R. Kelly is in trouble again, although at least this time it’s not a big-time felony mess. The Associated Press reports that he hasn’t made a mortgage payment on his Chicago mansion since June 2010, leading JP Morgan Chase to initiate foreclosure proceedings against the R&B singer: Crain’s reports the Olympia Field home’s appraised value fell [...]
Last summer, we touched on whether refusing to pay your debt at some point becomes a moral issue. In this week’s New York Times, the topic proves timely still. The article follows the Pemberton family in St. Petersburg, Fla., who have stopped paying their mortgage so they can put their money to more fun use, such as trips [...]
March 26, 2010 – 12:34 pm
Housing lottery winners have been announced in the past week from New Orleans to New York, meaning a small number of lucky people are snagging sweet apartments at below-market rates. What’s a housing lottery? In major cities that have large income disparities and limited desirable neighborhoods, the government has set aside a small number of affordable [...]
February 2, 2010 – 4:27 pm
Welcome to this week’s edition of our Tuesday Top 5, Econ4U’s weekly tips post to help you manage your money in five easy steps. In the wake of the earthquake in Haiti, it seems more important than ever to prepare yourself and your family for the possibility of an unforeseen natural disaster like a hurricane, blizzard, [...]
December 11, 2009 – 5:55 pm
If you’ve been judiciously saving up for your first home but didn’t make it in time for the $8,000 tax credit deadline on November 30, here’s an early Christmas present for you: The incentive has been extended through April 30, 2010. The terms of the tax credit have been expanded to include current homeowners who [...]
November 10, 2009 – 1:48 pm
Greetings and welcome to this week’s edition of our Tuesday Top 5, our weekly tips post to help you manage your money in five easy steps. The deadline for that juicy $8,000 new homebuyer’s credit is rapidly approaching, but how do you know if you’re ready to own a home? Ask yourself the following five questions [...]
September 28, 2009 – 5:04 pm
Pamela Anderson has been famous for her, well, physical assets for decades, but it turns out she isn’t as well endowed in the financial department. According to People magazine, Los Angeles County records show she owes more than $1.1 million to creditors: According to the documents, five different construction companies have filed liens against her [...]
September 25, 2009 – 12:37 pm
On Tuesday, I blogged about one group’s state-by-state national scorecard of financial health (released this week), and it got me thinking: Why do more people not just move to where the jobs are? It seems like a no-brainer if you live in an economically depressed area to simply go somewhere with better opportunities. Of course, there [...]
September 8, 2009 – 12:41 pm
Most people believe owning a home is the American dream, right? Not necessarily. The idea that you’re just throwing your money away by renting is no longer the rule — in fact, over the past few years, many more people have thrown their money away by buying. The government offers several financial incentives to homeownership. [...]
August 21, 2009 – 1:06 pm
Megan McArdle at The Atlantic is currently working on a long feature piece about consumer borrowing. But since the article won’t be out until early 2010, she has given us a taste by sharing an interesting observation about people who walk away from secured debt. A secured loan, if you’re unfamiliar, is one backed by collateral, [...]
