Articles

Non-compete agreement is valid even if employee leaves state

Suppose a Massachusetts employee signs a non-compete agreement, but then leaves to work for a competitor in California – a state that generally doesn’t approve of non-compete agreements. Can the agreement still be enforced against him? Yes, according to a recent decision by the Massachusetts Superior Court. The employee was a vice president at the EMC computer company in Hopkinton, Mass. After 20 years with EMC, he quit to become vice president at Hewlett-Packard in California.

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 last day of the month, a notoriously difficult day on which to hire a moving company. One solution is to go

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, you borrow money against your house, but you don’t have to pay it back until you die, sell the house, or

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 any work. Prosecutors in 19 states have taken legal action against various “foreclosure rescue” businesses, as has the Federal Trade Commission,

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 out. According to the handyman, this was illegal retaliation against him that violated the state’s landlord-tenant law. But the Supreme Court

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 the way banks operate, and this is one result. As a buyer, you might want to protect yourself by spelling out

What happens if a seller can’t move on the closing date?

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 handle your particular situation.

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 to your bank account can affect your eligibility for Medicaid as well as expose your account to the loved one’s creditors.

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 illness were living in U.S. nursing homes in 2008. This is a 41 percent increase from 2002. Younger mentally ill people

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