Making an offer on a house.
Posted on | November 13, 2008 | No Comments
I’m in love! I found the house that exceeds all of my expectations! It has everything I’ve ever wanted! What more could I ask for? Annnnd, I am buying in a buyers market! Life is grand! What should I offer this poor seller trying to sell his prized possession?
First of all, Congratulations on finding the right home for you and your loved ones. Your question is a good one and the answer is less of an art than you might think.
Real estate sales prices are based on recent comparable sales. What a house is worth is based on what someone will pay for it. Therefore, when an agent prepares a buyer to write a contract on a house, she will exercise due diligence and research what homes in the community that you are looking in most similiar to yours have sold for in the most recent 90 - 180 days. Let’s say for the sake of argument, there are three exact homes on the same street with the same view, etc. One sold for $425,000, one sold for $427,000 and one sold for $428,000. You, buying in a buyers market, decide to go for the low-ball offer and write a contract for $375,000. Now put yourself in the sellers shoes. Sorry, try again.
If only the sales were that similiar all the time. More than likely, your agent will have to analyze what the specific homes that have sold offer. Are they the same square footage? Do they have the same upgrades? Are they all updated with similiar quality products? Are they all maintained to the same specifications? Are the lots similiar? Same size? Do they share similiar views? Etc. After the analysis, the agent will do a non-scientific comparison and share her thoughts with you.
There are considerations that come into play when negotiating. Most importantly, what is the motivation of the seller to move? Do they have to move? Are they under financial duress? Do they have aging parents that need them? These types of motivators may offer room for lower offers. On the other hand, if the seller is not very motivated to move and can take it or leave it, there will be less room for lower offers, if any room.
Another consideration in these trying times, may be foreclosures in the area. If you are looking in a community/area that has several recent foreclosures or short sales (where the mortgage balance is higher than the sales price), it could have an impact on the sales price of the home you are looking at. In previous years, these sales; distressed sales, would not be used as a comparable. Currently, some appraisers are using them as comparables. If that is the case, you may be able to negotiate from strength.
So friend, write a contract on the house that exceeded your expectations, use an agent that will guide you to find the best value and don’t look back. Enjoy your new space and may your dreams come true!
Tags: appraisal > appraiser > contract > foreclosures > offer > short sales
Slots in Anne Arundel County
Posted on | October 27, 2008 | 2 Comments
What’s the current plan?
You’ve probably seen them. Signs dotting the roadways - For Maryland For Our Future, Stronger Schools, No New Taxes, Vote for Question 2. Of course, question #2 on the voting ballot is the slot machine referendum that would allow up to 15,000 slots at five locations. Within two miles of the Baltimore-Washington (BW) parkway, there are 4,750 machines projected to liven up the eligible Laurel Park location. The parent company Magna Entertainment Corporation owns the track has given $2 million for the campaign.
If you want to have slots in Anne Arundel county, vote yes for question 2.
If you do not want slots in Anne Arundel county, vote no for question 2.
The debate on slots isn’t new. The pro-slots lobbyists want to keep the revenue generated from the slots to stay in Maryland. According to the Department of Legislative Services revenues are expected to be $125.2 million in fiscal year 2012 once it opens and operates at half capacity and $477.9 million in fiscal year 2012 once it fully opens. $237.5 million would be spent on a facility paid for by the highest bidder.
The anti-slots lobbyists don’t believe the projected revenue. They feel the numbers have not been adjusted after the economic downturn. They are concerned with the traffic the slots will bring. They argue the slots will increase crime and gambling addiction.
Where do you stand on the issue? Voice your opinion on Question #2 on voting day!
First Impressions - Staging a home to appeal to buyers
Posted on | October 22, 2008 | 2 Comments
So you’re thinking about selling a home and you want to know how best to appeal to the largest number of buyers. I applaud you for your diligent research and trust I can offer tips to not only appeal to buyers, but to increase your selling price by 6-20%. Having worked for a national builder for 11 years, I had the opportunity to hear first hand what buyers liked, what they didn’t like, what was the catalyst to make them move, etc. Because of that, I understand the significance of meeting the senses of the buyer. This isn’t a nicety, it is a necessity.
First, it’s important to understand the goal of home staging. It is a strategy used to help prospects enjoy and appreciate what the home can offer them. If done right, it will allow the prospect to visualize their things in your house. It allows them to make your house their home.
Step 1: De-Clutter This is the first step sellers must take before putting their house on the market. Things pile up before you know it. Magazines, newspapers, bills, contents on your desk, etc. albeit typical, it doesn’t bode well for showing a house. When you are trying to determine if something is clutter, ask yourself if you will need to use it before moving to your next home. If the answer is no, place the contents in a packing box, label the box and store it. If storage is an issue, remove your packed boxes from the house altogether. Borrow some space in your friends basement, put some items in a storage unity, or rent a portable storage unit - but remove it from the house. Remember the storage area in your home should be organized and should not be used as a “store all”. 2. Clean Your home must be spotless. This step requires you to look at your home from the perspective of a buyer. Forget how great you decorated or the cool colors you chose for the home. These are personal feelings about your home. Here we want to ask - Are the carpets clean? Are the dishes out of the sink? Are the countertops void of clutter? Is the microwave clean? Is the oven clean? Are the beds made? Are the floors swept? Are the closets de-cluttered? Can a prospect see that there is sufficient storage? Is the litterbox emptied? Are the windows and sliders sparkling? Are the toilets clean? Is the grout white? Does the house smell like pets? Take an honest inventory of your home. This may be a time to call in your honest friend and ask the questions above! 3. Neutralize the home Before you even ask - Yes, repaint the walls that are bold and specific to your tastes. I prefer to see light tan/beige walls with white semi gloss trim. This creates a warm, comfortable, cozy home. White walls are cold and sterile. Buyers want to buy a home, not a hospital. Warm up the home! Welcome them home! 4. If its broken - fix it! If there are lights burned out, replace them. If the sink drips, fix it. If the toilet runs, fix it. If you had water damage, apply kilz and paint the area (do not hide a defect, fix that first). If you are missing receptacle covers, replace them. You’re not trying to make your house new, you are simply trying to eliminate the fear of small items becoming blown out of proportion. 5. Maximize Space Keep your closests de-cluttered. Remove oversized furntiure (replace it with smaller furniture if needed). Remove area rugs - surprised by this? The rugs warm a room but also closes in the space. If possible, try not to have the back of a piece of furniture face you when you enter the room. Keep your storage area organized. Your goal here is to show your prospect how spacious your house can be. Have you ever walked into a cluttered model home? 6. I See the Light Keep the lights on, open the blinds, pull back the window treatments. Let the light shine in! Sunlight makes people happy. We want happy people walking through your home. 7. Exterior Curb Appeal Mow the lawn weekly. Edge and mulch the garden - make it a habit to remove a weed everyday. If it’s a holiday, decorate. Paint the front door and door trim. Replace the kickplate if it is peeling or discolored. Powerwash the siding if algae or mold is present. Consider powerwashing and staining the deck - a neutral color is fine. The results are amazing. Sweep the porch, deck and patio. In the fall, pick up the leaves. In the winter, shovel the snow. Whenever possible, add color to the garden. Some showing tips: Got extra time? Bake cookies just before the showing! Leave the house to the realtor and the buyers. They need to feel unpressured while viewing your home. Keep the lights on and the window treatments open. Have soft music playing in the background. In the winter, a fire is a really nice touch. Plan ahead for safety and be sure you arrive home right after the showing and leave just before the showing. Remember, once you decide to sell, your home is now a business not an intimate gathering place. Begin removing yourself emotionally from the home - it’s now a product. The memories are no longer in the house, but now carried in your heart. Be patient, your home will sell.Investors Alert! Act Fast - Real Estate is On Sale
Posted on | October 20, 2008 | No Comments
You have six weeks to get your mortgage commitment if you are using a lender that sells to Fannie Mae and about one week if you loan gets sold to Freddie Mac.
Fannie and Freddie have decided to start adding extra fees for investor loans purchased after December 1st. Investors are used to paying additional fees - currently 2.5 points. You can expect to pay higher fees regardless of your down payment. Fannie Mae’s investor applications where the downpayment is between 10 and 15% can expect a 3.75 point fee, 20 - 25% dowpayment will pay 3 points, and 40% or more downpayment will pay 1.75 points. This news comes on top of an earlier restriction limiting investor applicants to no more than four rental properties and a variety of restrictions on condos.
Act Fast - Real Estate is on sale!
Tags: Down Payment > Fannie Mae > Freddie Mac > Investors > points > Real Estate
Narrowing Down Your Housing Options
Posted on | October 12, 2008 | No Comments
After determining how much you want to keep your sales price and monthly investment, you need to determine what type of housing fits your needs and lifestyle.
Condominium - Caution! People often confuse this type of housing with a specific unit in a 16 unit building. A condominium is a type of ownership, not a type of building. If you own a condo, you own the interior of the unit - inside the drywall. The condo association owns from the drywall out. A condo could be a single family home, a townhome, a back to back home or a 16 unit building type of home. This type of housing is great for people that don’t want to spend time maintaining a yard or the exterior of home. It is very convenient for people that do a lot of traveling and don’t want to have to have to coordinate mowing the lawn, yard maintenance, etc. Often times, condos have common amenities - a pool, clubhouse, walking paths, etc. With a condo comes condo fees. These can range from $100 - $400 per month. (Call or email me to determine what the condo fees are for a particular community).
Another option is a townhome. There is typically more flexibility with owning a townhome regarding your yard. Unless your townhome is zoned condominium ownership or has ground rent, you own your land as well as your home. This allows your to plant gardens, enjoy a patio or deck. Most likely you will have a homeowners association (HOA) that will require you to abide by rules and regulatios. HOA fees range from $50 per month to $300 per month.
A third option is to own a single family detached home (SFH). The pricing of a SFH is obviously going to be more expensive than a townhome or condo, of course some exceptions apply. But, again, you have more privacy, more flexibility with your yard, generally more space. With this type of living, you will usually encounter more maintenance, etc.
You will need to determine which of these home types would best fit your lifestyle.
Next, take time to evaluate what is important to you in a home, in a community and in an area. Let your realtor know these considerations so he/she has an understanding of your needs and desires.
Ask your realtor for a few names of loan officers so you can be pre-approved for a loan. For several reasons you’ll want to be pre-approved before looking at homes. Most importantly, you will only look at homes that fit your budget. Secondly, it will allow your realtor to negotiate from a position of strength.
Hopefully, this has helped you begin your search with a bit more structure. Your job is to sit down and make a list of what is important to you in a home, area and community. Assign a value to it - prioritize it, assign it a “must have” or “would like” to have. Be prepared to adjust it according to what is available on the market.
As for the other ”What-if’s - call or email me and I’ll work through them with you. It’s what I do….I’m here for any questions or comments!
Enjoy your search!
So You’re a First-Time Homebuyer?
Posted on | October 7, 2008 | No Comments
Congratulations! Buying your first home is a very exciting time. It can run the emotional gamut. Is it the right time to buy? Will I qualify? How much money will I need? What’s a good neighborhood? Can I afford it? What if, what if, what if?
Let’s take a look at a safe process to determine if now is the time to buy.
1. Do a budget
How do you spend your money? Car payment, current rent, student loan, credit card payment, installment debts, (these are payments that have a specific payoff period and preset payments, for example, personal loan, etc.) When you meet with a loan officer, he or she will want to know all of your assets and liabilities. You are trying to determine how much money comes in and how much money goes out.
2. Know what you qualify for All mortgages (only a few complicated exceptions) are loaned to consumers based on three main factors. First, the debt-to-income ratios; second, credit scores; and third, loan-to-value. I will describe each of them for you.
Debt-to-income ratios: There are two ratios that the mortgage company will consider. The first, called a “front ratio”, is your new housing investment to gross (before taxes) income.
Example: If I buy this house, my payment (principal, interest, taxes and insurance) will be $1100/mo. My husband and I gross $50,000/yr or $4166/mo. $1100 divided by $4166 = 26%. Most loan programs would like to see a maximum of 28% ratio.
The second ratio is called the “back ratio” and is simply your new housing investment PLUS monthly debts divided by your income.
Example: New house payment of $1100 PLUS car payment of $345/mo (if 8 or more months left to pay on the loan*), my husband’s car $410/mo, and one credit card payment of $115/mo. Total countable debt $1625 divided by $4166 gross income = 39% back ratio.
Conventional loan guidelines suggest a 36% back ratio and FHA loans suggest a 41% back ratio.
*If you owe fewer than 10 payments by the time you settle on your new home, most loan programs will not calculate that payment in your ratios.
Quick Calculation - How much can you afford?
Monthly Gross Income: (Before Taxes and deductions) x 36% (back ratio guideline) minus monthly minimum debts.
Example: I earn $53,000 a year and have a $310 car payment, $150 student loan & $50 minimum credit card payment. $53,000 divided by 12 = $4,416 + $510 monthly debts
$4,416 x 36% = $1,589 - $510 = $1,079 for monthly housing expense.
$4,416 x 28% = $1,286 for Mortgage, Taxes and Insurance.
Credit Scores: Used to determine a buyers credit worthiness. Credit scores are calculated using a very complex alogorithm. Here are the top five factors that will determine your scores.
1. Past deliquency - Good payment history-good scores. It tells the creditor the person is a low credit risk. 2. How has the credit been used? Does the person “max out” all the credit that is available? The more “maxed out” cards and credit lines, the lower the score. Try keeping your used credit at 30-35% of the total available credit. 3. Age of credit - the longer the credit has been established, the lower the risk. The more newer credit, the higher the risk (no history to go on). 4. Inquiries - Over a short period of time, the higher the inquiries the lower the credit score. A credit inquiry is shown on a credit report when a person applies for credit. Each time a creditor pulls your credit score, it shows on your report and pulls down the score. 5. Credit Mix - A combination of installment debt (fixed payment until the balance is paid off, and revolving debt (makes regular payment which frees up more money to access - credit card, for example) is a lower risk than a person that only has secured credit.
?????? Did you know?????? that closing a long, established credit account, is worse for your credit than leaving it with a zero balance? The creditors had a history to review with the credit account, once you closed it, you removed the positive credit history for the creditor to review.
Mortgages are loaned based on FICO scores, Fair Isaac Corp, the company that developed the system. Scores range from the 300’s to up to 900. The higher the score the better. A score above 680 is considered acceptable credit risk. Those with scores lower than 680 can still get a loan, but their loan file will get a closer look and may yield a higher interest rate. With the banking failures of late, the more stringent the lending practices are becoming.
To obtain your credit report, go to www.annualcreditreport.com or call 877-322-8228. You should review your credit report annually for accuracy.
3. Loan To Value
How much money can you put down on your new home? There are a multitude of loan programs available to you. They range from putting no money down (VA loan) to putting 3% down (FHA loan) to 5% down on conventional loans. Loan to Value (LTV) is simply your loan amount divided by the Sales Price. Example - your loan amount is $200,000 and your sales price is $210,000 - your LTV is 95%. The lower your LTV, the lower the risk to the bank.
4. Costs of Buying a Home
As a first time homebuyer, you may not be aware of the costs of homeownership. There are three categories that determine your total cash needed to purchase a home. They are
1. Down Payment (discussed above)
2. Prepaid Items - Items such as homeowners insurance, taxes, per-diem interest, etc. Approximately 1% of the Sales Price.
3. Closing Costs - Loan origination fees, transfer taxes, title charges, etc. Approximately 3% of the sales price (if you don’t have to pay a loan origination fee).
Sooooo, to purchase a $250,000 home, a buyer could potentially need $17,500. Keep Breathing, Deep Breaths! The good news is that depending upon your loan program and your down payment, you can negotiate in your sales contract for the seller to pay up to 6% of the sales price to help you get into the home. So, that $17,500 that is needed, you may only be on the hook for the minimum down payment required by the lender - 0 to 3% of the sales price or $7,500.
Ok, you’ve done your budget, met the above guidelines, started to breath again, determined how much cash you would need. Now, you need to narrow down your housing options. Stay tuned to our next blog…. Aptly named… Narrowing down your housing options.. go figure!
Tags: Affordability > First-Time Homebuyers > Pre-qualifing for a mortgage
What’s all this I hear about BRAC?
Posted on | October 7, 2008 | No Comments
You’ve been hearing about BRAC for some time now. You don’t know exactly what it is or what it means to you. I will give you the highlights and talk to you about what impact BRAC may have on you.
BRAC - Base Realignment and Closure. It is a process the Department of Defense has previously used to reorganize it’s installation infrastructure to make it more efficient to support its armed forces.
BRAC affects five regions in Maryland: Aberdeen Proving Grounds, Andrews AFB, Bethesda Naval Medical Center, Fort Deitrick and Fort Meade.
The Fort Meade Region includes: Anne Arundel County, Baltimore City, Baltimore County, Carroll County, Howard County, City of Laurel, Montgomery County, Prince Georges County, Talbot County and Queen Annes County.
Total job growth is expected to exceed 425,000 between 2005 and 2020. Fort Meade is expected to have 22,000 additional jobs. What does that mean to you? A healthier economy, more consumer confidence, lower unemployment, etc.
The average wages for the additional jobs is $70,000.
The average household income of the households most likely to move to Maryland because of BRAC exceeds $110,000. Again, if the average combined household income is $110,000, we have a lot of prospects that may have the financial means to buy homes, or at least rent homes. Therefore - helping to achieve a healthier economy, increasing consumer confidence, increasing the demand for housing (when the demand outweighs the supply, prices begin to go up!)
In Maryland, the annual income and property tax revenues is expected to be approximately half a billion dollars. More revenue, better roads (expanding Route 95 and 175), better funding for services, etc.
Anne Arundel County will see it’s population increase by 4,500 people. It is anticipated that there will be 3,800 homebuyers and 627 renters. What will happen to the renters? Again, when the demand for housing goes up and the supply goes down, prices go up - including rents.
According to the Daily Record March 2, 2007, “BRAC translates into the biggest employment opportunity to hit the state since World War II”.
Will BRAC have any negative impact? There will be an impact on roads, schools, traffic, etc. In today’s climate, the negative media on real estate, economy, banking, etc. are Marylanders ok with some additional traffic? You be the judge.
Deciding to Wait Out the Market and Rent Your House?
Posted on | September 28, 2008 | No Comments
Be careful – The rules have changed!
Previously, if you decided to keep your current home and rent it out, you could offset your mortgage debt by obtaining a lease on your property. The mortgage company would give you credit for 75% of your rental income.
For example:
Your tenant pays you $1500/mo
75% of rental lease $1125/mo
Mortgage payment on your home $1000/mo
Mortgage company would consider you to have a positive cash flow of $125/mo
Let’s take the same scenario as above but this time your mortgage payment is $1500/mo.
Your tenant pays you $1500/mo.
75% of rental income is $1125/mo
Mortgage company would consider you to have a negative cash flow of $375/mo and this would be calculated as a monthly debt, similar to a car payment.
If your debt-to-income ratios are within mortgage guidelines, you’re fine. If not, do you have compensating factors to overcome your high ratios?
How the Rules Have Changed
Well if the home prices are declining, the mortgage companies need to protect their investment and tighten up their lending practices.
As of today:
A buyer can not offset his mortgage with a lease unless one of the following conditions are met:
- The homeowner is relocating due to a job change
- If the new home will be financed using an FHA loan, the current home loan balance must be 75% or less of the current value of the home as determined by the appraised value of the property.
If the new home will be financed using a conventional loan, the current home loan balance must be 70% or less of the current value of the home as determined by an appraisal of the property.
What Improvements Should I Make to Increase the Value of My House?
Posted on | September 28, 2008 | No Comments
How Much Are Your Home Improvements Really Worth?*
Improvement Cost ^ in Sales Price % Return
Home Staging $403-$584 $1938-$2431 343%
Clean/Declutter $190-$318 $1505-$1937 578%
Landscape $378-$546 $1718-$2158 319%
Plumbing/Elect $436-$621 $1205-$1590 164%
Repair Flooring $628-$878 $1633-$2061 145%
Update Kitch/Bath $1404-$1828 $3216-$3934 121%
Replace Carpet $562-$808 $1532-$1950 154%
Paint Exterior $663-$938 $1757-$2205 147%
Paint Interior $651-$920 $1741-$2179 150%
*According to 2007 HomeGain Survey of 2000 agents nationwide.
Foreclosures - Don’t let history repeat itself!
Posted on | September 28, 2008 | 1 Comment
What happened? Why are we seeing so many short sales and foreclosures everywhere? Who is responsible for this? How can I avoid this from happening to me? Are all “specialty” mortgages bad?
Let’s look at the big picture. We had a great real estate run for many years. Here in Anne Arundel County, Maryland, we were experiencing a 20% appreciation in home values for years. We weren’t forced to consider the consequences of choosing a “risky” mortgage. Why would we? If we secured a mortgage that we were uncomfortable with, we could simply put our house on the market, sell it in 15 days, take out the equity and off to another purchase.
What changed? Well, first, the “risky”, “specialized” mortgages began to adjust and homeowners had to refinance their homes.
Scenario - A homeowner purchased a home with no money down with an interest only loan. The interest only portion of this adjustable loan came due, the homeowner had to refinance to a more stable loan because the interest only loan has gone by the wayside. He looks and looks, but the appraised value of the home has declined. What’s the challenge? The homeowner didn’t have any equity in the home to begin with. Remember, he chose to put no money down, hit a declining market, had to refinance and couldn’t. No banks would offer him a loan for more than the house was worth. He’s upside down and can’t get out. Foreclosure pending.
Scenario: An older, senior, couple calls me to put their home on the market. Because they have lived there for 25 years, they have ALOT of items to get rid of, store, etc. They have to paint, put new carpets down, repair some items in the house, etc. They are hoping to move to get a smaller home with a lower monthly payment (or no payment at all). They have great credit, but are low on cash. See, they have had a few family challenges and had to delete some of their savings to help the family out. Simple, go to the bank for an equity advance, do the repairs and we will list the home for sale and bam - they are onto the lower payment. But wait, their 719 credit score is now too low. The bank requires a 720 - no exceptions. Big picture…. a couple who has worked for the government and child care their entire life, has taken a responsible approach to bill paying, can’t move to a more affordable house because of one point in their favorable credit score.
Scenario: A young couple in their 40’s work has worked for 20 years for the same company. They raise a family in a comfortable home in Severna Park (in the 350K range). They have quite a bit of equity, great credit, a home in great condition, buuuutttt, she just learned that she has a chronic, debilitating disease and will be forced to stop working for medical reasons. Guess what…. they will not qualify to get a loan because now, in a split second, they have only one income.
I can give you any number of scenarios. But people ask, who is responsible? Should taxpayers who didn’t over extended themselves have to pay for the people who did overextend themselves? As you see, the folks above didn’t over extend themselves. Situations happened. Circumstances happened. The market adjustments happened. In some cases, perhaps in a lot of cases, people chose a loan program that allowed them to buy more than they could afford. So, I can not stand in judgement of who is responsible, I just know things have to change and the UNITED States has to unite and get the job done.
Some of these specialty loans are as follows:
- Interest only Mortgages
- Negative Amoritization Mortgages
- Option ARM Mortgages
- 40 - Year Mortgages
Interest Only Mortgages - The mortgage payment is lower because the buyer pays only the interest portion of the loan for the first 5 to 10 years of the loan. After the interest - only period, the buyer starts paying higher monthly payments that cover both the interest and the principal that must be repaid over the remaining term of the loan.
Negative Amortization Mortgages - The monthly payment is less than the amount of interest you owe on the loan. The unpaid interest gets added to the loan’s principal amount, causing the total amount you owe to increase each month instead of getting smaller.
Option ARM - The buyer has the option to make different types of of monthly payments wit this mortgage. For example, they can make a minimum payment that is less than the amount needed to cover the interest and increases the total amount of the loan, an interest - only payment, or payments calculated to pay off the loan over their 15 or 30 year term.
40 year mortgage - As the name suggests, this loan would be paid off in 40 years vs. the more typical loan period - 30 years. Because the loan term is longer, the payment would be lower.
Every buyer has a different goal, different circumstances, different length of times in the home, different risk tolerances, and they live in different areas of the country (some appreciating areas and some depreciating areas). Each scenario must be analyzed to determine what type of loan would make sense.
Some questions to consider before choosing a specialty mortgage:
- How much can the monthly payments increase and how soon can these increases begin.
- Do I expect my income to increase or do I expect to move before my payments adjust?
- Will I be able to afford the mortgage when the payments increase?
- Am I paying down my loan balance each month, or is it staying the same or even increasing?
- Will I have to pay a penalty if I refinance my mortgage or sell my house?
- What is my goal in buying this property? Am I consdering a riskier mortgage to buy a more expensive house than I can realistically afford?
Educate yourself on the pros and cons of all loan programs. Understand how the loan works and match your needs with the best program out there. A lot of house today if you can’t afford it is a lot of foreclosure tomorrrow….. Plan wisely and prepare.
Tags: Affordability > foreclosure > Foreclosures and Short Sales > loan programs > payments > short sale