This explains the sub-prime mortgage mess beautifully… (Warning contains some "swears" as my kids would say)
Monthly Archives: February 2008
Buyer can cancel anytime if Real Estate disclosure not given
A recent case in Illinois (Muir v. Mercano, No5-06-626,– NE2d—, 2008 WL 305569 (5th Dist. 2008), just decided on January 30, 2008, said that because a buyer in a real estate transaction was not furnished with a completed Real Estate Disclosure form prior to the execution of the contract, the buyer can cancel the contract at any time up to closing.
Entry tax to Chicago increases
The tax paid by the buyer on the purchase of real in the city of Chicago increased from $7.50 per thousand of the purchase price to $10.50 per thousand starting 4/1/08. (There’s a minor exception for buyers of homes of $250,000 and under who are over age 65).
I know the CTA is in trouble, but this is exorbitant.
What the candidates think about inheritance tax
The presidential candidates have the following views on the estate tax (inheritance tax):
Democrats
Hillary Clinton- $3.5 million exclusion amount per person, but keep the tax
Barack Obama – wants to keep the tax and to put the exclusion high enough so no family business has to be sold to pay the tax. No specific amount mentioned.
Republicans
Mitt Romney – Eliminate the tax
John McCain – $10 million exclusion, but keep the tax
Greatest veteran's program that no one knows about…
Twice in the last few months, I’ve run across an amazing program that makes monthly payments to veterans who are disabled or having trouble living on their own. The name of the program is the VA Aid and Attendance Program.
Here’s what it does:
- Pays $1744 per month to a veteran or $945 to a surviving spouse of a veteran to assist in bathing, meals, medication monitoring and other activities of daily living.
- Applies to individuals who live in assisted living, at home, skilled nursing facilities or in-home care
What it takes to qualify
- Must qualify medically and financially
- Assets can’t exceed $80,000 (home, vehicle, annuities, pre-paid funeral and other things are not included in this number)
- Takes 3-6 months to get approval.
- Pays retroactively to date of application.
- Applies to any veteran with 90 days of service
Here is how to apply.