Struggling under the weight of up to $500 million in debt, storied gun maker Colt Defense has filed for chapter 11 bankruptcy. The 179-year-old gun manufacturer once thrived with government contracts and a strong consumer following. However, since 2009 the company’s government sales have dropped from 60 percent of total sales to less than 10 percent. On the consumer side, an investment in smart gun technology designed to make guns safer backfired with gun owners, contributing to a decline in … [Read more...]
CFPB Announces 2-Month Delay on Mortgage Disclosure Rule
June 22, 2015 by
Lenders will have two additional months to comply with the Consumer Financial Protection Bureau’s much-anticipated TRID rule. The new mortgage disclosure rule, which requires homebuyers to receive more time and information to understand the terms and cost of their mortgage, will take effect on Oct. 1 instead of Aug. 1. CFPB Director Richard Cordray told the media last week that he believes the additional time “would better accommodate the interests of the many consumers and providers whose … [Read more...]
Chicago’s Rent-to-Income Proportions Exceed 40 Percent
June 16, 2015 by
Despite strong job growth, Chicago is among the nation’s top four metro markets where the median cost of rental living exceeds 40 percent of annual income. According to a report from Mad Valorem’s interactive real estate database, 11 of the 17 metro areas to show the nation’s highest job growth also have the highest rent-to-income ratios. With a median cost of rent around $1,850, rental living in Chicago takes up 47 percent of the average annual income. Boston tops the list with median rent of … [Read more...]
IRS Announces New Initiative to Protect Taxpayer Information
June 12, 2015 by
The IRS took steps this week to keep confidential taxpayer information from getting into the wrong hands. In response to a series of security breaches this tax season, the federal tax authority has reached an agreement with state tax administrators, tax prep software companies, and payroll processing providers. The collaboration between these industry and government groups includes standardized improvements across five key areas: taxpayer authentication, fraud identification, information … [Read more...]
5 Upgrades That Add Little to Your Home’s Resale Value
June 10, 2015 by
It may be the perfect thing to help you cool off this summer, but a swimming pool tops Trulia’s list of upgrades that add little to a home’s resale value. According to Trulia, when it comes time to sell your home you may not recoup the investment you make in adding a pool. That’s because a pool can be a hit-or-miss home feature unless you live in a warm climate. Buyers with small children or those who want a low-maintenance backyard may actually view a swimming pool as a turnoff. To see which … [Read more...]
Big Wedding vs. House: New Poll Reveals What Newlyweds Want
June 8, 2015 by
Just in time for wedding season, Trulia.com has released the results of a new poll that reveals most Americans would rather buy a house than splurge on a nice wedding. The poll asked men and women nationwide how they would spend a sizeable engagement gift of $30,000 or more. Nearly 70 percent said they would use the money as a down payment on a home. Only 6.1 percent said they would splurge on a dream wedding. The survey also revealed what people think is the perfect size for a first home. … [Read more...]
5 Ways to Safeguard Your Tax Records from Natural Disaster
June 4, 2015 by
May was a month of weather so extreme nationwide that, as hurricane season approaches, the IRS is reminding tax payers to take steps now to safeguard their tax records from destruction. In the unfortunate event of a natural disaster, the agency says there are five ways individuals and businesses can ensure they have the tax records they need in case of an audit. One helpful tip is to use the cloud as much as possible. Even if you keep paper records, scan and save them electronically using a … [Read more...]
Supreme Court Rules Against Bankrupt Homeowners
June 2, 2015 by
Struggling homeowners who file for bankruptcy will not get any help from the U.S. Supreme Court when it comes to voiding their worthless second mortgages. On Monday, the Supreme Court overturned the ruling of two lower Florida courts that allowed two bankrupt homeowners to cancel their second mortgages because their home values were no longer worth what they owed for their first mortgages. Since second mortgages only get paid after first mortgages, attorneys for both homeowners argued that the … [Read more...]
IRS Data Breach Raises Questions About Taxpayer Security
May 28, 2015 by
Even the IRS is not immune from hackers. Earlier this week, the tax authority confirmed that identify thieves used social security numbers stolen elsewhere to access prior-year tax records for approximately 104,000 U.S. households. A new article in the Wall Street Journal helps shed some light on the burning questions concerned tax payers have raised. One of those questions is how exactly do you know if your prior-year tax returns were among those accessed by the thieves. According to WSJ, the … [Read more...]
3 Smart Strategies for Selling Your Home Quickly
May 26, 2015 by
A quick sale is the dream of just about every home seller. But how exactly do you shave time off the number of days your home sits on the market? According to a new Zillow article, there are 3 smart strategies that can help you close the deal faster than ever. One strategy that may seem counterintuitive is to underprice your home. By listing your price slightly below the comparable sales in your area, you may actually attract multiple bids and incite a bidding war that could get you a price at … [Read more...]
