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Illinois Attorney General filed a lawsuit against Safeguard Properties, LLC alleging that it has illegally forced tenants and residents to abandon their homes before the foreclosure process is finalized.  Safeguard Properties is a management company that is hired by mortgage lenders to secure vacant homes that are in foreclosure. The lawsuit alleges that Safeguard changed the locks, shut off utilities, broke into homes and even removed personal property when the home was obviously still … [Read more...]

It appears that Michigan’s governor will not be able to avoid answering tough questions from creditors about how Detroit ended up in bankruptcy.  Attorneys for the state dropped their objections during a bankruptcy hearing this week.  They had objected to the deposition based on the grounds of executive privilege.  Attorneys for both sides have agreed to a three hour deposition of Gov. Snyder.  Creditors will also have the opportunity to depose Andy Dillon, Michigan’s state treasurer. For the … [Read more...]

Robert J. Yonkee, Jr., a former resident of Machesney Park, has been indicted on charges of bankruptcy fraud.  The federal grand jury’s indictment alleges that Yonkee concealed property, made false statements in his bankruptcy filings and gave false testimony while under oath during bankruptcy proceedings.  The allegations include hiding an interest in several businesses in addition to his personal assets.  If convicted, Yonkee could face a fine of up to $250,000 on each count in addition to … [Read more...]

Buying a home is an exciting time; however, when you make such a large investment you should be prepared to protect that investment.  Keeping homes safe from fire, theft or other casualty can be costly.  Home security systems, insurance and special lighting can all help keep your home and your investment safe; however, at what price to you.  What can you do if the cost of keeping your home safe is more than you can afford?  Check out “The Cost of Keeping Your Home Safe” for advice on affordable … [Read more...]

As parents and kids return to school, some of us are thinking ahead and wondering what we can deduct from our tax returns next year for this year’s school expense.  One deduction worth looking at is the tuition and fees deduction.  This deduction is available even if you do not itemize on your tax return – it is an adjustment to income.  It is also available even if you had help from a student loan, scholarship or grant.  You can deduct up to $4,000 from your taxable income provided your … [Read more...]

It is probably not a wise decision to base your retirement destination solely on whether or not the state has low personal income taxes or property taxes.  However, if you are considering several retirement destinations, considering the tax situation may be a good idea.  At the very least, it should be a part of the pros and cons you use to decide where you want to spend your retirement.  Some states are much more tax-friendly than others are in terms of personal taxes and property taxes. For … [Read more...]

A report from the Center for American Progress is calling for the creation of two new student loan designations.  The first designation, qualified loans, would be subject to the Bipartisan Student Loan Certainty Act of 2013 and have a “reasonable likelihood of repayment.”  However, the second designation, nonqualified loans, would be subject to discharge in Chapter 7 bankruptcy cases.  Discharge of student loans is not generally permitted under the current bankruptcy laws and has been the … [Read more...]

Rising interest rates will affect more than just those who want to borrow money.  Rising interest rates will affect people who want to invest money or place money into savings.  As interest rates creep up, borrowers will find that they are paying more for credit.  On the other hand, if you are placing more money in savings you may see that amount grow a bit faster (but not too fast) as interest rates on deposit accounts increase. To find out how rising interest rates will affect your accounts … [Read more...]

For many homeowners, a reverse mortgage is the answer to their financial problems.  Before the housing crisis, homeowners could access a large portion of the equity in their home with a reverse mortgage.  Changes in the rules decreased the amount of equity borrowers could access.  New changes set to go into effect on September 30 aims to lower that amount even more.  The new rules also lower the amount of money that the borrower can access during the first year of the reverse mortgage. For … [Read more...]

Borrowers who filed bankruptcy or have a foreclosure on their record just got a break from the Federal Housing Administration.  Borrowers do not need to wait for three years to apply for an FHA-insured loan after a bankruptcy or foreclosure.  They can now apply after only one year of making rent and credit card payments on time.  However, to qualify, their foreclosure or bankruptcy must have been due to external economic factors that reduced their income by 20% or more for six months or … [Read more...]