Uncategorized

When a family member is in crisis, its only natural to want to help. If a relative is in danger of losing a home to foreclosure, things are complicated. Even if you want to help by loaning a loved one money, it might not be the best course of action.

Whats the Source of the Problem?
Before you think about giving a relative a loan to avoid foreclosure, be sure that you understand the situation and how your family member got there. If a loved one lost a job, went through a divorce or a spouses death, or had unforeseen medical expenses, it might make sense for you to help financially if you can. Everyone goes through tough times, and often circumstances are out of our control. A loan from you could set your loved one back on solid financial footing.

If, on the other hand, your family member is facing foreclosure because he or she bought a house that was too expensive or spent money frivolously instead of focusing on necessities, loaning that person money would be a bad idea. A loan from you wouldnt solve the real problem, which is irresponsibility. After you bailed out your relative, he or she would likely continue with the same habits that led to financial problems and wind up stuck again. You dont want to get in the habit of rushing in to rescue someone who keeps repeating the same mistakes.

Can You Afford to Help?
Maybe your loved one is in trouble because of circumstances beyond his or her control and you would like to help, but a large sum of money would be required to prevent foreclosure. Perhaps you could come up with the amount needed, but doing so would require you to wipe out your emergency fund, tap into your retirement account, or raid your childrens college savings.

In that case, as much as youd like to help your loved one, offering a loan would be too risky for you and your immediate family. Using your emergency fund to cover a relatives mortgage could leave you unable to afford an emergency repair to your own home or car or an unexpected medical bill, and withdrawing a large sum from retirement or college savings could jeopardize your or your childrens future plans and financial security. You can suggest that your relative explore other options, such as a short sale or deed in lieu of foreclosure.

Make the Right Decision
Wanting to help a family member facing financial problems is admirable, but you should consider things carefully. If your relative is at risk of foreclosure because of a one-time hardship and you want to”and can afford to”help, you should. On the other hand, if your family member is irresponsible or needs so much money that providing a loan would put your own financial health at risk, youd be better off advising your relative to consider other options.

Published with permission from RISMedia.

When temperatures soar, theres no better way to cool off than taking a dip in the pool. For many high-end homebuyers, a swimming pool is an essential feature that theyre not willing to live without. If youre thinking of adding one to your property, there are tons of different design details to take into consideration. One thats always in-demand is the infinity edge pool, but going beyond that, there are plenty of other exciting features.

Here are just a few fun ideas to design the perfect swimming area for your home:

Walk-In Entry
Also known as a beach entry or zero entry, walk-in swimming pools have a gradual slope so you can ease into the water just like youre at the beach. Ideal for kids who like to splash around or grandparents who might have difficulty on steps, walk-in pools can also include built-in lounge chairs for the perfect spot to soak up rays while staying cool.

Swim-Up Bar
If youre an avid entertainer, a swim-up bar might be in store. All it really takes is a couple of bar stools built into the pool with a raised counter along the edge, but it works best if you can incorporate a sunken barbecue area or outdoor kitchen on the other side of the counter. That way, youll have yourself the ultimate backyard paradise.

Waterfall Feature
Whether its a nature-inspired waterfall or an artistic fountain, having a feature of this sort provides a true spa-like experience. In addition to the dramatic visual appeal, the relaxing sound of cascading water makes your swimming pool a veritable private oasis.

Inset Hot Tub
If youre going to have a swimming pool, why not include a hot tub? Inset hot tubs make for a seamless transition between the two, making it appear as if theyre practically connected. You can easily move between hot and cold with a stunning design that leaves nothing to be desired.

Lights and Music
You and the kids could have fun in the pool at all hours by adding colorful lights and underwater music. Or, if you need a spot to unwind, you can use calming colors and tranquil tunes for a relaxing multi-sensory experience while youre floating.

Published with permission from RISMedia.

Military personnel, both current and past service members, have an option for a housing loan that many dont even realize exists.

TheVA loanprogram is a no-money down mortgage option available to these brave men and women, as well as select military spouses.VA loansare issued by private lenders and guaranteed by the U.S. Department of VeteransAffairs.

Originally established in 1944 as part of the Servicemens Readjustment Act, VA loans are for anyone who has served in active duty in any branch of the U.S. military for a minimum of 90 days.

In addition to not needing a down payment, the 75-year-old VA loan also doesnt allow mortgage lenders to charge private mortgage insurance, which is another big benefit of the program. However, the borrower is required to pay a one-time funding fee on the home purchase, which can either be paid upfront or financed into the total cost of the loan. The funding fee for regular military members is 2.15 percent of the loan. Reservists pay a fee of 2.40 percent.

Additionally, non-active duty personnel, such as those in the Army Reserves or National Guard, may apply for a VA-backed mortgage as long as they have completed six years of service. The spouses of deceased or missing military members are also eligible if they have not remarried. Borrowers who received a dishonorable discharge from any military branch are not eligible.

Since 1944, the program has backed more than 24 million VA home loans. In Fiscal 2018 alone, it guaranteed over 610,000 home loans totaling more than $161 billion.Still, the Department of Veterans Affairs noted there are about 25 million eligible homeowners and less than 15 percent of them have taken advantage of the opportunity when buying a home.

A chief problem is that many veterans, especially those not so recently discharged, arent entirely sure what the benefit is or do not realize that they actually have such a benefit.With the VA loan, the veteran can literally buy a home with little to no money out of pocket.

Published with permission from RISMedia.

It can be easy for the exterior of your home to look a bit worn after just a few years. Maintenance tasks that need to be taken care of could get put off due to time constraints or the fact that you don’t necessarily notice potential trouble areas every day. If you find yourself in this situation, consider these five outdoor fixes that’ll have your home in tip-top shape in no time:

Clean Your Gutters. Depending on where you live, your gutters may need a lot of help. Take a few minutes to do a quick overview of the condition of your gutters”cleaning them out is a great first step to making them more efficient in getting excess water away from your home. You should also make sure that all the connections are in good condition and that downspouts are secure. Finish up by spraying the gutters down with a quick power wash to restore them to their original color.

Dress Up Your Door. Your front door should look just like that”a front door. Make sure guests don’t have to guess where it is or fight their way through overgrown plants. Instead, dress up your front door and turn it into a welcoming entryway. Consider repainting it with a fresh coat of paint or hanging a seasonal wreath. You could also add some touches like a welcome mat or potted flowers underneath the doorbell. Dressing up your front door is an easy way to add appeal to your home.

Add Some Mulch. Is your yard looking tired? One of the best ways to instantly provide a fresh, polished look to your homes exterior is to add new mulch to flower beds and around trees. Mulch also offers plants moist insulation to keep them hydrated and helps deter weeds from popping up.

Spruce Up Your Mailbox. You may not think that people notice your mailbox, but it can be one of the first things guests see when they drive up to your home. Make sure your mailbox is secured in the ground and isn’t leaning to one side. Spruce it up by giving it a fresh coat of paint, personalizing it with your last name or adding some flowers around the bottom of the stand.

Install Window Boxes. Adding a few window boxes underneath your front windows is a great way to instantly add interest and natural beauty to your homes exterior. Choose from a wide variety of window box styles and colors that’ll complement your home. Plant flowers that’ll add pop like daisies, marigolds, or even wave petunias that’ll cascade over the side of the box.

Fixing up your homes exterior doesn’t have to become a week-long project. These and several other quick fixes could instantly add beauty to the outside of your home.

Source: Rachael Baihn/RISMedias Housecall

Published with permission from RISMedia.

In a typical real estate transaction, a warranty deed is used to transfer ownership. That means that the person selling the property owns it and has a right to sell it and that no third party has a lien against the property. A title search is conducted, and title insurance is purchased to protect the buyer.

A quitclaim deed transfers ownership of a property, but only what a person actually owns, if anything at all. If two people jointly own a property, one individual can transfer his or her ownership stake without affecting the co-owners stake. A quitclaim deed does not affect a mortgage on the property or the previous owners responsibility to pay it.

The document must include the location and description of the property, the names of the grantor and grantee, and the date of transfer. It needs to be signed by the appropriate parties and may need to be filed with the county clerk, depending on state law.

When Is a Quitclaim Deed Appropriate?
A quitclaim deed is an easy way to transfer property thats not being sold. For example, parents may want to transfer ownership of a house to a child or put the property in a living trust. A quitclaim deed can be used if someone owns a house, gets married, and wants to add the new spouses name to the deed, or if a couple who jointly own a home get divorced and one person will keep the house.

A quitclaim deed can also be used to correct a defect in the title. For example, a misspelled name, a missing signature, or a document that doesnt have information worded in a way required by state law can be amended using a quitclaim deed.

Why a Quitclaim Deed Should Not Be Used for a Sale
When property ownership is transferred with a quitclaim deed, no title search is performed and no title insurance is purchased. This is fine when property is being transferred between family members who know and trust each other and when no money is changing hands. A quitclaim deed is not appropriate for a sale because the buyer wouldnt know for sure that the seller even owned the property because no title search would be conducted. Someone could claim to own a house and sell it with a quitclaim deed, and the buyer could find out after handing over money that the seller didnt own the house in the first place.

Ask Questions Before You Sign Documents
A quitclaim deed is generally used to transfer property between family members without an exchange of funds or to correct a defect in the title. It should not be used in a real estate sale because of the risk to the buyer. Before you sign a quitclaim deed or any other document related to a real estate transaction, make sure you understand how it could affect your rights and interests. Consult a real estate attorney if you have any questions or concerns.

This article is intended for informational purposes only and should not be construed as professional or legal advice.

Published with permission from RISMedia.