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4D REAL ESTATE
THURSDAY, JUNE 30. 2005
A&E1D
Classified 7D
Give your home an Italian flair
Roland
Hawkins
If you
can’t
pay, call
for help
Don’t stick your head in the
sand if you run into financial
difficulties and can not main
tain your mortgage payment.
A resolution to your problems
may be only a phone call
away
In the current economical
climate, lenders and creditors
are more inclined to work
with you to find reasonable
financial solutions, more now
than in the past.
During the eai'lier era of
excessive financial optimism,
creditors and lenders were
more lenient in their lending
practices. Tbo many people
became eager to take advan
tage of these low interest
rates and softer unda^written
practices. A first and/or sec
ond mortgage are secured
loans. These loans/liens are
seemed by the property All
Hens on a property must be
satisfied prior to any transfer
ence of title.
Second mortgage compa
nies were veiy aggressive in
lending money on preperties
at a competitive rate for years
prior to the current financial
downtmn. The hugest prob
lem with this scenaiio is that
in many cases the combina
tion of a first and second
moitgage exceed the actual
market value of the home.
If a Hen exceeds the market
value, a seller may be
required to bring money to
the closing table to cover
these deficiencies in order to
sell. This deficiency could
become an enormous problem
if you don't have the money to
make up the differ^ce.
There are several solutions
available if you run into finan
cial problems.
Being pix>-active with deal
ing with your credit problems
wiU' always be in your best
interest. Contact your
lender! s) and/or creditor! s)
immediately if you anticipate
having a problem making a
payment on time. Some may
be wilHng to aUow you to
rollover a payment or two to
give you time to get things
together. The key is being
proactive. Contacting them
first will be viewed much
more favorable, especially if
you are requesting some
leniency
Another solution to default
ing on a mortgage is selling
the property The quicks' a
property sells the better the
chances of getting some
money out of it. Hopefully
your property has some equi
ty to tap into.
SelHng the home may be
your cmly option if your credit
is destroyed.
If you are unable to sell,
then filing bankruptcy is
another option. There are two
types of filing - Chapter 7 and
Chapter 13. Filing Chapt^ 7
requires you to Hquidate all
your assets and start over
fiesh. However, Chapter 13
may allow you to retain your
home and reorganize aU your
debts.
Chapter 13 allows individu
als to reorganize all their
delinquent debts into a small
er monthly payment. Chapter
13 may also allow you to
reduce your basic consumer
debts down by an average of
10 cents on the doUar. Howev-
er, Secure debts (i.e. first and
second mortgage) are consoH-
dated at the full amount and
repaid over a three- to five-
Please see ONE/5D
.ARHCLE RESOURCE ASSOCIAHON
For decades, Italy has inspired us;
the rolHng hillsides of Hiscany the
history of Rome, the artistic master
pieces ofFlor^ce. Incorporating the
colors, textures and beauty of Italy
into your own home can bring a
touch of‘la dolce vita” into daily Hfe.
The warm stone and intricate
mosaics of Italy’s ancient cities work
surprisingly weU for today’s fami
nes. The durable materials and rich
colors of tile make it a perfect choice
for kitchens, entryways and baths.
Hies in sea-inspired hues bring to
mind the Roman baths, especiaUy
when paired with marble accents
and white accessories. While you
mi^t use porcelain tiles for the
majority of the space, consider a
border made with tiles made frem
iridescent sea glass for a taste of the
Amalfi Coast.
If you’ve ever visited the canals
and cafes of Venice or the niral
beauty of Umbria, you already
know the captivating quaHty of this
country Bring that feeling back
everyday with a wall mural. Murals
Your Way stocks dozens of ItaHan
images, each one sure to remind you
of that special moment when you
lingered over espresso, gazed out
PHOTO/ARA cor^Er^
across vineyards or saw the work of
an Old Master first-hand. “With our
murals, customers can transport
themselves to the courtyard of an
ItaHan vHla or the quaint streets of
Portofino,” says Tbdd Imholte, pres
ident of Murals Your Way, in Hop
kins, Minn.
Murals can bring a fedii^ of space
and depth to smaU, dark rooms, or
Please see GIVE/5D
Innovation makes kitchens
convenient and stylish, too
PHOTO/ARA CO^^■ENT
.ARHCLE RESOURCE ASSOCIAHON
The kitchen has become the center
of the action in today’s home. It’s used
for everything fix)m entertaining to
doing homework. Oh, and cookii^,
too. The amenities found in the
kitchen reflect this multi-tasking.
You’re Hkely to find a computer and a
television in the room in addition to
more traditional appHances. But the
ftmdamental role of the kitchen hasn’t
changed - and neith^* has the desire
of home cooks for features that make
the kitchen functional and practical as
well as attractive.
“Double ovens, commercial-grade
appHances and soHd surface counter-
tops were once found only in upscale
homes, but they are becomii^ the
standard for aH kitchens as they go
fix)m’ being behind the scenes to the
forefront of the action,” notes Jamie
Hurd, academic department director
of interior design at The Art Institute
of Portland. All of these upgrades add
stjde to a room that many consider the
focal point of their homes.
“In newer homes, the kitchen often
opens up into the family room, becom
ing part of the Hvii^ area,” says Hurd.
For this reason, in addition to state-of-
the-art appHances, homeowners are
Please see INNOVATION^D
PHOTO/ARA CONTEI^
Beautify home
for the summer
.ARHCLE RESOURCE ASSOCI.AHON
Summer is here and with the warm weath^ comes
endless hours spent outdoors enjoying the sun.
Whether you’re spendir^ time in the pool, grilling on
the barbeque, or just lounging on your deck, you want
your house looking its best. That’s why now’s the per
fect time to spruce up your home’s exterior and
impress your neighbors.
There are many do-it-yourself projects that can have
a dramatic effect on the beauty of your home. A Httie
gardening close to the house can provide color and Hfe
to your outdoor space. Planting some flowers, shrubs
or trees in the right areas can make a world of differ
ence.
Please see BEAUTIFY/5D
FURNITURE 101:
Feathering your first nest
.ARHCLE RESOURCE .ASSOCIAHON
Whether it’s realizing long-h^d dreams, an
added sense of permanence or the purchasing
power of two incomes, marriage confers
increased significance on the purchasing of fur
niture.
Feathering your nest is one of the bluest steps
a new couple will take — one that involves not
just a meshing of tastes, but also learning to
make mutual decisions and enduring choices. By
following a few easy steps, you can set your new
nest on a soHd foundation, fa'eserve the fun and
satisfaction of dreaming together and enjoy last
ing tangible and emotional rewards.
“Planning our home together is important to
both of us,” says bride-to-be Kristy Oshiro of
Seattle. “Until now, most of our furniture was
second-hand or inherited fium fiiends and fami
ly We see our new home together as an invest
ment in our future — we’re looking for furniture
that will last, in both style and quaHty”
Invest in the process
The process may be as important as the prod
uct.
• Pay attention to your space: Where the sun
shines in for morning coffee or a home office,
views and features to embrace or hide. Under
stand the traffic flow for furniture placement.
Will one large piece work better than two small
er ones?
• Set aside time to talk about individual deco
rating and furniture preferences. Accommodat
ing your partner’s tastes means the home feels as
Please see FEATHERING/5D
PHOTO/ARA CONTENT