How Can I Borrow After Foreclosure?

Foreclosure is a mentally and financially catastrophic event, but it’s not the endresult. When you have been through a foreclosure, or are about to undergo foreclosure, know it is possible to acquire a mortgage . With a little effort, diligence and discipline, you can rebuild your credit rating, qualify for loans with market interest rates and also own your own house again–in under the seven to ten years it takes for your own foreclosure to fall off your credit report.

Find a copy of your credit report and check it for accuracy. Guarantee that the month of your finished foreclosure is noted on the report for future record. Make a list of the outstanding debts you find on the report.

Talk to a credit-counseling bureau, financial adviser or accountant to get your finances in order and to establish a monthly budget. Lenders are searching for one to learn from the mistake and act more financially responsible following your foreclosure.

Settle any outstanding debts, especially ones with late payments, collections, judgments or liens, and pay down credit cards. Call your creditors and negotiate repayment conditions, then stick to them–save money order stubs as evidence of your adherence. Provided that you follow the agreed conditions, your creditors can no longer report negatively from you and you may start fresh.

Research filing for bankruptcy if you cannot come to terms with creditors or are unable to settle your debts. Consult with an experienced bankruptcy attorney to find out if bankruptcy is the ideal solution for you.

Pay all bills on time, especially any remaining open credit card accounts or loans you might have. Lenders will want to see blank credit with no late payments following the time of the foreclosure in order to give you a new mortgage or loan.

Use credit cards for small purchases on a regular basis and pay off the accounts in full each month. Do not let your cards turn into”maxed out,” since this shows lenders that you’ve not learned monetary responsibility. Paying off the full balance each month will even help you avoid paying the high interest rate your cards will be prone to charge following the foreclosure.

Save money for a deposit, whether for a car, home or other big purchase. Having money to put down provides you with a danger in a lender’s eyes.

Apply for installment loans such as car loans with the anticipation of being supplied higher-than-normal interest rates. As you construct a history of paying them promptly, you’ll be able to receive better terms. You might also go to a”buy here-pay here” establishment that offers credit to high-risk borrowers with bankruptcies and foreclosures on their records.

Apply for a Federal Housing Authority (FHA) or the Department of Veterans’ Affairs (VA) home loan following three years or a traditional loan following four or five years. FHA or VA loans are a better option than traditional loans for individuals who have a troubled credit history as they’re flexible in their own credit guidelines and will not penalize you with a higher interest rate for a poor credit history. They typically carry an interest rate about 0.5 percent higher than the market rate on a traditional loan.

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How to Calculate Payments for a First-Time Home Buyer

Since a home is probably the single largest and most important purchase the first-time home buyer will make, he must seek out a cheap monthly payment. Start with evaluating monthly income and expenses to ascertain how much he could comfortably manage. He should also consider additional expenses associated with homeownership, such as homeowner’s insurance, property taxes and, in some cases, private mortgage insurance.

Assume principal (amount borrowed) of $100,000, a 5% interest rate and a 30-year, fixed-rate mortgage. Assume an annual homeowner’s insurance premium or $1,000 and annual property taxes of $1,500. The formula for computing a monthly mortgage payment is M = P [I (1 +I) ^ n] / [(1 +I) ^ n — 1]. M is the monthly principal and interest P is the principal I is the interest rate n is the total number of payments Some numbers in the instance have been rounded for simplicity.

Divide the interest rate (5 percent) by the number of interest periods each year (12) to find an interest rate a period of 0.4 percentage. Substitute 0.004 for in the formulation. Add 1 and 0.004 to return 1.004. M = P [i (1 + i) ^ n] / [(1 + i) ^ n — 1] = P [0.004 (1 + 0.004) ^ n] / [(1 + 0.004) ^ n — 1] = P (0.004 x 1.004 ^ n) / (1.004 ^ n — 1)

Determine the total number payments over the life span of the mortgage (n) by multiplying the number of payments each year (12) by the period of the mortgage (30 years) to yield 360. Substitute 360 for n, and raise (1.004) into the 360th power to yield 4.2. M = P (0.004 x 1.004 ^ n ) / (1.004 ^ n — 1) = P (0.004 x 1.004 ^ 360) / (1.004 ^ 360 — 1) = P (0.004 x 4.2 ) / (4.2 — 1)

Multiply 0.004 by 4.2 to yield 0.017. Subtract 1 in 4.2 for a difference of 3.2. Divide 0.017 by 3.2 to return 0.005. M = P (0.017 / / 3.2) = P x 0.005

Multiply $100,000 by 0.005 to afford $500. The principal and interest part of the mortgage is $500 a month. M = $100,000 x 0.005 = $500

Divide the homeowner’s insurance premium and property tax by 12 to yield $83.33 and $125 a month, respectively. Add monthly insurance and property tax to interest and principal for a total monthly payment of $708.33.

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Guest Groups: Bamboo for Everyone

Bamboo has had a revival in the past several decades. It used to be that the distinctive look of bamboo only functioned for ’70s-themed interiors (think faux bamboo coffee tables) and organic salad bars (think massive swathes of bamboo). But now bamboo comes in a variety of guises, making it a desirable selection for various decorating styles. The fact that it is a renewable material also adds to its allure. I really like its clean lines and super-smooth feel and discover that I gravitate toward modern bamboo bits. However, the fact is, there’s probably a bamboo merchandise out there for everybody. — Lucy from Four Walls and a Roof


Bamboo Float Armright Chair With End Table – $1,455

This chair is actually a portion of a sectional. While it looks to be an obvious option for a commercial interior, I could even envision it looking magnificent in a spacious summery house with lots of windows.


Laminated Wood/Bamboo Trays

Quirky shapes along with a rainbow of colors — what could be more attractive?


Magnolia Nesting Tables With Tiger Inlay

These smart nesting tables have an inlaid part of stripy bamboo, making them distinctive bits for many living rooms.


Kalon Studios Unit 2 – $220

I love this shelf unit. It’s room for both concealed and display storage and also has knife slots in the top. It’s ideal for adding some zest into an earthy kitchen.


Currant Six Drawer Dresser

You’d never know this chest was made from bamboo. The midcentury black and lines blot seem like teak.


Bamboo Storage Cabinet from Maddox Street Studio – $1,575

Here’s a bamboo basic. I like the way the grain of the bamboo adds interest and texture around the border of the door. It really much retains with the current mixed-materials trend.

MoMA Store

Bamboo Desk Clock

End grain bamboo produces a pixelated look for this clever alternative to a digital clock.


Blocks Nesting Stools – $750

Bamboo is mild, so it functions well as modular and movable bits like these stacking cubes. They’d look great as end tables, but the concept of utilizing these for toys is excellent also.


Salad Bowl – $38

We have seen bamboo bowls before, but I really like this two-tone version. They come in numerous colors, and some have colour on the inside and bamboo on the outside. You could set a really delighted table with them.


Bamboo DeLights Candle Holders – $9

The smooth feel of bamboo is ideal for these tiny pebble candleholders. They’d make a wonderful hostess gift also.


Buddy Owl Bamboo Wall Clock by Decoylab – $68

I just love these laser cut pine clocks. This little owl is my favorite.

Rian Rae

Bamboo Cloud Chandelier – $990

I would never have guessed these light fixtures were made from bamboo. The white one is spectacular. I really like the natural shape and the way it filters the light to create a warm glow.


Gemmy Bamboo Lantern Mini Light String – $12.98

As an alternate to gaudy string lights, these modest bamboo ones would be ideal for adding some nature-inspired decor to a joyous event.


Bath Group Square Above Counter Sink

Bamboo’s properties make it appropriate for use in toilets also. This basin would be fantastic on a thick white Caesarstone countertop.


Honey Bamboo Strand Flooring

Years ago I had a bad experience with bamboo flooring: They revealed every dent and divet. However, I know the merchandise has improved, therefore this gorgeous honey-toned flooring is now a fantastic alternative.

Six Space

Nest In Bamboo Viscose Solid Throw Blanket – $140

You’ve probably seen bamboo fabrics around. They are amazingly soft and create good throws, but there’s some debate within the ecofriendliness of those materials. It seems the procedure for creating rayon from bamboo fibers is not good for the planet.


Veneerware Round Plates – $7.50

I like using these bamboo plates in picnics and barbecues as a stylish alternative to the paper variety. I find you can get away with using them a couple of times also.


Maru by Wasara Dinnerware – $8

These single-use plates are made of an assortment of materials including bamboo. They create a remarkably elegant alternative to normal paper tableware.


Children’ Utensils – $18

Bamboo is often employed for children’ products because it is cost-effective, safe and light. This mini cooking utensil set is just adorable for encouraging children to help out in the kitchen.


Ross Lovegrove Bamboo Bicycle

And finally — who would have thought — a bamboo bicycle! It’s just the matter for the ecoconscious cyclist who’s fallen for the bamboo fad.

Next: 20 Best Online Ecofriendly Shops

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Guest Picks: A Transitional Look for a Living Room

I’m working on a project at the moment that integrates both conventional and midcentury modern styles. The general look is transitional, or traditional with a contemporary twist. I enjoy designing transitional interiors because they permit you to play various styles — excellent for those people with multiple design styles! In this case, I’m combining a love of feminine and tasteful furnishings in shades of crimson and red, and a desire to upgrade the space with contemporary and modern influences, all in an open-plan town flat constructed in the 1940s.

To pull it together, I have created some rep by looking for furnishings and accessories with similar colors, shapes and finishes. Inside this ideabook, I thought I’d round up a few of the products which are inspiring the scheme. — Lucy from Four Walls and a Roof

Manuel Garcia

Snowdrop Armchair, Coral House Textured Cotton – GBP 540

The starting point is a statement piece that brings together the other elements of this space. This coral seat is ideal. It has a traditional shape with curved arms and turned-wood thighs, but it’s updated with an eye-popping fabric.


Kelly Wearstler Bengal Bazaar Pillow Covers By Aurelia6311 – $100

One of these cushions in Kelly Wearstler’s fabric would look amazing on the armchair. It is a fabric that works well in a transitional interior, as it is influenced by ikat fabrics re-imagined in these gorgeous pink and apricot shades.


Vintage Barrel Back Chairs by Liven UP Design – $400

An alternate is to supply vintage armchairs and have them reupholstered. I like the form of these seats. The back back and curved legs are somewhat conventional, but they still look comfortable and generously proportioned.

Inside fabric

Watermelon Fabric – $40.53

This watermelon-colored velvet would look great on the classic chairs. Velvet is conventional, but the colour is a contemporary shade of pink without being as fearless as fuchsia.


KLIPPAN Two-Seat Sofa, Alme White – GBP 135

If the seats will be a conventional shape, I’d choose a simple contemporary sofa. The Ikea Klippan sofa in white is perfect because it’s so affordable. I think of it as the insides equivalent of a timeless little black dress, best accessorized with classic jewelry.


Estelle Prettypegs, Teak Style

If you don’t like the legs on the sofa, a great choice is that this set of legs made to fit Ikea furniture. They are available in a variety of colors and a selection of styles, including these midcentury tapered legs. If you fancy pink turned-wood legs in your white sofa, this is the way to get it done!

Kirsten Hecktermann

CORAL Cushion – GBP 48

While the seats are dressed with contemporary pillows, the contemporary sofa can be accented with conventional pillows. I love these hand-dyed velvet pillows in various shades of pink.

Laura Ashley

Freshford Poppy Red Cushion – GBP 34.56

The smallest touch of floral could be introduced at a cushion. All these poppies are embroidered, therefore they’re more contemporary than the usual chintz fabric would be.

The Supply Collection

Faux Bois Drinks Table – $775

Elements of brass and gold aid a space mix eras effortlessly. I would love to see this fairly twig table between a pair of those coral armchairs.

Pottery Barn

Newberry Pedestal Table – Pottery Barn – $399

To complement the golden table, I’ll probably incorporate a turned-wood table which has a conventional form.


Zuri Coffee Table

The coffee table could maintain a warm timber, in this case teak, but I would choose a midcentury form. The marquetry provides a degree of craftsmanship and timelessness.

Layla Grayce

One of a Kind Vintage Coffee Table Blonde Gilt – $990

This French-inspired console is very conventional, but its slender lines and touch of golden imply it would be a decorative accent in a transitional interior.

Contemporary Wall Mirrors – $499

This mirror is a simpler, more contemporary interpretation of a starburst mirror. Its antiqued metal finish would work well.

Ballard Designs

Herringbone Sisal Rug – $299

Timeless principles are a fantastic alternative for large bits such as rugs. A honey-colored sisal rug will complement the warm colour scheme and pull the room together.

Layla Grayce

Tritter Feefer Home Collection Baluster Dining Table – $1,798

For your dining area, I enjoy this pedestal table. It has a rather heavy look, but it comes in numerous endings, which means that you may decide on a lighter one such as this to deliver the look up to date.

Cost Plus World Market

Linen Hayden Dining Chair – $179.99

Vintage upholstered dining chairs set comfort first and encourage post-dinner conversation. These are very affordable possibilities, and I enjoy the tailored shape, which works well with both traditional and contemporary accessories.


Vinyl Tree Wall Decal by Wall Decal Depot – $78

While chinoiserie is usually related to conventional, even stately, insides, a decal is a more contemporary method to incorporate quite chinoiserie designs. I would like to get this done in gold from a dark gray wall in the dining room.

Lamps Plus

Possini Euro Design White Flower Pendant Chandelier – $259.99

This blossom necklace would look stunning against the darkened walls and would complement the decal. It is undoubtedly a contemporary piece, but the floral shape ties it into the conventional elements of this plot.

West Elm

Turning Pendant, White/Natural – $149

An alternative would be this easy drum color. The wood-turned base dresses up the entire fixture and repeats the shapes of the table and pedestal table.


Cleo Table Lamp – $329

I love that this table lamp combines a traditional finial, an easy white color and contemporary gold base. It is ideal as the finishing touch to the dining area.

Next: So Your Style Is: Transitional

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