Call 1-866-931-4202 For a FREEForeclosure Prevention Consul- Mortgagetation:Our certified loss mitigation counselors will ana-lyze your situation and set up a plan to help you THE BAD NEWS: Troubleavoid foreclosure. You’ll get advice and a freeforeclosure consultation. Our success rate in help- We Can Help, Loss Mitigation Guideing homeowners avoid foreclosure gives us per- • Michigan home foreclosure rates aresuasive leverage with mortgage companies. We among the highest in the nationknow the laws pertaining to foreclosures and re-possessions. In the vast majority of cases, we are • Experts have suggested foreclosure filingsable to stop foreclosures quickly. in Michigan could double in 2008 Its never too late for help, so dont delay • The year to date foreclosure fillings for —act today! Michigan have reached over 117,122 • More than 1.2 million American homesWHAT IS LOSS MITIGATION: are now in foreclosureLoss Mitigation is a process to avoid foreclosure. • A significant portion of the increase inIn this process, the lender tries to help a borrower foreclosure filings will likely come fromwho has been unable to make timely mortgage the approximately 212,000 subprime mortgages in Michiganpayments and is in danger of defaulting on his orher mortgage. As a gen-eral rule, lenders only be-gin foreclosure when all THE GOOD NEWS:else fails. Lenders work • We have helped many distressed homeowners prevent foreclosure. Duringwith Loss Mitigation your FREE Home Ownership Consulta-Counselors and Housing tion, we will discuss your options to StopCounseling Agencies for Foreclosure and answer any questionsways to assist homeown- you may have.ers having financial diffi-culties; however, their ability to assist the home- • We are a community based affordable housing agency dedicated to preserving HOUSING HOTLINEowner declines with each missed payment.. The home-ownership.easiest way to cure a delinquency is to pay thelender everything that is owed. This includes 1- 866-931-4202missed payments, any late fees associated withthe payment and any other fees which the lender Contact Us Today For A FREE, Confidentialcharges as a result of the delinquency. When this Home Ownership Consultation or visitis not possible, Loss Mitigation provides alterna- us on the web at www.mainstreetcapital.orgtive ways to help homeowners avoid foreclosure.
How To Prevent Foreclosure Thanks to Main Street Mitigation Through Loss Capital I was able to buy 1. Repayment Plan—Develop a they pro- my own home, written agreement between the borrower and lender payment vided the down outlining how to handle missed payments. Generally, these agree- money, and a low interest ments require higher payments than the regular mortgage amount for a short period ofme auntil the mortgage, they got time loan is brought current. a house that I deal on could not have possibly 2. Forbearance—The lenderown. Thank done on my will allow borrowers a specified period of time (usually three to six months) you very much. to make either lower payments or no payments at all. Unless the loan is extended, later payments will have to be higher than the original monthly mortgage payments until the loan is current.Call 1-866-931-4202 for foreclosure 3. Loan modification--A loan modification involvesprevention counseling: changing one or more of the terms of a mortgage in order to help borrowers bring a defaulted loan cur- rent. Modifications can be considered to reduce the interest rate of the mortgage, change the mortgage product (for example from an adjustable rate to a fixed rate), or extend the term of the mortgage.Foreclosure: Is Bankruptcy Right For Me: 4. Assumption of the loan--An assumption is aA Growing Concern If you are considering filing bankruptcy to save your method of transferring a house to a new buyer whoForeclosure is a real issue for our country and more home, it should be a last resort option. agrees to take responsibility for (assumes) the existingimportantly, the state of Michigan. We are living in You have that right, but it may not be the best solu- mortgage. Not all mortgages are assumable, so thisthe worst housing slump since the great depres- tion: Typically, a servicer can’t offer relief while the option must first be discussed with the servicer.sion. Not only does foreclosure have a disastrous property is under protection of the bankruptcy courtimpact on families, it affects entire communities. or once a bankruptcy is discharged without reaf- 6. Short Sale—A short sale is the sale of a property firmation. Also, lenders can offer relief options that in which the lender agrees to accept the proceeds of the sale, even though it may be less than the amount the bankruptcy court can’t. If the bankruptcy is dis- owed on the mortgage. This is the best option for charged, although they are no longer personally home owners unable to refinance. One child in every classroom in America responsible for the debt, the servicer can and will is at-risk of losing his or her home be- foreclose if the borrowers don’t make payments. 7. Deed-in-lieu of foreclosure--A deed-in-lieu of cause their parents are unable to pay foreclosure takes place when borrowers voluntarily their mortgage. Call MainStreet Capital Housing Today gives the deed to the property to the lender. at 1-866-931-4202.