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When a homeowner is struggling to pay a mortgage, a loan modification and a short sale are two popular avenues that can help the borrower avoid foreclosure. If a lender rejects those options, another possible solution is a deed in lieu of foreclosure, which transfers the title for a house from the owner to the mortgage lender in exchange for releasing the borrower from responsibility for the debt. A house does not need to be in foreclosure for a deed in lieu of foreclosure to be an option.

Is a Deed in Lieu of Foreclosure the Right Solution for You and Your Lender?
A deed in lieu of foreclosure allows both the borrower and the lender to avoid the expensive and time-consuming foreclosure process. It also allows the borrower to avoid the potential embarrassment of being evicted.

If you have home equity, selling your house would be a better solution than pursuing a deed in lieu of foreclosure. If you dont have any equity, a deed in lieu of foreclosure might be your best option. It would not be a good choice, however, if you have a second mortgage since the second lender could seek money from you for a deficiency. If you agree to a deed in lieu of foreclosure, make sure the document clearly releases you from liability to repay your mortgage.

Before you agree to a deed in lieu of foreclosure, make sure you understand the implications. It would appear on your credit report and could be just as damaging to your ability to obtain future credit as a foreclosure would be. You would not be able to purchase another house for several years. In addition, you might owe taxes on the canceled mortgage debt. You should discuss that with your accountant before making a decision.

Lenders are often unwilling to accept a deed in lieu of foreclosure if the homeowner is current on the mortgage. In those circumstances, a lender could make more money by going through the foreclosure process. In addition, any liens that were filed against the property by other creditors would become the responsibility of the lender, unless the agreement stipulated that the lender was not responsible for the liens. Some loan guidelines do not allow a deed in lieu of foreclosure.

Think Carefully Before Choosing a Deed in Lieu of Foreclosure
If youre unable to pay your mortgage, a deed in lieu of foreclosure could allow you to walk away, but it should only be used as a last resort if other solutions are unavailable and if youve accepted that youll lose your home one way or another. Before you consider this option, explore other possible solutions.

Published with permission from RISMedia.

When calculating the cost of homeownership, it’s important to include not only everyday costs, such as mortgage payments, utilities and property taxes, but also inevitable home-repair expenses. Some of the most common home repairs involve plumbing fixtures, patios, fences and driveways, heating and air conditioning systems, and painting both inside and out. Youll also likely want to make home renovations at some point over the years.

The good news is, keeping up with home maintenance or making renovations will preserve or enhance your home’s value; however, it’s crucial that homeowners plan ahead for the costs involved. Here are five quick tips from BMO Harris Bank:

1. Contribute small amounts of money regularly to an emergency fund for maintenance and repairs. The money will add up over time and be there for when disaster strikes or you decide to make a home improvement.

2.Understand how a repair or renovation will impact the value of your home by researching which renovations create increased value and are popular selling features. Conversely, making unpopular changes could ultimately hurt your homes appeal and value when you decide to sell it.

3.Think long term when making financial decisions. Whether youre using savings or borrowing to renovate, take the time to meet with a financial expert to ensure your renovation meets your long-term financial objectives.

4. Expect the unexpected. Be financially prepared for things to go awry during a project, such as a leaky roof, broken pipe or other course corrections that may occur. This could significantly increase the cost and time it takes to finish a project.

5.Get renovation quotes in writing, and understand what guarantees the contractors provide. For example, if the cost of the plumbing in your renovation is more work than expected, will the quote go up?

Although no one has a crystal ball, financially preparing for repairs and renovations is a smart move for all homeowners!

Published with permission from RISMedia.

Ants are among the most common pests found in homes across the U.S., climbing up walls or marching across kitchen counters. During the spring and summer, ants might try to invade your home, and fighting an infestation can be an uphill battle.

However, according to the National Pest Management Association (NPMA), there are five simple steps homeowners can take to prevent unwelcome ants from moving in.

1. Know the Popular Hangouts

Its probably not surprising to hear that ants most frequently infest kitchens. After all, kitchens are full of food and water”everything ants need to survive. Other common ant hangouts include bathrooms, bedrooms, living rooms, basements, inside walls, and in or around air conditioning and heating units.

2. Eliminate Water Sources

Reducing moisture and standing water around your home can significantly help prevent the appearance of ants. Repair leaky pipes, and routinely check under sinks for areas of moisture. Consider using a dehumidifier in damp basements, crawl spaces or attics. Outside, ensure that downspouts and gutters are functioning properly so that water flows away from the homes foundation.

3. Eliminate Food Sources

Keeping your kitchen tidy will help discourage ants from coming indoors. Wipe down counters and sweep floors regularly to eliminate crumbs and residue from spills. Store food in sealed containers, and keep ripe fruit in the refrigerator. Wipe down sticky jars, especially any containing honey, syrup or other sweets. Finally, use a lid on trashcans and dispose of garbage regularly.

4. Dont Discount Your Pets

Cats, dogs and other pets can inadvertently invite ants into your home. Their food and water bowls are an attractant for pests, so be sure to keep pet bowls clean and clean up any spilled food or water promptly. Store dry pet food in a sealed plastic container rather than the paper bag it often comes in, which can be easily accessed by ants. Inspect dog or cat doors to ensure pests cant get through. Remember that ants can fit through even the tiniest openings.

5. Block Off Access Points

Take time to inspect the outside of your home for easy access points. Trees and bushes should be trimmed away from the home, as branches can provide highways for ants to travel indoors. Seal any cracks and crevices on the outside of the home with silicone caulk, paying special attention to areas where utility pipes enter.

If you do find ants in your home, there are several consumer products and DIY treatments that might help you get rid of them. But the NPMA suggests contacting a licensed pest control company, which will be able to identify the ant species, spot likely entry points and determine an effective course of treatment.

Published with permission from RISMedia.

Decorating and organizing your home with damage-free techniques is something we can all get behind. If you’re a renter, you want to ensure you dont damage your rental space and risk losing your security deposit. As a homeowner, it might be better to preserve the integrity of your space, although you have the leeway to make modifications. Some homeowners have resale value at the back of their minds, and reverting a space back to its original, saleable state can be costly and time-consuming.

While it might seem like your options are limited, there are a lot of damage-free and creative solutions to help you decorate your space.

Command strips. Try a healthy application of command strips, which are removable hanging devices. These little magic inventions can do everything from hanging curtain rods (primarily for a sheer, lightweight fabric drapery) to organizing an entryway with hooks and shelves to hold keys, bags, coats and mail”all this without putting holes in your drywall! You may also want to consider poster putty, which allows users to adhere paper products to walls without leaving any residue or holes behind. It’s perfect for hanging photos or posters and even temporary party decorations.

Wall decals. If you’re a renter, youve probably been instructed not to paint any walls in your apartment. As a homeowner, you may want to keep things neutral for resale value. (After all, the next buyer may not like lime green as much as you do.) Vinyl decals are an option. These removable adhesive images can be stuck to walls and removed without causing any harm to your property. Wall decals come in a variety of designs, such as silhouettes, quotes, trees, and much more. Some online companies offer customized wall decals for personal photos or phrases.

Shelves. While installing shelves on walls for decoration or storage can definitely cause damage, there are many alternative solutions for stand-alone shelving units that can add charm and utility to your home. Thrift shops, garage sales and even big-box stores are great places to find free-standing, affordable shelves or bookcases.

Washi tape. Washi tape boasts an adhesive similar to that of masking tape but comes in a variety of fun colors and patterns. Its inexpensive and used for sprucing up everything from notebooks, furniture and walls. Most importantly, its damage-free and easily removable. A quick online search reveals an array of creative ways people have used washi tape for decorating. If using tape to cover an entire wall seems overwhelming, try wrapping paper instead to accent a space with a burst of color. Bigger sheets of beautifully patterned wrapping paper are perfect temporary solutions for decorating.

Maintaining an organized space and curating a great look without lasting damage on the property has its obstacles, but some creativity can go a long way toward making your space your own. After all, developing a space you love is part of what home is all about.

Source: Brentnie Daggett/RISMedias Housecall

Published with permission from RISMedia.

Its official: Wet rooms are a rising trend in luxury bathroom design. For years, theyve been used as a solution when space was limited, but this style is increasingly being seen in high-end homes for many reasons. Before we dive into them, however, you might be asking yourself, What exactly is a wet room?!

While they can vary in design, wet rooms are bathrooms that tend to include a shower area thats not completely enclosed. Sometimes, there may be a glass panel that separates the sink and toilet from the shower and bath, but it still maintains an open-concept feel. If this sounds like something you might be interested in bringing into your home, here are a few things to know about wet rooms:

Surprising and Stylish
For starters, if youre putting your house on the market in the near future, a luxurious wet room can be a pleasant surprise for potential buyers who appreciate a fresh, modern design that breaks the mold. With no curtains, doors or shower trays, the clean aesthetic provides a spa-like bathing experience, and whats not to love about that?

Functional
An open-concept shower and bath area has numerous functional advantages. Being more easily accessed than a traditional shower, wet rooms can be a great option for elderly couples who are concerned about getting in and out of the shower. Additionally, wet rooms are often easier to clean because the entire bathroom can be sprayed down and a slight gradient in the floors allows it to effectively drain.

Efficient Use of Space
If you dont have the space for both a soaking tub and a separate walk-in shower, this can be a great solution. By breaking down the divider between the two and simply turning it into a wet room, your bathroom will feel more open and fluid.

Bring in a Pro
Although theyre easy to envision, wet rooms certainly require professional expertise to install correctly in order to avoid exposing your home to water damage. Working with a designer will ensure your bathroom is fashionable and functional.

Published with permission from RISMedia.