Category: Eclectic Homes

Although the housing market has improved throughout the country in recent months, many prospective home buyers are still experiencing difficulty obtaining mortgages. New regulations put in place to prevent a repeat of the housing crisis of previous years have also made it more difficult for borrowers by putting more stringent requirements for obtaining a mortgage in position. Fortunately, particular mortgages are transferable, allowing prospective new house owners to assume or take over an existing mortgage.

Outline the conditions of the existing mortgage and find a new mortgagee.

Outline the conditions of the mortgage to be transferred to make sure that transfers are allowed. Because of a clause contained in the majority of conventional mortgages which makes the full balance of the mortgage due on transfer, FHA and VA mortgages are typically the sole refundable or assumable mortgages since they don’t include this clause.

Make sure that the possible mortgagee has a strong credit score and verifiable income along with the specific demands of either the VA or FHA. Possible transfer mortgagees must satisfy the very same requirements as other FHA or VA mortgagees.

Complete the transfer by having a mortgage broker submit the necessary documentation to the appropriate agency. Speak to the FHA or VA to find out what financial documents are required for the transfer since there are specific documents that transfer liability from the old mortgagee to the brand new.

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A property tax collector secures interest on your property utilizing a lien to ensure payment of taxes, limiting your ability to sell or obtain a mortgage while taxes are owed. A lien is a legal hold or claim against property to ensure payment of owed cash. The local authorities you owe property taxes to possess the legal right to foreclose the lien and sell your house utilizing the court system and procedures dictated by lawenforcement.

Set up with the agency. Fill out the tax office’s repayment plan types, and attach any documents, such as proof of earnings, pay stubs, and statements showing your assets and debts, as requested by the tax collector. Pay any deposit on your tax debt as needed to prepare the repayment program. Be ready to answer any questions the tax collector may have about your finances or personal hardships.

Get a loan to repay your taxes; look for a lender with a loan program specifically for the payment of delinquent property taxes. Provide all of your financial records to the creditor.

File for bankruptcy. Filing for bankruptcy frees you to an automatic stay, or stop, of actions by lenders. The property tax jurisdiction is advised of the stay by the court once you file the request.

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In many cases, the initial creditor that funds your home mortgage and receives the monthly obligations sells your promissory note to an investor in the secondary mortgage marketplace. The creditor continues as a servicer, without changing the conditions of your arrangement. Private and public investors buy mortgage notes developing a secondary mortgage market. The federal government dominates the U.S. secondary mortgage market throughout the associations Freddie Mac and Fannie Mae, accounting for 20 percent of all mortgage funds exchanged annually.

Misconceptions

The secondary mortgage market is confused with funding. Where the secondary mortgage market entails investor earnings and purchase of promissory notes, secondary funding is a second or junior lien put on an already mortgaged property. Financing is also referred to.

History

The Federal National Mortgage Association, better known as Fannie Mae or simply FNMA, was created by the U.S. Congress with President Franklin D. Roosevelt in 1938 through the Great Depression to combat a housing catastrophe. FNMA was split into a shareholder-owned corporation and an organization known as the Government National Mortgage Association in 1968. The authorities established Freddie Mac in 1970 to handle the growth of Fannie Mae and stop a monopoly in the secondary mortgage marketplace.

Function

Lenders sell shareholders a pool or even some group of mortgages in the kind of mortgage-backed securities that represent an undivided interest in its respective loans. The holder of the securities is entitled to the interest and principal payments. The government uses funds from overseas authorities, pensions and mutual funds to finance the purchase of main mortgages. Tasks of Fannie Mae and Freddie Mac are audited by the U.S. Office of Federal Housing Enterprise Oversight.

Benefits

The secondary mortgage market arouses the housing market in general. When a mortgage creditor sells interest in a mortgage, extra funds are free which can be loaned to more borrowers. The secondary mortgage market helps facilitate homeownership. Investors benefit through a diverse investment portfolio also by regularly earning money through interest charged on the loans.

Considerations

Investors in the secondary mortgage marketplace have loan standards set up to discriminate which kinds of loans are acquired. Fannie Mae and Freddie Mac have a maximum loan cap that changes annually and can be adjusted for regions with lower property values.

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In many situations, a condo association will require each unit owner to purchase a set minimum insurance policy. When a property doesn’t have a specific insurance requirement, an owner can evaluate his unit and possessions and evaluate policies to find adequate coverage to protect him and his house in the event of a catastrophe.

Misconceptions

Some condo owners wrongly assume that their association’s policy will protect them. The condo association’s policy doesn’t cover within the walls of individual units. Often, an owner is responsible for harm due to her unit even when it was brought on by a common building problem or a neighbor’s neglect, and must endure a legal procedure to sue an insurance company for repairs, in the meantime footing the bill for alternative living arrangements.

Condominium Homeowner’s Policy

A condo homeowner’s coverage, also referred to as an HO-6 coverage on Insurance Service Office and American Association of Insurance forms, covers the insured party’s unit and its contents out of instances of theft, water damage and fire. Some policies include coverage for up to 150 feet in the operator’s unit. A liability branch of policy would pay for health expenses in the event a visitor were hurt on your condo. Normally, your coverage would have a reduction of use coverage which pays living expenses throughout the time your condo is uninhabitable due to an accident or catastrophe.

Considerations

Ensure adequate coverage and potentially save money by considering your geographical and building place when deciding your coverage requirements. By way of example, the owner of a condo on the 30th floor of a high-rise can skip flood insurance but should invest in hurricane policy.

Savings

Things you are able to adjust, which influence the price of the condo insurance plan, include the deductible of this coverage and the way that items are replaced in the event of a claim. Normal condo deductibles — the price you pay out-of-pocket when filing a claim for payment — vary from $500 to $1,500 (as of September 2010). A lower deductible effects in a higher annual premium but might be a better choice for people who don’t keep substantial savings. When you submit a claim for loss or damage of personal things, it can be reimbursed at its present replacement price or its actual value, less depreciation for age. The cost of coverage is higher for replacement cost policies, but thus is the payout in claim time.

Warning

Condominium insurance policies might have a reduction assessment insurance policy to protect you in the event your condo association makes a building-wide, unplanned appraisal to remedy a problem, prevent a hazard or fix building harm. This policy might not be adequate, so it is important for owners to evaluate this policy and add additional protection if needed.

Added Coverage

Aside from condominium insurance, appliance insurance also referred to as a home warranty — can protect you when unanticipated issues arise with appliances. This policy repairs air conditioning, washer and dryer units, refrigerators, stoves, microwaves and grills under most policies for a nominal service fee and an annual policy premium from $150 to $600 (as of September 2010).

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At a foreclosure, the lender can make a profit or it can take a loss, depending on whether the home sells for more than the outstanding loan amount. Either way, there have been taxation ramifications for the previous homeowner, even though the creditor is the one who has technically made or lost money.

Foreclosure Profit

In the event of a foreclosure in which the creditor makes a profit, the Internal Revenue Service (IRS) treats the profit for a capital gain for the homeowner, even though he did not get the money. It isn’t important whether the homeowner gets the cash or not–the advantage (home) sold at a profit and resulted in a profit. Federal tax law excludes the first $250,000 of profit from the sale of a home ($500,000 for spouses filing jointly) from taxation, therefore the average homeowner would likely pay taxes in this scenario.

Foreclosure Loss

If the foreclosure sells for less than the loan amount, the creditor requires a loss. It can then turn around and sue the debtor for the difference between the loan amount and the sale price of the home. The debtor can’t declare this money for a reduction on his taxation, according to the IRS.

Debt Forgiveness

Sometimes the creditor requires a reduction because of a foreclosure or short sale, but forgives all or part of their borrower’s debt. At the end of the calendar year, the creditor sends the debtor an IRS form 1099-C. The sum declared by the lender on this form is included as taxable income on the borrower’s tax return. Because of the rash of foreclosures from the late 2000s, Congress passed the Fund Forgiveness Debt Relief Act of 2007 to pay foreclosures happening from 2007 to 2012. Under this action, if a foreclosure is accompanied by a reduction of value that forces a property to sell at a reduction, the forgiven debt is not treated as taxable income.

Capital Benefits on a Loss

A borrower might nonetheless be liable for taxation on a home that falls beneath the Mortgage Forgiveness Debt Relief Act of 2007 when she originally purchased the home for less than the foreclosure cost. Most homeowners took out second mortgages and home equity loans that raised the loan amount on the home. While the home may be worth less than the outstanding loan balance, the homeowner nonetheless shows a profit within his initial purchase price. This is a capital gain and the debtor is liable for taxation on gains over $250,000 ($500,000 for spouses filing jointly).

Foreclosures and Bankruptcy or Insolvency

Borrowers are not liable for any debt forgiveness that’s a portion of a bankruptcy or occurs during bankruptcy (complete debt is more than total assets, such as retirement and investments). The borrower’s debt must not happen to be forgiven before declaring bankruptcy or becoming insolvent in order to be tax exempt. IRS Form 982 is utilized to show insolvency prior to debt forgiveness. Advice from a certified public accountant or tax attorney can help in determining the best plan of action concerning tax implications of foreclosure.

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Discover all the wonderful uses for freshwater and products which are created from it. Cork is an impermeable, buoyant, fire-resistant, sound-dampening and ecofriendly bark that is discovering a new recognition in today’s modern design. Read on for particular ways to use this natural substance. — Kim from Sand & Sisal

Modwalls Tile Company

CorkDotz Cork Mosaic Penny Round Tile

Lay tile go for bamboo! Cent round tiles in Modwalls are created from recycled cork stoppers. They can be used for kitchen backsplashes, flooring installations, ceiling and bathroom tile. Stunning!

Wine Enthusiast Companies

Giant Champagne Cork Stool/Table – $259.95

Place the party mood with a giant champagne cork stool/table created with solid, fine-quality Portuguese cork.

Couture Drum Table/ Floor Lamp Shade – $79

Add a warm glow into a casual or coastal-themed area with this particular cork drum shade from Ballard Designs.

Phillip Jeffries Ltd..

Organic Java Cork Wallpaper

This pure cork background by Phillip Jeffries can add warmth and softness into a modern and sleek kitchen.

Cortizza

Cork iPad 2 Case – $69

Technology meets character with this cork iPad situation by Cortizza.

Crate&Barrel

10-Inch Cork Bowl – $34.95

You won’t feel it, but this bowl is made from cork fabric. It can even be thrown into the washing machine!

HPP Enterprises

Wine Enthusiast Wine Cork Trivet Kit – Trivet – $19.95

Get your DIY on with this enjoyable and easy cork trivet kit. Organize your corks in any pattern you prefer.

PBteen

Surfboard Corkboard – $199

All my kids browse, and my boys are eyeing this corkboard due to their own rooms.

PBteen

Cork Desk Accessories, Trash Can at Pottery Barn Teen – Desk Accessories – $16.99

Keep your kids’ study area arranged and eco-minded with these cork accessories.

Staples

Kenroy Home Corkage Table Lamp Cork Finish – $153.99

I really like the juxtaposition of this sharp cork pillar with the gentle round linen shade. This would be a nice addition to your home office.

PBteen

Cork-Framed Mirror – $119

What teenager girl wouldn’t love this cork-framed mirror in her area?

The Home Depot

Millstead Dark Insights Plank Click Cork Flooring – $4.18

Cork flooring comes in just about any color and variegation which you can envision. I love these rich, dark and exotic boards. They will have everyone staring in your stunning floors.

FRONTGATE

Labrazel Cork Bath Accessories – $205

Spurge on those Labrazel cork bath accessories from Frontgate. They are hand-crafted in Italy from solid brass, polished chrome and narrow layers of bamboo at a strata pattern.

Williams-Sonoma

Cork Drawer Liner – $20

Safeguard your wood drawers by lining them with cork liners.

HPP Enterprises

Wine Enthusiast Wine Cork Board Kit – $24.95

This provides a new and literal meaning to the term “corkboard.”

Williams-Sonoma

Bamboo Cork Reversible Sharpening Board – $79.95

This appealing cork cutting board can help keep your knives sharp.

Jelinek Cork Group

Natural Cork Bark Planter, Tall – $22

Go green. I really like the feel of this pure cork planter in its pure form. Use it inside or out.

Etsy

Cork Chair by Quarter Twenty – $675

Take upcycling into a whole new level and make a statement on this sculptural silk seat. It is made from upcycled bamboo disks in the insides of aluminum baseball bats.

Next: Cork Flooring 101

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With a new year come New Year’s resolutions. This year I’m handling small updates to make my home a little more practical, arranged and, of course, nicely decorated. Listed below are 20 New Year’s resolutions for the home to inspire you to create some developments in 2013. — Kate from DomestiKated Life

Furbish

7-Piece Coaster Set, Snow – $24

I resolve to make use of coasters. No longer rings on my coffee table! These white ones look clean in their coordinating case.

Furbish

Jenny Cutting Board, Aqua – $25

I resolve to eventually replace my unsightly cutting board with a stylish version. I love the aqua band around this one.

Furbish

Napkins, Orange – $24

I resolve to use cloth napkins for supper. They are green, inexpensive and stylish.

Furbish

Orange Geometric Wastebasket – $65

I resolve to update my trash bin into something a little more stylish. This one has a fantastic picture pattern.

Triangle Laundry Basket, Black – $111.54

I resolve to not let my clothes pile up in my bedroom. This mod white and black hamper looks up to the job.

Purchase

House 8810

Wooden ‘Clap-On’ Alarm Clock – $25

I resolve to wake up a couple of minutes earlier so that I’m not hurrying from the home at the morning. A design-savvy clock ought to help do the trick.

House 8810

Cherry Napkin – $5

I resolve to eat more fruits — or decorate together. This vintage pattern could be ideal for summer entertaining.

Zhush LLC

Dana Gibson Large Gray Bargello Frames – $65

I resolve to eventually print out some of those pictures in my phone and put them in frames around the home. A chevron pattern is perfectly on fad.

Zhush LLC

Dana Gibson Pink Agra Pillow – $185

I resolve to make my bed if I’m the only one that gets to see it. Decorative throw pillows like this one in a fun pattern motivate me to get the job done.

Fishs Eddy

Demitasse Cups – $47.70

I resolve to spend less cash in the coffee shop and brew some drinks at home — but not without a set of colorful mugs.

Fishs Eddy

Egg Holder Tray 1/2-Dozen, White – $9.95

I resolve to get my mess of jewelry. A white porcelain egg tray will keep my tiny earrings and rings arranged.

West Elm

Rose Gold Flatware, Set of 5 – $39

I resolve to try out something new, and rose gold flatware is a special spin on traditional stainless and silver alloys.

Sur La Table

Le Creuset 7-Piece Spatula Set, White – $75

I resolve to streamline color palettes to keep my kitchen looking fresh. White is the perfect color for a kitchen because it lets the colors of the meals steal the show.

Mark and Graham

Rustic Leather Tray – $99

I resolve to get my desk arranged. These rustic leather trays are perfect for keeping the desktop neat.

C. Wonder

Monogram Pillow Cover, K, Navy/Persimmon – $44

I resolve to try monogramming. A bold “K” for Kate is sure to make an impression.

Mark and Graham

Upside Down Glass Carafe – $25

I resolve to give my home guests the five-star treatment. A glass and carafe place provides a hotel-like texture to the guest bedroom.

See Jane Work

Kate Spade Black & White Striped File Folders – $15

I resolve to handle paperwork and keep things organized. I think any office could benefit from these fun striped kate spade folders.

Furbish

Lobster Door Knocker – $38

I resolve to make an impression right now that you reach my front door. I think a bold door knocker would set the tone.

Mark and Graham

Turkish Hydro Cotton Towel Set – $58

I resolve to keep my bathroom looking like a spa with crisp and fresh neutral towels. These monogrammed ones are a contemporary spin on a traditional idea.

Room & Board

Slim Console Table, Ocean – $199

I resolve to update my entryway with practical furniture. This slim console is ideal for smaller spaces that need a spot for you to lose your keys and email.

Next: What’s Your New Year’s Resolution for the House?

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With the organic accents of wood and influences out of wildlife, modern lodge decor is equal elements rustic and chic. It channels traditional plaids and earthy tones through plenty of accessories that provide warmth and romance for those long winter nights. I daydream about this time of year when I’m pushed to unwind with my family with an open flame and flake out with loved ones.

Not all of us have the luxury of fireplaces or woodland retreats, but we can all love the shift in mood. So catch a throw, mull your cider and light a candle or two. — Lauren from Fourth Floor Walk

Restoration Hardware

Weathered Antler Wreath, White – $299

This rustic wreath made of cast resin antlers is a cool interpretation of a traditional design.

Jan Jessup

Vintage Black, Field Jacket Plaid Fabric

Inspired by my favorite Barbour Field coat, this plaid cloth by Ralph Lauren would be beautiful in the family room.

Anthropologie

Genova Side Table – $298

The side table combines elements of luxury materials such as marble using rustic woods. It’s perfect for the contemporary paychecks.

Restoration Hardware

Luxe Faux Fur Pillow Covers, Lynx – $29

Gorgeously luxe faux fur cushions will be so lovely to snuggle up to on these cold winter evenings. I particularly adore the lynx color.

Restoration Hardware

Wool & Alpaca Cable Knit Throws – $229

Your favorite cable-knit sweater is about to have a good deal cozier with throws to cuddle up with at night time.

Pottery Barn

Sheepskin Rug, 2×3′ – $99

Throw a sheepskin rug.

Schoolhouse Electric

Wool Bolster Pillow – $48

A simple way to bring a touch of lodge decor to your home is with cushions. Use these bolsters in a variety of plaids on sofas and chairs.

Neiman Marcus

‘Woodlands Elk’ Plates – $126

How about location settings in the lodge for a touch of chic?

Terrain

Farmhouse Dining Table – $4,200

A great farmhouse table is necessary for a gorgeous lodge-style kitchen.

Pottery Barn

Faux Antler Candelabra – $89

Light up your tablescape with these posh candelabras.

Jayson Home

Claw Candlesticks – $62

These claw candlesticks are so unique and therefore are likely to garner attention during evenings of entertaining.

Pottery Barn

Carson Plaid Napkins – $26

Traditional plaid napkins will spice up your table this year.

Schoolhouse Electric

Natural Cork Branch Coaster – $14

The ideal pairing: woodsy coasters and mulled cider.

Jayson Home

Banks Wingchair – $1,550

A tufted wing chair is must-have at the lodge-inspired home for curling up with a fantastic book.

Dragonfly Designs

Pendleton Iriquois Turtle Blanket – $218

The Pendleton prints are always timeless, and one having a bit of warm color adds a lot of flair to a lodge-inspired home.

Dragonfly Designs

Mulberry Modern Tartan Flock Wallpaper, Coffee/Cream – $189

Gorgeous and light with colors of gold, tan and cream, this wallcovering is really chic.

Anthropologie

Catbird Campfire Candle – $24

For those of you (myself included) that do not have fires to light in home, this campfire-scented candle will fill your home with the aromas of smoke, tobacco and notes of the Western world.

Anthropologie

Woodland Slumber Canopy Bed, Beige – $2,998

A daybed draped in fabrics is pure relaxation and warmth.

Ethan Allen

Gray Washed Wicker Trunk

A trunk can be used to store blankets and throws and double as a coffee table.

Restoration Hardware

Adirondack Antler Chandelier – $1,450

I swoon over a gorgeous Adirondack antler chandelier!

Next: 10 Ways to Find the Modern Rustic Lodge Appearance

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Traditional window colors have springs and an anti-reverse mechanism inside the roller. Over the years, the spring may loose tension, along with the roller does not draw the shade fully up. When this occurs, you just rewind the roller to increase the spring’s tension. In most cases, you’ll have the shade operating like new in a matter of minutes.

Pull down the shade, and permit that the anti-reverse mechanism to catch. Work from a stepladder, and lift the roller from the brackets at each end. If the shade is fully drawn, lift the roller from their brackets, and lay the colour onto a level surface.

Grip the roller near each end, and roll up the shade evenly onto the roller. If the shade was fully drawn, roll it halfway onto the roller or you might raise the stress too much.

Insert the square hints at each end of the roller to the slots on the corresponding brackets. Pull down the shade, and gradually release it so the anti-reverse mechanism catches. Pull down the colour to publish the mechanism and increase the shade up all of the way.

Duplicate the rewinding process in the event the shade rises too gradually for your preference.

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Carpet is installed with adhesive or tack strips. In most cases, glue-down carpet can’t be raised up without damaging the financing or ripping the rug. But carpeting installed using tack strips can be raised and saved in whole, or in parts for use in smaller rooms. Typically, carpets are set up after baseboards and tucked under the borders of the planks. In most cases, that the baseboards can stay when you take up carpeting. Lifting up a rug is a lot simpler with the help of an assistant.

Take any doors off the hinges that swing in the area where the carpet will be removed with a hammer and screwdriver. Close the door and place the tip of the screwdriver in the bottom of a hinge-pin cap. Tap the handle of the screwdriver upward with the hammer. Pull out each pin by hand. Open the door and lift it off the hinges. Reinsert the the hinge pins in each hinge on the door for safekeeping.

Clear all furnishings, lights and lights out of the room, as required, for a clear floor space. As an added step, take any photographs and wall hangings from the walls.

Wear work gloves and a dust mask. Start in the shortest wall and lift up the corner of the rug with pliers to detach it in the tack strip. Work along the wall toward the opposite end and raise the edge of the rug up by hand to detach it in the tack strip along the brief wall.

Ask as assistant to help pull the edge of the rug 3 feet away in the brief wall. Use your fingers to lift up and detach the rug in the sap strips at the base of the remaining walls in the room.

Begin at the first edge of the rug that was detached in the tack strip in the brief wall and roll the rug to a tight roll from end to end.

Ask the assistant to help roll the rug as you work toward the brief wall in the opposite end of the room. Cease 2 feet in the opposite wall.

Swing one end of the rolled rug toward the inside of the room so that the roll is at an angle to the walls. Lift each end of the roll and move the roll several feet toward the middle of the room. Roll the rug again to roll up the last 2 feet of carpeting.

Eliminate the roll of carpeting in the room or into the desired storage area.

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