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Chicago Mortgages

A collection of news and information related to Chicago Mortgages published by this site and its partners.

Top Chicago Mortgages Articles

Displaying items 67-77
  • Is homeowner on the hook for senior exemption not removed from tax bill?

    By Ilyce Glink and Samuel J. Tamkin Q: When my mother died some years ago, her senior exemption was not removed from her property, which I inherited and now live in. How do I correct this tax problem? It has gone unresolved for a long time. I am worried...
  • Loan documents often missing these days after mortgage is paid off

    Q: In a recent column you wrote that when you pay off your mortgage you should receive, among other things, the original note marked "paid" or shown with a zero balance. We paid off our mortgage in 2008, and I jumped through hoops at the time to get a...
  • Think carefully before becoming landlord

    Q: I am 51 years old and married without kids. Together, we earn around $100,000. I have a VA mortgage with about $38,000 left on the loan. We also have about $200,000 in retirement savings and around $50,000 in savings and $70,000 in stocks. I was...
  • How can unemployed homeowner preserve credit rating?

    Q: I met Ilyce at a speech she gave last year about financial planning and retirement. Last week, I was laid off by the company that sponsored the speech. My savings have been depleted due to my previous unemployment in 2009 and 2010. I cannot make my...
  • Baby boomers' dilemma: Indulge now or save for later

    By Ilyce Glink and Samuel J. Tamkin Q: I have a $138,000 mortgage at 3.75 percent on a 15-year term with 10 years left to pay. The property is appraised at $300,000. I have $130,000 cash reserve. My wife wants to put in a pool in at a cost of about $100,...
  • Lack of comps hindering homeowner's ability to refinance

    Q: I built my home in 2006 for $750,000. I have a loan with a balance of about $525,000 and an interest rate of 6.625 percent. I have been trying to refinance my mortgage for the past three years but cannot find anyone willing to loan me money. I have...
  • Low-balance mortgage may be difficult to refinance

    By Ilyce Glink and Samuel J. Tamkin Q: I was listening to you today on the radio and wanted to ask about my condo loan. I refinance my home in 2000 at a rate of 6.125 percent with a loan balance of $55,000. I am now 13 years through the 30 years on my...
  • Prepayment penalties rare on home loans

    Q: You recently answered a question from a rental property owner about whether to refinance into a 15-year vs. a 30-year loan. I bought my house in 1976 for $70,000 with a 30-year loan where the mortgage payment was $410 per month. At some point, I...
  • Associations seeking ways to accommodate renters

    Associations seeking ways to accommodate renters
    The sentiment toward renters in community associations sways like a pendulum. During the construction boom of the 1990s, developers levied few restrictions so as not to deter prospective buyers. They wrote governing documents that largely permitted...
  • Rehab loan on underwater home is a dicey proposition

    By Ilyce Glink and Samuel J. Tamkin Q: My home is like most in our neighborhood: I owe more than what it's worth. I would continue to live in my home until I'm ready to sell, maybe around fall or near the end of this year, which would give me time to pay...
  • Divorcees beware: You're not off the mortgage until you're off the mortgage

    Divorcees beware: You're not off the mortgage until you're off the mortgage
    By Ilyce Glink and Samuel J. Tamkin Q: My ex-spouse and I own two houses. The separation agreement spells out that I am to be taken off the title to those properties. The two house loans together total approximately $900,000. My ex-spouse's attorney...