This document provides guidance on how short sales can empower homeowners facing financial difficulties, allowing them to take control of their situation instead of succumbing to foreclosure. It emphasizes the importance of assessing all options and highlights the short sale process, which can postpone foreclosure actions and provide a structured timeline for finding new housing. Additionally, it encourages seeking professional assistance and avoiding upfront fees for services related to mortgage modifications.

1. HOW SHORT SALES KEEP YOU IN CONTROL A “Put-You-In-The-Driver’s-Seat” Presentation by www.helpumodify.org

2. The Purpose and Goals of this Information To educate you about the options available to you during these challenging times To empower you with the ability to make educated decisions about your home To enable you to take the steps necessary to protect your family for further or future hardship To help you gain control where it seems there is none

3. The Fed Moves to Standardize Modifications Fed adopts FDIC qualification criteria Encourages standardization as a pre-requisite to receiving TARP funds The good news – you know what they are looking for Must be 60 days late Must qualify with full income disclosure at 38% DTI Must not have purposely fallen behind on mortgage payments The bad news – you know what they are looking for You either qualify or you don’t – not a lot of flexibility

4. The Real Challenge for Families in Trouble Who determines if your payments are intentionally unpaid and what is the criteria? Do all of your credit cards have to be equally delinquent? Does your automobile loans need to be equally delinquent? If you paid your mortgage on-time for the past 12 months and then all of a sudden….30 days late and the next month 60? If you are currently upside down in your home (owe more than it’s worth) – What’s next? Loan modifications are typically temporary solutions – 5 years Only the FDIC guidelines allow for principle reduction How long will you remain upside down?

5. Taking Control of Not Being in Control Once you fall behind 60 days your options narrow Lenders, collection companies, attorneys calling for money Lenders may not except “partial” payments at this point Foreclosure is threatened and possibly even started Notice of Default is filed The foreclosure process has specific timelines that you are forced to comply with Notice of Default Sale date Eviction Choosing to do a Short Sale gives you control of the process

6. How a Short Sale Puts You in Control Choosing to do a Short Sale gives you control of the process In many cases, the foreclosure process is postponed if you inform your lender that you are pursuing a short sale option In most cases, the foreclosure process is postponed if you receive an offer to buy your home as a short sale The short sale “approval process” by the lender typically takes 3-6 months to process If the offer is accepted and escrow is opened you will have that period to secure a new place to live 30 days is standard escrow period Most importantly you have control of the process, not the bank

7. When is A Short Sale The Right Decision? This is a very important decision that is usually made as a last resort when all other options are exhausted Explore all of your other options first Do it yourself – get info on helpUmodify.org website Use a third party negotiator – helpUmodify.org Offer a no cost analysis of your modification options NEVER, EVER pay anyone an upfront fee for promises of help If the ultimate conclusion is that you are not going to be able to qualify for a loan modification Can not produce income documentation Numbers do not meet underwriting guidelines If you have received a Notice of Default – You can still take control

8. The First And Most Important Steps Determine if you have exhausted all of your other options A free consultation with helpUmodify.org is available to you Work with a Real Estate Agent that has experience listing and selling Short Sales helpUmodify.org has a Nationwide network of experienced agents that we work with and can make all the arrangements We do the negotiation with the lender to keep them informed throughout the process When we communicate with the lender we avoid surprises and have more control over the process

9. CALL OR VISIT TODAY FOR MORE INFORMATION A “Put-You-In-The-Driver’s-Seat” Presentation by www.helpumodify.org www.helpUmodify.org 1-888-271-9767