Daily Archives: July 15, 2012
In a July 11, 2012 Daily Herald article titled “Mortgage rates at historic lows, but it’s harder to refinance” Anna Marie Kukec writes that despite the fact that mortgage rates have dropped to historic lows, there are some homeowners who can’t take advantage of the low rates.
The article states that a job loss, a poor credit score or a reduced home value in a tough real estate market littered with foreclosures is making it difficult or impossible to qualify for a new home loan.
Tamara J. Bellisario, president of the Illinois Coalition of Appraisal Professionals (ICAP) and president/owner of Bellisario Property Consultants in Gurnee contributes to the article by stating that, “seeing concrete evidence of what their home is worth can be a shock, even for those who aren’t trying to sell, this has been very difficult for homeowners because their values aren’t where they need to be, and that when homeowners see the loss of value, it can be emotionally difficult.”
Ms. Bellisario goes on to say that “We (appraisers) have more government restrictions on us now than ever before; a 12-page report has now become a 40-page report.”
To read the full article click: http://www.dailyherald.com/article/20120711/news/707119943/