Call 1-866-931-4202 For a FREEForeclosure Prevention Consul-tation: Short SaleOur certified loss mitigation counselors will ana- An Alternative to Foreclosurelyze your situation and set up a plan to help you THE BAD NEWS: We can Help!avoid foreclosure. You’ll get advice and a freeforeclosure consultation. Our success rate in help-ing homeowners avoid foreclosure gives us per- • Michigan home foreclosure rates are Homeownership Hotline:suasive 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 filings 1- 866-931-4202able to stop foreclosures quickly. in Michigan could double in 2008 Contact Us Today For A FREE, Confidential Its never too late for help, so dont delay • The year to date foreclosure fillings for Home Ownership Consultation or visit —act today! Michigan have reached over 117,122 us on the web at www.mainstreetcapital.org • More than 1.2 million American homes are now in foreclosure • A significant portion of the increase in foreclosure filings will likely come fromWill a Short Sale Improve My Credit: the approximately 212,000 subprime mortgages in MichiganA short sale is notatedon your credit report asa Short Payoff. Thisindicates to lenders that THE GOOD NEWS:you took action and • We have helped many distressedattempted to pay off the homeowners prevent foreclosure. Duringloan. You were your FREE Home Ownership Consulta-responsible, listed tion, we will discuss your options to Stopyour house for sale and Foreclosure and answer any questionswere accountable for you may have.your debt obligation.You will be rewarded • We are a community based affordablefor this over a foreclosure. housing agency dedicated to preserving home-ownership.A “foreclosure” mark on your credit report putsyou in a high risk category because a“foreclosure” describes you as someone who did-n’t take any action or responsibility to repair oraddress the Notice of Default. Chances are, fu-ture creditors will think you have a high risk of“walking out” on your loans again.
3 Stages of Foreclosure Building Tomorrows Future,Street Thanks to Main Today Capital I was able to buy #1 Pre-Foreclosure home, they pro- my own vided the down payment • Short Sale – best option for seller money, and a low interest • Deed in Lieu - mortgage, they got me a • Loan Modification - deal on a house that I • Forbearance agreement – could not have possibly #2 Foreclosure on my own. Thank done you very much. • Lender bids to gain control • Sheriff Deed • Most Liens are extinguished • Owners right of redemptionCall 1-866-931-4202 for foreclosure #3 Post Foreclosureprevention counseling: • Continued Holding Costs • Hire A Real Estate Broker (REO’s) SHORTSALE VS FORECLOSUREShort Sale: Why Do Lenders Accept Short Sales :An Alternative to Foreclosure Common reasons lenders agree to a short sale: SHORT SALE FORECLOSUREA short sale occurs when a property is sold at a • New housing bill provides tremendous financial in-loss because the mortgage lender agrees centives to lenders who approve short sales to dis- • Negotiated Settle- • Court Settlement tressed home owners. ment • Sellers credit ruinedto accept an offer that is less than what is owed • Sellers Credit Bruised • Big Attorney Feeon the property. Once the lender receives the • The homeowner’s financial position has changed and • No Attorney Fees • No Peace of Mindagreed amount, they will release the lien on the they cannot afford the property. • Seller Peace of mind • Buy in 7-10 yrsproperty. A short sale is typically viewed more • The mortgage is past due. • Buy again in 2 yrs • All Liens Extin-positive than a foreclosure on a credit report and • New construction in a particular area has hurt the • Liens are negotiated guishedallows the seller to regain homeownership in the value of existing homes. • Minimize credit dam- • Risk of lawsuits • The local real estate market has depreciated in value. age • Risk wage garnish-future. Not all lenders will accept short sales and • Avoid public foreclo- mentsthe terms of which they will accept them may vary • They want to avoid the cost and time required to surefrom lender to lender. Before agreeing to a short foreclose.sale, the seller should understand the terms of the • The condition of the property has deteriorated. Its never too late for help, so dont delaylender. • Reduces non-performing asset inventory —act today!