Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

 - Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

How Much Is 2020 Social Security Benefit Going Up?

Social Security Card

Public Domain image by Social Security Administration

In this post, we discuss the changes to social security benefits for 2020, how they are calculated, and how much benefits will increase.

The Social Security Administration has released the new maximum benefit rates for the year 2020.

Some of the numbers may surprise you in how much they differ depending on the age at which you claim your benefits.

 

How to Get Maximum Security Benefits

The maximum Social Security benefits change from year to year.

The maximum benefit will be based on factors such as inflation and changes in the earnings taken into account for Social Security payroll taxation.

To receive the maximum Social Security benefit, the Social Security Association assumes that a worker will have earned the maximum wage base amount each year since turning 22, thus having a work history of 35 years or more.

The maximum amounts will be calculated at four different ages: 62, 65, 66, and 70.

 

Let’s look at how the maximum benefit will be calculated in 2020:

View the entire story as reported in The Motley Fool

 


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides estate law services including estate planningliving trustprobatesocial security disability, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090


Trustees Pass New Carol Stream Property Tax

Carol Stream property tax

Public domain photo via pxhere.com

In this post, we discuss how the village trustees of Carol Stream has passed the first village property tax there in decades.

 

As reported in The Daily Herald, the residents of Carol Stream will be paying a village property tax for the first time in over 40 years.

On Monday, November 18, 2019, the village trustees voted unanimously to establish a municipal property tax.

 

This new tax will cost the average homeowner in Carol Stream $232 annually.

property tax assessments

Image used with CC BY 2.0 license. Photo by DonkeyHotey

The $232 annual property tax is based on the value of a home worth $231,400. This is the average home value in Carol Stream.

The new tax is expected to raise $232 million annually in property taxes to the village, starting in May 2020.

 

Why the new tax?

Officials for the village said that the tax was necessary because of the shift of shoppers to buying online has caused the amount of money collected in sales taxes to fall 6.6% in 2017 and 2.4% in 2018.

The village needed a new funding source to make up for the loss in sales tax revenue in order to pay for rising police pension costs and a five-year infrastructure plan.

Financial planners and city officials said this was the best way to create a new funding source.

Others argued against the tax increase, saying they were already overburdened with taxes and that the new tax would hurt most those who could least afford an increase, such as renters and those on fixed incomes.

The new property tax passed unanimously.

mortgage rates going up after presidential election

Read more about this story:

First Carol Stream property tax in decades will cost average homeowner $232 a year – The Daily Herald

Will Carol Stream finally have to levy a property tax? Forums to be held – The Daily Herald

Pension costs force suburban Illinois village to weigh new property taxes – Illinois Policy

Analysis: Carol Stream pays property taxes two times national average – Illinois Policy


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090

 

15-Year Anniversary Holiday Savings for Brokers and Clients

15 Year Anniversary Special for Brokers and Clients

 

In celebration of our 15-Year Anniversary, we are pleased to pass on some holiday saving to our valued Brokers/Clients.

 

From now 11/12/19 – 12/31/19 our fees:

Real Estate Sales – $300

Purchases – $395

* Pertains to new contracts only and not short sales.

 

CALL (630) 858-0090

EMAIL: fausett@fausettlaw.com

 


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090

 

Is Chicago Real Estate Market Headed to a Slump? [VIDEO]

Is Chicago Real Estate Market Headed to a Slump? Real estate expert opinions

Is the Chicago real estate market headed to a slump?

People’s opinions vary based on whether they are looking to buy or sell and what neighborhood of Chicago or suburb they live in.

A panel of real estate experts appeared on News Views on ABC7 Chicago to discuss this topic with host Judy Hsu.

The panel included Tommy Choi, president of the Chicago Association of Realtors, Orphe Divounguy, chief economist with the Illinois Policy Institute and Paul Wells with Re/Max of Barrington.

You can watch their entire discussion on the ABC7 Chicago website.

CLICK HERE TO WATCH THE TWO-PART VIDEO

 

 


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090

 

Chicago Underwater Mortgages Over Twice National Average

Chicago Underwater Mortgages Over Twice National Average

In this post, we discuss a recent report that stated that the number of people with underwater mortgages in Chicago is twice the national average.

The inventory of homes in Chicago and the Chicagoland area has been fairly low for the past several years.

The Chicago area has been slower to recover from the real estate market crash than the rest of the nation.

There have been a few reasons for this.

One of the biggest problems for homeowners in Chicago though has been that so many people have so little equity in their homes that they can’t afford to sell them.

 

Chicago Underwater Mortgage Rate

At the end of the 2019 second quarter, a little over 7.8% of Chicago-area homeowners had a mortgage had negative equity.

This is according to a property information report from CoreLogic.

The same report stated that the national negative equity rate had dropped to 3.8 percent during the second quarter.

The only major city with a higher negative equity rate is Miami.

Chicago did, however, still beat out Miami for the highest number of underwater homes with a little more than 104,000.

This is more homes than New York City and Los Angeles combined, which totaled just under 97,000 between the two of them.

Another 1.6% of Chicago-area homeowners were in the “near negative equity” range, meaning their home has equity of under 5 percent.

 

What this means for Chicago homeowners

Equity that small often discourages homeowners from selling because they won’t end up with enough to buy a move-up home after paying commissions and other sale expenses.

First Time Home Buyer Mortgage WorkshopThe total of underwater mortgages and near negative equity homeowners is 9.4%.

That comes out to almost 125,000 homeowners that are stuck in their home without enough equity to sell.

Still, that is actually an improvement.

In 2018, there were 141,200 Chicago-area homeowners who couldn’t afford to sell.

 

What’s holding back the market

There have been several factors holding back the Chicago real estate market, including economic uncertainty and high property taxes.

Property tax bills Kane & DuPage CountyThere has been a comparatively slow revival of the Chicago area economy after the mid-2000s economic recession.

Even though the real estate market has slowed, property taxes have continued to rise.

Many homeowners are also wary of even more tax increases on the horizon.

Illinois and Chicago have both experienced a loss of population for the past five years, and that has led to reduced demand for homes as well.

 

Home prices in the Chicago area have continued to climb, however, they continue to recover at a slower rate than the rest of the country.

 

Source: Chicago way ahead of U.S.—in those who can’t afford to sell their home – Crain’s Chicago Business


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090