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A job loss can be devastating, especially if it happens unexpectedly and you dont have a lot of money saved and cant find another job right away. Aside from the anxiety associated with being out of work and trying to find a new job, theres typically an added level of concern when it comes to figuring out how to manage your mortgage so that you dont fall behind on your monthly payments.

Insurance Coverage Against Job Loss
If you have mortgage insurance, the policy might include coverage in case of unemployment. Depending on the terms of your policy, mortgage insurance might cover your loan payments, taxes and homeowners insurance premiums for a limited period of time. Review your policy or contact your insurance company to ask about coverage.

Options Available Through a Private Lender
If you think youll be unable to make your mortgage payments on time, or you can only pay a portion of whats due, contact your lender immediately. Explain your job loss and financial circumstances over the phone and in a hardship letter. The lender will appreciate that youre being honest and attempting to handle the situation responsibly. More often than not, theyll be willing to work with you by providing a range of options to keep you in your home.

Forbearance is one option your mortgage lender may offer you. Many major companies offer forbearance programs, which could allow you to lower your monthly payments for a period of time”or temporarily avoid payments altogether.

The lender might also suggest a mortgage modification that would permanently change the terms of your loan. A mortgage modification might add missed payments onto the loan balance so that they can be paid at the end of the repayment period, or it might adjust the interest rate or extend the length of the repayment period.

If your financial situation looks bleak, you might decide that you would be better off walking away from your home and renting an apartment or moving in with friends or family. In that case, your lender might agree to a short sale, in which you would sell the house and the lender would accept whatever amount was received, even if it was less than the balance owed on the mortgage.

Help From the Government
If your mortgage was obtained or guaranteed by a government agency, such as the Federal Housing Administration, Fannie Mae, Freddie Mac, the Department of Veterans Affairs, or the Department of Agriculture, you may qualify for a mortgage assistance program through the federal government. Terms vary depending on the agency involved and the homeowners situation.

Dont Panic
If youve recently lost your job, youre most likely worried about how youll cover your mortgage. That concern is understandable, but dont let fear overwhelm you. Many people have wound up in similar situations, and help is available. Contact your mortgage lender and the government to explore your options.

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

Published with permission from RISMedia.

When its time to file taxes, people want to claim as many deductions as possible. Home improvements are defined for tax purposes as work that increases the value of a home, extends its useful life or modifies it so it can be used for a new purpose. Examples include adding a new room, upgrading plumbing or electrical wiring, remodeling the kitchen or bathroom, replacing the roof, and adding a deck or walkway. Home improvements may be tax-deductible, but only in specific circumstances.

Home Used Exclusively as a Residence
If you only use your house as a residence, the costs of home improvements are not tax-deductible, but they may reduce the amount of taxes youll need to pay later when you sell your home. The basis is the amount of money you have invested in your home, including your down payment, mortgage payments and the cost of home improvements. Money spent on repairs is not included in the basis. Paying for home improvements now can increase your basis and may lower your tax bill down the road.

The basis is deducted from the sale price to calculate the amount of profit. The first $250,000 of profit from the sale of a primary residence is not taxable for a single person, and $500,000 is non-taxable for a married couple filing jointly, provided youve lived in the house for at least two years in the five-year period prior to the sale.

Home Used for Business or Rental Purposes
If you use part of your home for a purpose other than as a personal residence, you may be able to depreciate the costs of home improvements by deducting them from your taxable income over a period of several years.

If you run a business out of your home and use part of your house exclusively for that purpose, youll be able to deduct 100 percent of the money spent on home improvements that only affect that portion of the house, such as installing shelves or new carpeting in a home office. If you make improvements that affect the entire house, such as repairing the roof, you can deduct a percentage of the cost based on the percentage of the house thats dedicated to your business.

If you rent out part of your house, you can deduct the cost of home improvements from your rental income. If you make upgrades that only affect the room(s) you rent out, you can deduct the entire cost of those improvements. If you make renovations that improve the entire house, you can deduct a percentage of those costs that reflects the percentage of the house you rent out.

Financial Benefits of Home Improvements
Improvements you make to your home might save you thousands of dollars in taxes, but depending on how you use your house, you might not see those savings for many years. Keep receipts for all home improvements you make, and understand how they could affect your tax burden.

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

Published with permission from RISMedia.

Here’s how to make your garden a safer place for your pets.

Research Pet-Safe Plants

Harmful, toxic plants can cause drooling and heart or kidney failure. Check with your local veterinarian or garden store for a list of poisonous plants.

Fence Off Vegetables

Edible plants, like garlic, chives and onions, can be harmful to animals. Consider a hanging planter to keep your fur babies away from danger.

Avoid Cocoa Bean Mulch

Cocoa bean mulch is dangerous for animals to ingest, and many will be attracted to its sweet smell. Look for an all natural, pet-safe option at your local garden store.

Keep Pets Away From Fertilizers

When you fertilize your yard, keep your pet inside and follow precise watering and care instructions. When it is time to let them out, make sure the treated area is safe.

Avoid Rodent Poison

Find natural remedies for dealing with rodents and steer clear of any poisonous bates.

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.

Published with permission from RISMedia.