Till Death or Divorce Do Us Part

By Heather Faucher | Posted on July 7, 2009 | Filed Under Prenups 

Ask a blushing bride-to-be about the plans she’s busily making for her upcoming nuptials, and signing a prenuptial agreement probably isn’t in her top five.  Okay–probably not on the list at all.  Most people view being asked to sign a prenup by their future spouse akin to being asked to pick out a casket along with the engagement ring–a sign of impending doom for the marriage.  Not to mention a decided lack of faith and trust.  Sometimes, though, it really is better to be safe than sorry.

Think about it.  Sometimes it’s hard to know exactly who you are as a person, much less know someone else inside and out.  People often hold things back during the courtship period, whether intentionally or not.  Even those who are completely honest can change as months and years go by.  Sometimes people change and grow together as a couple–but sometimes they don’t.  Tragedies happen that can break up marriages.  Of course it’s a rotten idea to go into a marriage expecting it to end before it’s even begun.  But it’s an even worse idea to take no precautions at all in case the worst does take place.

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Lesser of Two Evils?…

By Heather Faucher | Posted on July 3, 2009 | Filed Under Bankruptcy 

All across the nation, homeowners are facing the financial squeeze from the ailing economy. From outright job loss, to cutbacks in salary, to declining home sales and skyrocketing health care costs, many now must make an awful choice. Which is “better” for their credit reports? Letting their homes be foreclosed on, or declaring bankruptcy?

Like so many other things in life, there’s no easy black and white answer to this question. Either road can definitely be a hard one to travel. A foreclosure, for instance, will stain your credit report for 7 years. A bankruptcy’s going to show up for 10. Don’t immediately assume, however, that foreclosure is automatically the better choice just because it shows up for less time on your credit report.

“A foreclosure is very serious to mortgage lenders,” says Ray Hooper, Education and Housing Director for the Consumer Credit Counseling Service of Greater Dallas, a non-profit agency that tries to help people facing foreclosure keep their homes. “They’re going look at a foreclosure more seriously than they will a bankruptcy that doesn’t include the house.”

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First-Time Homebuyer Q&A: Part 2

By Heather Faucher | Posted on June 30, 2009 | Filed Under Real Estate 

Check out Part 1 of this semi-regular series.

4. WHAT DOES THE LENDER DO TO CALCULATE THE AMOUNT OF MORTGAGE I CAN AFFORD?

The biggest factor lenders consider is the debt-to-income ratio, which is a comparison of a potential homebuyer’s gross (pre-tax) income to housing and non-housing expenses. Examples of non-housing expenses include long-term debts like car or student loan payments, alimony, and child support. The Federal Housing Administration (FHA) recommends that monthly mortgage payments should not exceed 29% of gross income. Additionally, the mortgage payments combined with non-housing expenses should not exceed 41% of income. One other factor lenders look at is any available cash for down payment and closing costs, along with credit history, when factoring in what a potential homebuyer’s maximum mortgage amount should be.

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First-Time Homebuyer Q&A: Part 1

By Heather Faucher | Posted on June 25, 2009 | Filed Under Real Estate 

Many first-time homebuyers know next to nothing about the whole process, and often have a ton of questions they need to find answers to.  While finding a reputable real estate agent or experienced real estate attorney can be one way to find the answers to those questions, this series of posts is going to attempt to answer some of the burning questions first-time homebuyers have as they start the process.

1. HOW DO I KNOW IF I’M READY TO BUY A HOME?

The following checklist is a great one to use to honestly assess your readiness:

–Have I had a steady source of income for 2-3 years?  Is that current income reliable?
–Do I have a solid track record of paying my bills in a timely manner?
–Do I have a limited amount of long-term debts, like car payments?
–Do I have money saved for a down payment?
–Can I truly afford a mortgage payment every month, plus any additional costs such as insurance?

If you answered yes to most of these questions, you are likely ready to at least consider purchasing your own home.  And if you answered yes to ALL of them, chances are it’s the right time to start researching and house hunting!

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When Does Being a Diehard Fan Become Copyright Infringement?

By Heather Faucher | Posted on June 25, 2009 | Filed Under Copyrights 

One high-profile case from 2008 illustrated a rising issue in copyright law as use of the Internet proliferates.  When does being a diehard fan of something become copyright infringement?  And will the “fair use” exception allowed under U.S. copyright law pull your fat out of the infringement fire?

In late 2008, a U.S. judge sided with J.K. Rowling, author of the blockbuster book series Harry Potter, in her copyright infringement lawsuit brought against a fan and website operator who was in the process of publishing a Harry Potter encyclopedia.  Once known for praising that particular fan website, the proposed encyclopedia had her changing its tune because, according to her, the lexicon was nothing more than a rearrangement of her material.

U.S. District Judge Robert P. Patterson agreed, ruling that Rowling had proven that Steven Vander Ark’s “Harry Potter Lexicon” would cause her irreparable harm as a writer.  He also permanently blocked publication of the Lexicon and awarded Rowling and her publisher $6,750 in statutory damages.

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