July, 2014 | The Beliveau Law Group

Does ‘staging’ a home really make it sell faster?

Many people spend a lot of money “staging” a home with nice furnishings and accessories in the belief that it will help sell the house. But there’s never been a scientific study to test this hypothesis … until now. Recently, Professor Michael Seiler and researchers at the College of William and Mary in Virginia walked 820 homebuyers through six “virtual” homes on high-quality rendering software. The homes were identical, except that some had neutral beige walls

Condos’ attempts to limit unit rentals can create issues

Many condominium associations want to limit the owners’ ability to rent their unit to tenants. But doing so is often more complicated than it sounds. There are lots of reasons why condo associations might want to restrict rentals. For instance, tenants generally aren’t as careful as owners to take care of the property and respect other residents’ right to peace and quiet. Owner-landlords who don’t live in the property might be less willing to help financially

Divorce payments might count when applying for a mortgage

Many people wonder about how alimony and child support payments are treated when they’re applying for a mortgage. Generally, if you’re legally obligated to pay alimony or child support, you have to tell the lender, and the lender will treat these as debts that reduce your available income. So it would seem logical that if you’re receiving alimony or child support, these should be considered credits that increase your available income. However, it doesn’t always work

Flood insurance rates could see a huge increase

Most homeowner’s insurance policies don’t protect owners against flooding. For this reason, many people in flood-prone areas obtain insurance through the federal government’s flood insurance program. But thanks to a new law, flood insurance rates are set to go up, and in some cases they will see a dramatic increase. Here’s why: In the past, many people who obtained flood insurance received lower rates due to government subsidies. In effect, they were “grandfathered” at older rates

U.S. issues new, easier forms to help mortgage shoppers

One reason many potential homebuyers find mortgages to be intimidating is that lenders send them lengthy, complex “disclosure” forms that are confusing and hard to understand. This can make it more difficult to figure out exactly what you’re getting into, and whether one mortgage product is really better than another. Now, the federal government is issuing new, simplified forms to make shopping for a mortgage easier. The new forms will make it much less complicated to

How to deal with a deceased loved one’s debt collectors

The last thing anyone wants after a death in the family is calls from debt collectors. So it’s important to know what a person’s creditors can (and cannot) legally do, and how to protect yourself and your family from improper or deceptive practices. Generally, after people die, their estate is responsible for paying any debts they may have left. If the estate doesn’t have enough money to pay a debt, then the creditor is out of

What to do if Medicare refuses to pay for your treatment

Sometimes Medicare will decide that a particular treatment or service isn’t covered, and will deny your claim. The good news is that if you believe you should have been paid, you can appeal. The federal government makes the general rules for Medicare, but the day-to-day administration is handled by private insurance companies that contract with the government. In addition, the government contracts with committees of physicians who decide the appropriateness of care received by most Medicare

Here’s help for people who have to manage someone else’s money

Have you been officially asked to manage someone else’s money? For example, have you been named as an agent under a power of attorney, or a trustee of a trust? As our society ages, more and more people are being asked to take on these roles, but they can be daunting. In order to help, the U.S. Consumer Financial Protection Bureau has published four free guides, under the general title Managing Someone Else’s Money. The guides are

New rules make it harder to get a reverse mortgage

The federal government has tightened the rules on reverse mortgages, making it harder for some seniors to get these types of loans and reducing the amount of a home’s value that can be tapped. Reverse mortgages allow elders who are house-rich but cash-poor to use their housing equity. Homeowners who are at least 62 years old may use the equity in their home to obtain a loan that doesn’t have to be repaid until the homeowner moves,

Is your living trust up-to-date?

A revocable or “living” trust can be a great way to avoid probate, manage your assets if you become impaired, and protect your family’s privacy. If you have one, it’s a good idea to review it every few years to make sure that it still meets your goals and is up-to-date with the law. The most important questions involve which assets are in the trust and what will become of them if something should happen to

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Beliveau Law Group

July 2014