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1 week ago | 
arcamax.com | Ilyce Glink |Samuel J. Tamkin
Q: I am 85 years old and my wife is a tad younger. A couple of years ago we paid off our mortgage with a home equity line of credit (HELOC). The loan amount was around $100,000. The HELOC loan is interest only with a payment of around $400 per month. We had been paying around $700. Our loan is a variable rate loan, and the payments have continued to go up and now are around what we were paying with our old loan. Can you suggest any way of lowering our monthly outlay?
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1 week ago | 
arcamax.com | Ilyce Glink |Samuel J. Tamkin
Q: We rent a unit in a development that used to charge us $100 per month for the amenities. They recently raised the fee to $300 — a huge increase. Needless to say, homeowners like us, who rent strictly under association rental guidelines, are stunned by this impossible increase and all our requests to reconsider these draconian increases fell on deaf ears of an inconsiderate board. Can a board force a tenant to pay for the fee even if he does not want them?
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2 weeks ago | 
arcamax.com | Ilyce Glink |Samuel J. Tamkin
We’ve been receiving a fair number of questions about homeowner associations (HOAs), condo boards and the general operations of condo and townhome buildings. Here are some questions we’ve recently received. Q: When are condo board minutes to be displayed? Do we publish a draft soon after the meeting? Or, after the next condo board meeting when the minutes are approved? Thank you.
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3 weeks ago | 
arcamax.com | Ilyce Glink |Samuel J. Tamkin
Q: Do you have any thoughts on home appliance service plans or existing home warranties that are offered or sold when I purchase a home? A: We usually tell our readers that existing home warranties (as opposed to the new home warranties offered by builders) are a good idea for a certain segment of homebuyers, but they’re not for everyone. So, will a home warranty or even an appliance warranty worth it for you?
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3 weeks ago | 
arcamax.com | Ilyce Glink |Samuel J. Tamkin
Reader comment: Recently I came across an old column of yours regarding a sibling squabble. One sibling sought your advice regarding suing the other for reimbursement. I thought your advice was quite sound. I have been in a similar situation, ate my losses and moved on. I have also been to small claims court twice. Once to recover back rent from a tenant and on another occasion to recover funds paid for goods that were never delivered.
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4 weeks ago | 
arcamax.com | Ilyce Glink |Samuel J. Tamkin
There has been a lot of news concerning the secondary mortgage market, specifically Fannie Mae and Freddie Mac. While President Trump was hinting he might allow Fannie Mae and Freddie Mac to go public, after 20 years of conservatorship, Freddie Mac announced a major update to how they approve mortgages. The company plans to use artificial intelligence to not just underwrite loans, but make the final approval on whether an applicant should get approved.
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1 month ago | 
arcamax.com | Ilyce Glink |Samuel J. Tamkin
Q: My husband and I are in our mid-70s. I am trying to get our affairs in order so our sons will not have trouble when we do pass away. I have done two things as suggested by my retired attorney brother. First, we have gone through all of our accounts (banks, investing accounts, retirement plans and Treasury Direct account). We checked each account and set up a primary beneficiary and also contingent beneficiaries.
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1 month ago | 
arcamax.com | Ilyce Glink |Samuel J. Tamkin
Q: I have tried to find out when and why the income level on the senior citizen’s tax freeze occurs. I have asked the Cook County tax assessor, as well as a couple of township tax assessors, as well as Realtors, and no one seems to know what triggers an increase in the income level. It would make sense if it was tied to the inflation rate, or the increase in annual real estate taxes, or it is tied into Taxable income for this aging segment of the population. Do you have any insight into this?
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1 month ago | 
arcamax.com | Ilyce Glink |Samuel J. Tamkin
Q: My father-in-law passed away recently, and his beneficiaries are his second wife and his three daughters from his first marriage. His second wife will receive a fixed amount, with the rest of his assets divided equally among the three daughters. His nice home will also be sold. His second wife wants his daughters to take ownership of the home. Is this best for the daughters, and would it complicate things? A: We’re sorry for your loss.
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1 month ago | 
arcamax.com | Ilyce Glink |Samuel J. Tamkin
Q: We live in a small, self-managed townhome association in Illinois. The association hired an outside accounting firm to coordinate the financial matters of the property, including the issuing and collection of fines for rule violations. These violation and fine notices are sent out by email on association letterheads, with the accountant’s phone number, and signed by the owner of the accounting firm but not any of the association’s board members. Can they do that?
