A reader is in a very difficult financial situation and will be unable to make mortgage payments. Ilyce explains that a deed in lieu of foreclosure will hurt his credit rating but he may be able to get the bank to accept a short sale.

A ThinkGlink reader has inherited her father’s Florida timeshare. She is now wondering if she is responsible for the upkeep and taxes on the property. Ilyce and Sam explain that she must decide if she would like to keep the property and cover the expenses.

the good news is: I’m the chosen candidate for the open position!!! yay!….

the bad news is: they take my current salary, without the $120/month bonus, as the basis for their salary negotioation!!… me no like!

Oh, well, I guess I have to wait until I hear from them again…

A member of a condominium board seeks Sam and Ilyce’s advice on how to educate his fellow board members. Sam and Ilyce explain that the bylaws and declaration hold the key to understanding the board’s roles, responsibilities and procedures.

A ThinkGlink reader refinanced her mortgage to an ARM (Adjustable Rate Mortgage) in 1998. Now, she is paying a much higher rate than before she refinanced. Ilyce encourages all readers to never sign a mortgage document unless you understand exactly the terms of the mortgage.

By Liz Morris

Credit reporting agency Experian has released a new study showing that 14.1 percent of Americans have at least 10 credit cards, and just over half (51.3%) of credit card holders have at least two. Overall, the study found that the average American cardholder has four credit cards.

Experian study also tracked credit card usage by state, and New Hampshire came up as the state that most enthusiastically uses credit cards. New Hampshire and New Jersey had the highest average for credit cards per cardholder, at 5.2 and 5.1 cards per cardholder, respectively. New Hampshire and Minnesota had the highest percentage of cardholders with two or more cards, at 63.4% and 61.1%. And New Hampshire and New Jersey were the most likely to have 10 or more cards, with 20.3% and 20.0% fitting that definition respectively.

On the flip side, Mississippi and Washington D.C. had the least cards per cardholder, at 3.0 and 3.1 respectively. D.C. and Texas had the lowest percentages when it came to carrying two or more cards, at 43.0% and 44.1% of cardholders. Mississippi and D.C. were also the least likely to carry 10 or more cards, with 8.3% and 9.0% of cardholders being heavy card carriers.

For complete state-by-state statistics from Experian, go to: http://www.nationalscoreindex.com/ScoreNews.aspx.

By Justin McHenry

Last week’s Wall Street Journal story reporting that Bank of America would test a program offering credit cards to customers without social security numbers has led to a flood of criticism from around the country. Opponents of the action say that offering financial products to people who are in the United States illegally encourages more immigrants to try to cross the border.

A group called The National Illegal Immigration Boycott Coalition is calling on consumers to boycott Bank of America and has set up an online petition to try to force Bank of America to pull the program. In San Diego, radio host and former mayor Roger Hedgecock encouraged listeners to come to the station and shred their Bank of America cards. Several lawmakers are now calling on the government to look into the legality of the program. Various newspaper editorials and letters to the editor echoed the sentiments.

Bank of America is testing the program at about 50 banks in the Los Angeles area. New cardholders do not need a Social Security number to apply, but they must have a tax ID number and a previous banking relationship with Bank of America. The bank says it is not specifically targeting illegal immigrants with its new offering, and it is not at this time planning to roll out the program nationally.

Despite the uproar, Bank of America is not the first major bank to offer financial products to those without Social Security numbers. Citi has offered credit cards, while Wells Fargo has offered mortgages. Other banks also offer checking and savings accounts.

 A ThinkGlink reader is curious about the tax implications of her sister being on her mother’s home title. Ilyce explains how the IRS will treat the inheritance of the home.

Ilyce recently published an article on questions sellers should ask before hiring an agent. It created quite a storm, especially the question about lock boxes. Here are some of the reader’s responses.

Ale told me yesterday that she wants her first job to be at a pupuseria…nanny has taught her how to make pupusas and, today Ale taught ME! (no, I had never done it before!)…she then asked me if the people that make pupusas make good money…I told her not the employees, but, maybe…