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If you’re having trouble paying your mortgage, programs are available to help homeowners in situations like yours keep their houses or avoid foreclosure. Don’t wait to ask for help.

Talk to Your Loan Servicer and a Housing Counselor
If you can’t pay your mortgage on time, contact your loan servicer. Explain the reason for the problem and whether you expect it to be resolved soon, or whether it’s permanent, so that the lender can offer options to help.

You can also seek guidance from a housing counselor approved by the Department of Housing and Urban Development (HUD). He or she can tell you if you qualify for a government assistance program, help you choose the best option offered by your mortgage servicer, make a budget and resolve credit card debt or other financial problems that are making it difficult for you to afford your mortgage.

Options to Get Back on Track
You might be able to refinance your mortgage by taking on a new loan with a lower interest rate or switching from an adjustable to a fixed rate. You could also modify the terms of your existing loan by lowering the interest rate. A loan modification may be temporary, but refinancing permanently changes the terms of the loan. Your credit score and amount of equity will affect your options.

Your lender might offer you a repayment plan so that you can postpone payments in exchange for making higher payments later. Before you agree to a repayment plan, be sure you understand the terms and can meet them.

If you have suffered a hardship, such as a job loss, a natural disaster, or an illness or injury that prevents you from working, your lender may offer you forbearance. You might be able to make lower payments or skip your payments for a period of time until your financial situation improves.

Ways to Avoid Foreclosure
If you’re in dire straits, you might be able to walk away from your home and avoid foreclosure through a short sale. Your loan servicer could agree to sell the house and accept the price received, even if it’s less than the amount you owe. In some states, the loan servicer can sue the homeowner for the difference between the amount of money received in a short sale and the amount owed (the deficiency), unless the homeowner obtains a written waiver of deficiency. Check your state’s law before you agree to a short sale.

Another option is a deed-in-lieu of foreclosure, in which you turn over your house to the lender to avoid foreclosure and damage to your credit score. If you would be held responsible for a deficiency in your state, request a written waiver. You might qualify for help with relocation expenses.

Ask for Help
If you’re struggling to pay your mortgage, your situation may seem bleak, but you have options. The first step is to contact your loan servicer and be honest about your situation so that your lender can help you find a solution.

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

Published with permission from RISMedia.

Here are a few tips for designing the perfect space for learning at home.

Set Up for Success

A designated workspace with a desk, proper materials and good lighting will create a separate environment perfect for learning away from the rest of the house.

Recreate the Classroom

Try to create a learning environment that theyre accustomed to. Hanging up their assignments or mounting a chalkboard will make it feel more like school.

Include Different Areas

If you have the space, kids will benefit from a change of scenery and subjects throughout the day to avoid monotony.

Published with permission from RISMedia.

Once your home is listed in the Multiple Listing Service (MLS), the listing broker discloses the terms of the commissions to other competing brokers so they will bring their buyers to the listing. When the buyer’s broker presents a contract to the seller, it will include a provision to collect their share of the sales commission, as offered by the listing agent in the MLS.

Published with permission from RISMedia.

Shopping for a mortgage can be overwhelming. Even if youve owned a few homes and have had a few home loans, chances are there are some mortgage options you dont know about.

Here are four to ask a mortgage expert about:

A 20 percent down payment isnt a must. The long-held view that at least a 20 percent down payment is needed to buy a home is outdated.

A loan approved by the Federal Housing Administration, or FHA, can have a minimum down payment of 3.5 percent. For a $300,000 home, instead of having to come up with $60,000 (20 percent) down, a 3.5 percent down payment requires $10,500 down.

Banks arent the only home lenders. Traditional lenders like banks and credit unions are just some of the places to get a home loan.

Savings and loan associations are one option, using the savings deposits of private investors to make mortgage loans. Theyre usually locally-owned and managed, and are chartered by the federal or state government.

Mutual savings banks are another option. Theyre like savings and loans and were created to help low-income consumers. Unlike commercial banks, they can borrow from the Federal Home Loan Bank System to make investments such as mortgages.

Youll likely get more money than you need. After determining your ability to repay a home loan and the cost of the home, the lender will tell you how much of a loan you qualify for. Chances are it will be a larger loan than you can afford.

New federal laws in 2014 are meant to hold lenders more responsible for the loans they underwrite, but the guidelines still allow larger loans for most people.

That doesnt mean you have to necessarily borrow that much money. But it could help pay your closing costs, or be used to buy a bigger home. But if youre getting a bigger loan only because you qualify for it and can buy a better or bigger home, you could be in trouble soon if you cant afford the payments. Only you know your day-to-day finances”not your lender”so sticking to a loan you can afford is wise.

A home loan can help cover repairs. If youre getting an FHA loan, its 203(k) program allows up to $35,000 from the loan to be used for home repairs and improvements.

Chances are the home youre buying will need (or youll just want to change) new carpet or paint, and this add-on loan product can pay for the improvements. The total loan amount is based on the projected home value after the fixes are made.

Interested in more real estate tips? Contact me today!

Published with permission from RISMedia.

Take these factors into consideration when it’s time to decorate your living space!

Proportion & Scale

Before buying furniture, always take measurements and try to visualize how it will fill the space its intended for.

Color Scheme

Take the time to look for inspiration and choose colors that match the mood youre looking to create.

Traffic & Flow

When arranging furniture and decor, consider how youll move about each room and the way in which these items direct traffic.

Balance

The goal is for a room to have a consistent impact or weight, rather than having lots of decor on one side and wide open space on the other.

Published with permission from RISMedia.