What happens if a seller can’t move out by the closing date?
Here’s a common scenario: Both parties to a real estate deal are ready to close, but for some reason the seller can’t move out by the closing date. Maybe the seller is moving to a new home or place of business, and the new place isn’t quite ready yet. Maybe the closing date is the […]
Congress raises borrowing limits for reverse mortgages
You can now borrow up to $625,500 with a federally insured reverse mortgage – up from $417,000 – as a result of a change made by Congress that will help some seniors. In a traditional mortgage, you borrow money against your house and pay it back in monthly installments over time. With a reverse mortgage, […]
Beware of ‘loan modification’ scams
Many people who are having trouble making their mortgage payments are turning to consultants who promise to help them modify their loans. The problem: Often, these “loan modification” businesses are actually scams. In a typical scam, a consultant demands a large upfront fee – sometimes as much as $3,000 – and then disappears without doing […]
Tenant evicted for filing personal injury claim
A landlord could evict a tenant who sued the landlord for a personal injury, according to the Alaska Supreme Court. The tenant was a handyman at a motel who rented a motel room at a reduced rate. He sued the motel after he slipped and broke his leg. The motel owners responded by throwing him […]
Protect yourself in case your lender reneges on your loan
Over the past year, there have been a number of instances where a bank has agreed to provide a mortgage, then has changed its mind and reneged on its agreement at the last minute. In the past, such conduct was unheard of. It’s still rare – but the credit crisis has changed a lot about […]
What happens if a seller can’t move on the closing date?
Here’s a common scenario: Both parties to a real estate deal are ready to close, but for some reason the seller can’t move out by the closing date. Maybe the seller is moving to a new home or place of business, and the new place isn’t quite ready yet. Maybe the closing date is the […]
Law that relaxes IRA distributions creates confusion
Ordinarily, people over 70½ are required to receive a minimum distribution from their retirement plan each year. But this minimum payout won’t be required in 2009, thanks to a law passed by Congress. However, this law is creating widespread confusion, and if you’re concerned, you might want to ask for advice quickly on how to […]
Be Aware of the Dangers of Joint Accounts
Many people believe that joint accounts are a good way to avoid probate and transfer money to loved ones, and such accounts are sometimes referred to as “the common person’s estate plan.” But while joint accounts can be useful in certain circumstances, they can have dire consequences if not used properly. Adding a loved one […]
Probe Finds Nursing Homes Are ‘Dumping Ground’ for Mentally Ill
Elderly nursing home residents are increasingly living alongside young and middle-age people with mental illness, with sometimes tragic results, according to a 50-state investigation by the Associated Press. It appears that in many cases this potentially dangerous trend is a violation of federal law. According to the AP, nearly 125,000 non-elderly adults with serious mental […]
Online Services Offer Estate Planning for Digital Assets
Once upon a time, the key to a safe deposit box was all loved ones needed to unlock the secrets of a life recently ended. Today, many aspects of our lives – both financial and personal – are lived in places accessible only by password. We have e-mail addresses, online brokerages and banks, Facebook and […]