Miranda Tsotsoria

Nowadays, people in New Jersey tend to have a lot of personal belongings, making the amount of storage space in a home a priority for many buyers. Older homes and condominiums, in particular, tend to have less storage space than some of the newer, larger homes.

Sellers can maximize their home's appeal by organizing and purging their belongings -- all while giving them a head start on packing for their move. Consider these tips to make sure sparse storage isn't the first thing buyers notice:

Stick to the basics: Prospective buyers should look inside closets and think that there will be plenty of room for all of their belongings. To avoid a packed closet, remove anything that is not used regularly, such as out-of-season clothing and formal wear. Pack these items up in labeled boxes and store them neatly under the bed, or in the attic, garage or basement.

Details matter: Think of your closets the same way you would any other room in your house. According to experts, painting the inside of closets a bright, neutral color and installing adequate lighting can make a great impression. In addition, use consistently sized and shaped hangers, and group similar clothing items together and facing the same direction.

Show functional options: If you have rooms in your house that have little or no storage space, make up for it by being creative. For example, if you have attractive pots, hang them on a pot rack. Utilize an under-bed trundle or a toy chest that can double as a bench or table in a children's bedroom or playroom, rather than clutter the closet or floor with toys.

The United States Joint Economic Committee recently reported that New Jersey ranked 13th in the nation in foreclosures. If you are among this group of citizens, you are probably looking for solutions. Fortunately, we have some to offer.

If you are facing foreclosure, there are resources available that will help you find a solution. Every day people who work in various agencies and organizations throughout the state talk with folks in your situation. Here is some basic information to get you started; important fact sheets to give you the details you need to help yourself; Web links and phone numbers so that you can learn more about state and local programs and resources.

Foreclosure is a legal process in which mortgaged property is sold to pay the loan of the defaulting borrower. Foreclosure laws are based on the statutes of each state and so timelines vary.

Foreclosure doesn’t happen overnight – it starts with financial difficulties. Ask yourself the following:

• Has your financial situation changed due to an increase in your mortgage payment, a change in your family life, a medical emergency, job loss or other reasons?
• Are you using your credit card to buy groceries?
• Is it becoming difficult to pay your bills on time?

As budgets collapse, mortgage payments are missed. It only takes a series of missed payments for the foreclosure process to begin. Whether you are struggling to pay your bills or are already missing payments, you can get help today.

You have the option of picking up the phone and learning about resources that could make all the difference. Here are a few things you can do today:

• Call your lender and explain your financial situation. Very often they will be able to suggest a manageable solution.
• Call a financial counselor who knows how the situation works.
• Carefully consider your spending habits, your current assets and your capabilities. Look for ways to limit your expenses. Ask yourself if there are assets you can sell.
• Learn more about foreclosure and the resources that will help you avoid it.

All of the resources listed on this page have more information about foreclosure on their Web sites. The U.S. Department of Housing and Urban Development (HUD) through the Federal Housing Administration (FHA) provides comprehensive information about how to avoid foreclosure with special emphasis on alternative arrangements that you may be able to reach with your lender. Read their Guide to Avoiding Foreclosure .

• Online and telephone counseling is available through the Homeownership Preservation Foundation. This organization is dedicated to helping homeowners avoid foreclosure. Their toll-free hotline is staffed with trained counselors and is open 24 hours a day, 7 days a week. You can reach them by phone at 888.995.HOPE (888-995-4673).
• For a current list of housing counseling agencies in New Jersey who have partnered with the NJ Housing and Mortgage Finance Agency (HMFA) click here.These counselors have been specifically trained in foreclosure prevention and asset preservation.

• Free or low cost advice from housing counseling agencies that have been sponsored through the US Department of Housing and Urban Development (HUD) is available in our state. Here is a list of HUD Approved Counselors.

• For increased access to credit and loan counseling and temporary assistance if you are in immediate danger of foreclosure call NJ HOPE. They have information on available mortgage products and funding too. NJ HOPE is a voluntary public/private alliance of government agencies, non-profit organizations, and financial institutions, committed to home ownership preservation. You can reach them at 888-995 HOPE or visit the NJ HOPE Web site to learn more.

• Mortgage refinance programs are available through the Neighborhood Assistance Corporation of America (NACA) This national non-profit community advocacy and housing services organization offers free counseling and will take you through the refinancing process. You can learn more and start the online application by clicking here.
• An affordable financing alternative to borrowers whose current mortgage is no longer suitable for their financial situation is available through the New Jersey Housing and Mortgage Finance Agency’s Homeownership Preservation Refinance Program (HPRP). Applications must be submitted through HPRP participating lenders. More information on this program along with a link to a list of the lenders is here. You can reach them by phone at 800-NJ-HOUSE (800-654-6873)

• If you are having trouble making your mortgage payments, HOPE for Homeowners (H4H) may be able to help you,by refinancing your loan into a new 30-year or 40-year fixed-rate loan with lower payments. To find out if you are eligible, you must call your lender and inquire with them. More information on this program is available here or by calling 800-CALL-FHA (800-225-5342).

• Families with strong credit histories who had been making timely mortgage payments before their loans reset, but are now in default, may qualify for refinancing under the FHASecure plan.

To qualify for FHASecure, eligible homeowners must meet the following five criteria:

1. A history of on-time mortgage payments before the borrower's teaser rates expired and loans reset
2. Interest rates must have or will reset between June 2005 and December 2008
3. Three percent cash or equity in the home
4. A sustained history of employment
5. Sufficient income to make the mortgage payment

If your home is in need of repair, you may be eligible for help through the Refinance Rehabilitation Program. This program was created to assist current home owners by refinancing the existing mortgage. A portion of the refinancing must be used for rehabilitation of the house. Learn more.

Mortgage payment relief and protection from foreclosure is provided to active military personnel and reservists through the Servicemembers Civil Relief Act (SCRA). To be eligible for this program you must have had mortgage commitments before enlisting or being called to active duty. Reservists, guardsmen and other eligible servicemembers should contact their lenders and other creditors and provide documentation that they have been called to active duty and are eligible for certain relief under the SCRA. To learn more about this program you can call 800-CALL-FHA (225-5342) or read their fact sheet.

As part of the NJ HOPE initiative, banks may offer a variety of borrower assistance programs such as mortgage refinance loans, closing cost assistance, waiving of private mortgage insurance requirements and credit counseling

Bank of America

Current Bank Customers:
1ST Mortgages:  1-800-846-2222
Home Equity or Lines of Credit:  1-800-451-6362

Non-Customers of Bank of America:
1-800-861-5550

Citigroup

For Nonprofit Homeownership Counselors: 
1-866-517-0820 for borrowers with a Citi loan or for whom Citi/CMI is the servicer
1-800-864-3428 for borrowers for whom Citi Residential is the servicer

HSBC Finance

PNC Bank

Vanessa Nazario, Assistant Vice President
Affordable Mortgage Product Manager
609-860-1006

Wachovia

Wachovia Mortgage Corporation: 1-866-642-9405

Homeless Prevention Program - This program provides limited financial assistance to low and moderate income tenants and homeowners in imminent danger of eviction or foreclosure due to temporary financial problems beyond their control. To learn more, call 866-889-6270 .

Mediation The Foreclosure Mediation Program was created to assist homeowners in foreclosure actions. They will provide mediators to help homeowners and lenders negotiate with one another and try to work out agreements to avoid foreclosure. For more information, call 609-292-8470.

Legal Aid By dialing a toll-free number, 1-888-LSNJ-LAW (1-888-576-5529), callers can access a statewide legal hotline which provides legal information, advice and referral to low-income residents of New Jersey with civil legal problems (criminal cases are referred). This service is provided at no charge but applicants must be financially eligible to qualify. The hotline handles all cases over the telephone and does not provide ongoing legal representation.. You may be able to find answers to your legal problems on their self-help Web site, www.lsnjlaw.org. The hotline is open from Monday through Friday, 8:00 a.m. to 5:30 p.m.

Tenants Rights are Protected in the Event of Foreclosure

Residential tenants in New Jersey cannot be evicted solely because the property where they live is in foreclosure or has been foreclosed. The law protects tenants against eviction and provides some protection from utilities being shut-off. To learn more, call the New Jersey Tenants’ Organization at 201-342-3775 or the New Jersey Department of the Public Advocate, Office of Citizen Relations at 609-826-5070.

Following is a listing of county bar associations that offer lawyer referral services. Locate your county of residence and contact the appropriate service. Do not contact referral services that are outside of your local county.

Avoiding Foreclosure Scams

The thought of losing one’s home through foreclosure is a frightening prospect. In desperation, many homeowners fall victim to con artists who offer to help them save their homes, but ultimately make the situation worse.These con artists cheat homeowners out of thousands of dollars and their homes through deceit, deception and lies. Read more…

"Predatory lending" has become shorthand for describing a variety of lending practices that may be disadvantageous to borrowers. It can mean any type of abusive lending practice where the lender benefits through unworthiness, deceit, misrepresentation, bad faith, or dishonesty. Learn more…

How to file a complaint with the NJ Department of Banking and Insurance

If you think you have been victimized by predatory lending practices, want to file an inquiry or lodge a formal complaint, you can do so by:

Phone: 609-292-7272 or 800-446-7467 (Consumer Hotline)

Fax: 609-777-0508

Mail: NJDOBI, P.O. Box 471, Trenton, NJ 08625-0471

Instructions and downloadable forms are available at their Web site.

Glossary of Mortgage Terms Understand the financial terms that are used when speaking about mortgages and refinancing. Use this glossary of mortgage terms as your reference guide.

Mortgage Calculator

Determine what mortgage you can really afford by using this mortgage calculator.

These lenders have been approved by the NJ Housing and Mortgage Finance Agency Approved Lender List for HMFA Program Participation

New home sales in the U.S. fell more than expected, declining 5.3% in October to an annual pace of 433,000, according to a report from the Commerce Department on Wednesday. The previous month's gain was revised downward to 0.7%.

Economists were expecting October data to fall 5.0% to 441,000, from the originally reported September figure of 464,000, which was revised down to 457,000. Inventories rose to a pace of 11.1 months, up from a 10.9-month supply in September.

The median sale price of new houses fell to $218,000, down from $221,700 in September. Annually, prices have fallen 12.2%.

Regionally, the report was mixed. In the West, the pace of sales fell from 111,000 in September to 91,000 in October.

The pace of sales in the Midwest fell to 71k, while sales in the South moved down to 233,000 from 248,000 in September. Meanwhile, the pace of sales rose in the Northeast to 38,000 from 31,000 in September. This also indicates that new home sales in the New Jersey are increasing and could signal that New Jersey Real Estate buyers are finfing good value in the discounted  new inventory.

The Census report follows Monday's existing home sales report from the National Association of Realtors, which fell more than expected by 3.1% to a pace of 5.14 million sales in October 2008.

The National Association of Realtors reported Monday that sales by homeowners slid in October to an annual pace of 4.98 million. That was down 3.1% from September's revised reading of 5.14 million.

Economists surveyed by Briefing.com were expecting sales to have declined 2.5% to an annual rate of 5.05 million in October.

On a year-over-year basis, sales were down 1.6%.

The national median existing-home price in October was $183,300, down 11.3% from a year ago when the median was $206,700.

• Lease-Back or Repurchase Scams – Be very suspicious if someone offers to pay your mortgage and rent your home back to you.  This scheme often involves signing the deed to your home over to the con artist.  The con artist may promise to sell your home back to you, but this may be very difficult, if not impossible, under the terms of the contract.
  Signing over the deed gives the con artist the power to evict you, raise your rent, sell the house, or steal the equity you have in your home.  You will still be responsible for your mortgage, so if the con artist stops paying it, your lender would have the right to foreclose on your home, and the foreclosure and any other problems would go on your credit record.

• Refinance Fraud – Look out for people posing as mortgage brokers or lenders and offering to refinance your loan so you can afford the payments.  Con artists may trick you into signing over the ownership of your home by saying that you are signing documents for a new loan.
  Signing over the deed to your home exposes you to the dangers described above.  Even if you are a victim of fraud, you could still lose your home. 

• Bankruptcy Schemes – Several scams attempt to abuse the bankruptcy laws.  For example, a con artist may ask you to give a partial interest in your home to one or more persons.  Each holder of a partial interest can then file bankruptcy, one after another.  The bankruptcy court will issue a “stay” order each time to stop foreclosure temporarily.  However, the stay does not excuse you from making payments or from repaying the full amount of your loan.  In another kind of scam, a con artist may offer to obtain refinancing or negotiate a payment plan with your lender.  If you may make payments to the con artist, he or she may keep the money rather than pay the lender on your behalf.  The con artist may even file a bankruptcy case in your name, without your knowledge, as a part of the scam.
  Bankruptcy laws provide important protections to consumers.  Scams can only temporarily delay foreclosure, and they may keep you from using bankruptcy laws legitimately to address your financial problems.  Signing over ownership of your home, or even partial ownership, can result in serious financial harm.
   

• Know what you are signing.  Read and understand every document you sign.  If a document is too complex, seek advice from a lawyer or an approved, trusted financial counselor.  Never sign documents with blank spaces that can be filled in later.  Never sign a document that contains errors or false statements, even if someone promises to correct them later.

• Get promises in writing.  Oral promises and agreements relating to your home are usually not legally binding.  Protect your rights with a written document or contract signed by the person making the promise.  Keep copies of all contracts you sign. 

• Make your mortgage payments directly to your lender or the mortgage servicer.  Do not trust anyone else to make mortgage payments for you.

• Be very careful about signing over your deed.  Foreclosure scams often require you to sign over ownership of your home to a con artist or another third party.  Never sign over your deed without getting the advice of your own lawyer, financial advisor, or other independent person that you know you can trust.  Understand the terms of the deal you are making.  By signing over your deed, you lose your rights to your home and any equity built up in the home.

• Report suspicious activity to the Federal Trade Commission and to your state and local consumer protection agencies.  Reporting con artists and suspicious schemes helps prevent others from becoming victims. 

• Contact your mortgage lender or mortgage servicer as soon as you think you are unable to make your mortgage payment.  Lenders are often in the best position to help, especially if you are current on your loan or not seriously late on your payments.  Your mortgage lender or mortgage servicer may be able to identify options to help you bring the loan current or to modify your loan.  

• Contact a legitimate housing or financial counselor to help you work through your financial problems.  To find one:
  □    Call (800) 569-4287, or visit www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm to find counselors approved by the U.S. Department of Housing and Urban Development (HUD). 
  □    Call the Homeownership Preservation Foundation at (888) 995-HOPE, or visit www.995hope.org, to reach a nonprofit, HUD-approved counselor through HOPE NOW, a cooperative effort of mortgage counselors and lenders to assist homeowners. 

• Visit the following Web sites for information:
  □    NeighborWorks America, www.nw.org/network/home.asp.
  □    Federal Trade Commission, www.ftc.gov/bcp/edu/pubs/consumer/homes/rea04.shtm.

One of the commonly cited reasons why New Jersey homebuyers remain on the sidelines is that they think they need to have a 20 percent downpayment in order to get a mortgage. This is another mortgage myth that is easily busted when you stop to think about the facts.

Recent statistics from the National Association of Realtors show that the number of first-time buyers is increasing. It is common knowledge that most first-time buyers don't have large downpayments, so they couldn't possibly all be putting 20 percent down.

Low-downpayment loans are still readily available. Just the other day, I heard about a 25 year-old man who purchased his first home using a Weichert, and got a loan through Weichert Financial Services requiring only 3 percent down.

So if you are considering to buy real estate in Chester, Mendham, Hackettstown, Long Valley, Chatham, Short Hills or anywhere else in New Jersey do not hesitate to contact me and I will show you how to find best real estate purchaising or financing deals in today's market.

Rent All or Part of the House

This year has been tough on the U.S. economy, and we’ve all been feeling it -- whether at the gas pump or the grocery store, in phone calls from creditors or in worried discussions with neighbors, in fluctuating retirement accounts or in budget-related meetings at work. Whatever financial problems you’re facing, here are some tips and resources that can help.

Paying your bills
If you realize that your current resources aren’t going to cover the bills, then it’s time to talk with your creditors. First, review your budget to see what you can afford to pay. Then, call your creditors and explain your situation. Ask for a payment plan that fits your current cash flow. Most creditors will try to work with you, especially if you demonstrate your intentions to meet your obligations by paying even a small amount each month.

You might also want to contact a credit counseling agency. These agencies, which are usually nonprofit, provide personalized counseling to consumers who need to pay off unsecured consumer debt, such as credit card and utility bills. Contact the National Foundation for Credit Counseling (NFCC) and the Association of Independent Consumer Credit Counseling Agencies (AICCCA) for a list of agencies.

Here are some other resources if your situation is more serious:

• Rent or mortgage. Local nonprofit organizations may be able to help with rent and mortgage payments. Many communities also have foreclosure prevention programs. Contact the local United Way, community action agency, or church groups for more information. Again, if you’re behind on your mortgage, make sure you’re talking with your mortgage company.
  
  
• Utilities. Private and publicly-funded energy programs are available to qualifying individuals and families. Contact your utility provider to find out what assistance may be available to you.
  
  
• Medical. Contact your state health and human services department to see what resources are available to help you and your family pay for health care. Depending on your income level, you might also be eligible for federal assistance through Medicaid. If you’re trying to pay for care you received at a hospital, you can request a case manager or social worker to help you decipher bills and coordinate financial and medical resources.

Other common financial worries and what you can do

• Putting food on the table. Your local or state health and human services department or community action agency can advise you on food assistance either through distributors of free food in your community or through the federal food stamp program. And if you have a child in school, contact the school to see whether he or she would qualify for free or discounted breakfasts and lunch.
  
  
• The solvency of your bank. Check that all of your bank accounts are covered by the Federal Deposit Insurance Corporation (FDIC). The FDIC currently insures deposits up to $100,000, but if you have a joint account, the coverage is $100,000 per person per bank. Find out if your bank is covered at www.fdic.gov/deposit/index.html.
  
  
• The value of your 401(k), stocks, and other investments. Before making any major decisions about transferring or withdrawing money from any of your investments, talk with a certified financial professional. A financial professional will help you understand how the current shifts in the market might affect your financial plans and whether you should be making any significant changes. You can find a Certified Financial Planner by looking in the yellow pages or asking friends and family for recommendations. Make sure you choose a professional who is certified with the Certified Financial Planner Board of Standards.
  
  Also, make sure your investments are secured through the Securities Investor Protection Corporation (SIPC). The SIPC works with customers of failed brokerage firms to recover up to $500,000 in cash, stock, and other securities lost during a closure or bankruptcy. Note that the SIPC does not insure against market losses.
  
  
• Your ability to sleep at night. If anxiety is keeping you up at night or interfering with your ability to concentrate at work or enjoy life, you may benefit from talking with a counselor. Contact Work-life Balance or your employee assistance program (EAP) for more information and resources. You might also want to begin limiting the amount of time you’re spending monitoring your accounts, watching TV news, and participating in discussions related to the current economic crisis. Constant exposure to negative news and speculation can make your personal situation seem much worse than it actually is. And, of course, if you’re concerned about any physical symptoms, such as severe head- or stomachaches, chest pains or tightness, or heart palpitations, contact your doctor.

Remember to take care of yourself and accept help
As you sort through your finances and look for the solutions you need, don’t forget to take care of yourself and accept help when it’s offered. The following basic tips can help you maintain your energy, strength, and perspective.

• Set aside small moments to relax, even if it’s just 10 minutes away from your job or the phone to take some deep breaths, make some tea, or go for a quick walk.
  
  
• Do your best to get good sleep, regular exercise, and healthy meals whenever possible.
  
  
• Spend time with your trusted friends and loved ones. When you’re under stress, try not to push your loved ones away even though that might be your typical defense mechanism. A kiss from your child, an embrace from your partner, a kind word from a friend, or a romp in the park with your dog can all have remarkable power to restore your sense of peace, normalcy, and stability.

Finally, remember that our web site has many other resources that can help you deal with a wide variety of real estate and financial issues; and most importantly if you have any question about your New Jersey real estate do not hasitate to contact us by phone or email.

Foreclosure filings in Pennsylvania fell by 4.39 percent from September to October, while New Jersey saw a 10.64 percent increase, according to data released Thursday by foreclosure data tracker RealtyTrac.

Foreclosures were up 5 percent nationally month to month.

Pennsylvania’s foreclosure rate of one filing per every 1,362 homes was well below the national average of 1 for every 452 homes and has the state ranked No. 32 out of 50. But foreclosures were up 26 percent compared to October 2007.

New Jersey was ranked eighth nationally with a foreclosure filing rate of one out of every 410 homes, a nearly 75 percent increase from October 2007.

Nationally, foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 279,561 U.S. properties during the month, a 25 percent increase from October 2007.

Nevada posted the nation’s highest state foreclosure rate for the 22nd consecutive month in October, with one in every 74 housing units receiving a foreclosure filing during the month — more than six times the national average. That represented an increase of 11 percent from the previous month and nearly 119 percent from October 2007.

With one in every 149 housing units receiving a foreclosure filing in October, Arizona registered the second highest state foreclosure rate, which represented an increase of nearly 35 percent from the previous month and was up 176 percent from October 2007.

One in every 157 Florida housing units received a foreclosure filing in October, the nation’s third highest state foreclosure rate, which was an increase of 13 percent from the previous month and was up nearly 80 percent from October 2007.

Other states with foreclosure rates ranking among the top 10 were California, Colorado, Georgia, Michigan, New Jersey, Illinois and Ohio.

To find out what foreclosed properties are available on market in the New Jersey, obtain Free New Jersey Market Snapshot, conduct Free MLS Property Search in New Jersey, receive free reports, and find out more details about the properties you are interested in you can always contact us via email or phone.

Which of the following actions are likely to hurt your credit score?

• Closing an old credit card account that you rarely use.
• Opening a new charge account to get a department store discount.
• Spending to your cards' limits.
• All of the above.

The answer is "all of the above." Each of these actions can hurt your credit score, which in turn can hurt your effort to get the best rate on a loan—or to get a loan at all.

How your score is determined

When you apply for a loan or fill out a charge account application, most lenders request your FICO score, which is named for its developer, the Fair Isaac Corporation of Minneapolis, Minnesota. 

Your FICO score is intended to tell the potential lender how reliable a borrower you will be, says Barry Paperno, consumer operations manager at Fair Isaac. In compiling your score, the FICO scoring formula tries to answer these five questions:

1. Do you pay your bills on time?
2. How much of your available credit are you using?
3. How long have you been using credit?
4. Have you taken on more debt recently?
5. Have you managed different types of credit well?

The answers come from an examination of your credit reports at the nation's three consumer credit reporting companies: Equifax, Experian, and TransUnion. These three companies keep records of your day-to-day credit use. You have a FICO score based on each of your three credit reports.

Your score, which ranges from 300 to 850, is a compilation of what a credit report says about you at any given time. So it can change in a short period. It can fall if you miss a payment and rise if you pay down a balance, for example.

So closing an old credit card account can lower your FICO score because it changes the proportion of available credit you are using. That's why when you pay off an old credit card, it may be better to leave it dormant than to cancel the account.

Opening a new account can also lower your score. Taking on additional debt can increase the risk that you won't pay back what you already owe, especially if your credit history is short.

Spending to your cards' limits is also a red flag. It suggests that you may be overextended, which can increase the risk that you'll start to miss payments.

Wrong information in a credit report can also hurt your score. You are entitled by law to get a free credit report from each of the three credit reporting companies each year. You can get your free reports at www.annualcreditreport.com.* You may receive offers for credit monitoring services at the site, but you don't have to accept them to get your credit report.

Your credit score, on the other hand, is not free. Fair Isaac charges $15.95 for a credit score based on one credit report and $47.85 for all three at its website, www.myfico.com.*

Should you pay for your credit score?

You may not need to know your credit score if you already have a sufficient amount of credit available and don't foresee the need for additional credit anytime soon. But if you are thinking about applying for a loan, knowing your credit score—and how to improve it—may save you money.

Though lenders base their decisions on many factors that aren't part of your credit score, including your income, a higher score generally leads to a lower interest rate.

In practical terms, that means homeowners with low FICO scores may pay hundreds more each month on mortgages than their neighbors who borrowed identical amounts but who have sterling FICO scores (see table).

Source: MyFICO.com. Mortgage interest rates as of October 3, 2008, based on the national average. Monthly payments are based on a $200,000 loan amount and do not include insurance or real estate taxes.

Four ways to improve your credit score

1. Pay your bills on time. Payment history is typically the most important of the five factors that make up your score. If you have a history of paying on time, you're considered more likely to pay on time in the future.

2. Don't borrow to the limit. Amounts owed is the other big factor. Keeping balances at a low percentage of your available credit, whether or not you pay them off in full each month, helps your score. Lenders don't worry that you have the capacity to splurge. Rather, they see you as someone who manages credit well.

3. Be a loyal customer. Having a charge card for decades can raise your score, and opening new accounts can lower it. So it may not pay to switch from old credit cards to new ones for a short-term gain, such as a low introductory interest rate.

4. Use different types of credit. Effectively managing both revolving accounts, such as credit cards, and installment accounts, such as an automobile loan, improves lenders' perception of you.

*When you access any of the sites mentioned in this article, you will be leaving our site. We are not responsible for the accuracy of information on third-party sites.

According to the National Association of Realtors (NAR), the Pending Home Sales Index increased 7.4 percent in August to its highest level since June 2007. In the Northeast, the index rose 8.4 percent. Lawrence Yun, NAR chief economist, said homebuyers were responding to improved affordability and low interest rates. In general this is very good news for Chester, Mendham, Long Valley, and Hackettstown real estate sellers and buyers, because despite of wall street crisis things in real estate market are apparently still moving and even improving a bit.

One way to really dress up a room and try your hand at some different decorating techniques is to consider wainscoting. There are number of ways to combine materials and create some very attractive wainscoting effects, and the cost doesn't need to be prohibitive.

Traditionally, wainscoting is tongue and groove boards, raised or flat paneling sections that are applied to the lower part of a wall. The wainscoting extends from the top of the baseboard up to a height of usually between 3 and 5 feet off the floor, and is topped off with a horizontal molding. In addition to its decorative appeal, wainscoting had  very practical advantage of protecting the lower portion of the wall from wear and tear.

Today, however, wainscoting has taken on a somewhat less specific definition. It can be just about any combination of materials, including paint, wood, wallpaper and even fabric.

A wainscoting application consists of three elements: the lower portion of the wall, the upper portion of the wall, and the dividing line between the two. How you mix and match those three elements is up to your individual taste and budget.

Splitting Up The Wall

One of the first things to decide for any wainscoting project is where dividing line will be between the two different materials. For a room with an 8-foot-high ceiling, a division of approximately 3 feet on the lower half and 5 feet on the upper half tends to give the best balance. Many Craftsman-style homes used the reverse of that, with about 5 feet of paneling on the lower half, capped with a wider molding that was suitable for shallow storage. For best appearance, the dividing line should not be exactly half way up the wall.

To get a better idea of how different proportions will work, tape some newspaper or other material on the wall at couple of different heights. This will give you a better representation of how the two halves will balance out, and you can adjust them accordingly.

Installing Traditional Wainscoting

To achieve the look of a board wainscoting, you can install individual narrow, tongue and groove boards; you can install wider boards that are milled on the face to look like two or three narrower boards, which simplifies installation; or you can install 4-foot-wide beaded paneling, which again replicates the look of individual boards but installs faster. With any of these methods, finish off the top of the boards with a horizontal molding such as a wainscot cap or a chair rail.

For a paneled look, there are kits available that include a routed base molding, a routed top molding, routed vertical strips, and the panels themselves. The pieces all interlock with one another, and as long as you take some time with the layout to ensure that the panels are balanced to the width of the wall, you can achieve a beautiful, traditional paneled wainscoting in a relatively short time. If you are an avid woodworker, there are specialized router bits that help you cut the individual pieces yourself and save some money.

With wood, you have the choice of painting or staining the material to get the look you want. For painting, the boards and paneling are available in medium-density fiberboard (MDF), which paints nicely and is less expensive than solid wood. For stained wainscoting, you can select from pine, fir, oak, cherry, maple and other woods.

Wood strips, paneling and moldings can all be found at most home centers and lumberyards, along with all the installation materials you need. Some larger stores also carry the paneling kits, or they can order them for you. You will also find a wide selection of wainscoting paneling kits online.

Other Wainscoting Materials

In addition to traditional wood, there are lots of other material combinations that will work very well together. You can experiment with different combinations of materials to achieve the exact look that works for your décor. In general, heavier materials such as wood and fabric look best on the lower half of the wall. Also, darker paint colors and darker, more heavily patterned wallpapers look best on the bottom.

Your wainscoting choice may be something as simple as two different colors of paint. You can also use a solid paint on one section of the wall, and some type of textured paint effect on the other section.

Another easy wainscoting can be achieved with two different wallpapers. Select a lighter paper with a more open pattern for the upper half of the wall, and a darker paper or one with a vertical stripe or heavy pattern for the bottom. You can also combine the two materials by using paint on one section of the wall and wallpaper on the other.

With any of these combinations, separate the two sections of wall with a painted or stained wood molding. To really accent the installation, finish everything off with a crown molding as well.