Tara Siegel Bernard of the New York Times recently published an article entitled Years After the Market Collapse, Sidelined Borrowers Return. In it, Bernard reports that borrowers are typically unable to acquire mortgages for two to seven years following a bankruptcy, foreclosure or short-sale, but today, four years after the peak of the foreclosure problem, those who suffered financial difficulties at that time are slowly beginning to reenter the housing market. Many are doing so with lower … [Read more...]
Majority of Americans Support Tax Rate Increases to Protect Social Security
October 27, 2014 by
Despite how polarized Americans are politically, one thing that both sides have in common in the desire to protect Social Security benefits. According to an article by Forbes writer Janet Novack, the opposition to cutting Social Security benefits spans all age groups as well as political ideology. Currently, Social Security is in jeopardy and if funding continues as it currently stands, the trust fund that supports it will be exhausted by 2033. Accordingly, a recent poll showed that … [Read more...]
Two Women Accused of Stealing Vacant Homes in Maryland
October 24, 2014 by
ABC News and 20/20 reports on a case in Maryland in which two women used forged documents to claim vacant properties as their own. The pair kept two of the largest homes for themselves and collected rent from tenants in the others. Homeowners and tenants alike were pulled into a legal quagmire as the case unfolded. If you leave a home vacant with plans to return to it, sell it or take in tenants, be sure that you go through the proper legal channels and keep your property protected. If you have … [Read more...]
Texas Multi-Millionaire Samuel Wyly May Forfeit $400 Million in Bankruptcy
October 23, 2014 by
Sam Wyly, the 80-year old managing director of the Texas-based company Ranger Governance is in hot water after being found liable for making illegal trades and hiding stock holdings in offshore accounts. Owing approximately $500 million in fines and back taxes, Wylie filed for Chapter 11 personal bankruptcy, naming the IRS and the SEC as his largest creditors. As part of the terms of his bankruptcy, he may be forced to forfeit as much as $400 million in assets. The full story is covered by … [Read more...]
As Economy Improves, New Home Construction Is on the Rise
October 22, 2014 by
According to Erin Carlyle of Forbes, “construction of new homes rose 6.3% in September and permit activity increased, suggesting that the gradual housing recover is continuing.” Indeed, the number of new homes built this past September was 17.8% higher than it was in September of the previous year. However, Carlyle points out that despite the rapid increase in new home construction, builders are actually feeling less confident; approximately 46% of builders feel that the housing market is more … [Read more...]
Man Chosen for Treasurer of Harrisburg, PA Declares Personal Bankruptcy
October 21, 2014 by
Timothy R. East was chosen over five other applicants to be the next city treasurer of Harrisburg, Pennsylvania — but he may not be able to take the position as he is currently filing for personal bankruptcy. Many question how this was overlooked during the selection process. Though himself a certified public accountant and business owner, East found himself in need of filing for Chapter 13 personal bankruptcy after struggling with three mortgages on his home (for which he owed nearly double its … [Read more...]
What You Need to Do Now to Save Money on your Annual Income Taxes
October 20, 2014 by
ABC News recently reposted a great article by Kay Bell of Bankrate. In this article, Bell discusses 10 Year-End Tax Moves to Make Now so you can save money. Among her tips are: Defer your income, add to your 401(k), review your FSA amounts, harvest tax losses, make the most of your home, bunch your deductible expenses, add to or open an IRA, be generous to charities, pay college costs early, and adjust your withholding. Each of these steps can help you reduce your overall tax rate and save … [Read more...]
The Number of Businesses that File Their Taxes Electronically Is Growing
October 17, 2014 by
According to the IRS, the number of businesses that are e-filing their taxes rose 10 percent since last year, and is twice the number that e-filed just four years ago. Today, more than 7 million corporations and partnerships are taking advantage of this convenient tool to file their returns. While large corporations (those with $10 million or more in total assets) are required to file electronically, it is optional for smaller businesses but the IRS is pleased that many are moving in this … [Read more...]
Beware of Potential Pitfalls when Buying “For Sale by Owner” Homes
October 16, 2014 by
Buying a home from a seller who is not working with a real estate agent has some advantages. You may be able to purchase that home at a lower price since realtor fees are not part of the equation. However, it is important to keep in mind that if you are purchasing a FSBO home, you must do so without the help of a realtor and therefore may encounter a number of problems. This is explained in this article entitled 8 Tips When Buying a House For Sale by Owner. In it, you will discover why working … [Read more...]
Five Things to Find Out about Your Potential Real Estate Attorney
October 15, 2014 by
Jennifer Acosta Scott of Bankrate advises that “when questions arise on a real estate transaction, most people call their agent or broker. But if the deal is complicated or risky, it’s smart to consult with a real estate attorney.” In her article, 5 questions to ask a real estate attorney, she lists some crucial information you should obtain to ensure that the attorney you choose will work out for you. Among them are: How long have you been practicing? How many cases like mine have you handled? … [Read more...]
