Management in Chicago ...