Will a Short Sale Improve My Credit: A short sale is notated on your credit report as a Short Payoff. This indicates to lenders that you took action and attempted to pay off the loan. You were responsible, listed your house for sale and were accountable for your debt obligation. You will be rewarded for this over a foreclosure. A “foreclosure” mark on your credit report puts you in a high risk category because a “foreclosure” describes you as someone who did-n’t take any action or responsibility to repair or address the Notice of Default. Chances are, fu-ture creditors will think you have a high risk of “walking out” on your loans again.

Homeownership Hotline:

1- 866-931-4202

Contact Us Today For A FREE, Confidential Home Ownership Consultation or visit

us on the web at www.mainstreetcapital.org

Short Sale An Alternative to Foreclosure

We can Help!

Call 1-866-931-4202 For a FREE Foreclosure Prevention Consul-tation: Our certified loss mitigation counselors will ana-lyze your situation and set up a plan to help you avoid foreclosure. You’ll get advice and a free foreclosure consultation. Our success rate in help-ing homeowners avoid foreclosure gives us per-suasive leverage with mortgage companies. We know the laws pertaining to foreclosures and re-possessions. In the vast majority of cases, we are able to stop foreclosures quickly.

Its never too late for help, so don't delay —act today!

THE BAD NEWS:

• Michigan home foreclosure rates are among the highest in the nation

• Experts have suggested foreclosure filings in Michigan could double in 2008

• The year to date foreclosure fillings for Michigan have reached over 117,122

• More than 1.2 million American homes

are now in foreclosure • A significant portion of the increase in

foreclosure filings will likely come from the approximately 212,000 subprime mortgages in Michigan

THE GOOD NEWS: • We have helped many distressed

homeowners prevent foreclosure. During your FREE Home Ownership Consulta-tion, we will discuss your options to Stop Foreclosure and answer any questions you may have.

• We are a community based affordable housing agency dedicated to preserving home-ownership.

Call 1-866-931-4202 for foreclosure prevention counseling:

Short Sale: An Alternative to Foreclosure A short sale occurs when a property is sold at a loss because the mortgage lender agrees to accept an offer that is less than what is owed on the property. Once the lender receives the agreed amount, they will release the lien on the property. A short sale is typically viewed more positive than a foreclosure on a credit report and allows the seller to regain homeownership in the future. Not all lenders will accept short sales and the terms of which they will accept them may vary from lender to lender. Before agreeing to a short sale, the seller should understand the terms of the lender.

Why Do Lenders Accept Short Sales : Common reasons lenders agree to a short sale: • New housing bill provides tremendous financial in-centives to lenders who approve short sales to dis-tressed home owners. • The homeowner’s financial position has changed and they cannot afford the property. • The mortgage is past due. • New construction in a particular area has hurt the value of existing homes. • The local real estate market has depreciated in value. • They want to avoid the cost and time required to foreclose. • The condition of the property has deteriorated. • Reduces non-performing asset inventory

Thanks to Main Street

Capital I was able to buy my own home, they pro-

vided the down payment money, and a low interest

mortgage, they got me a deal on a house that I

could not have possibly done on my own. Thank

you very much.

3 Stages of Foreclosure Building Tomorrows Future, Today

#1 Pre-Foreclosure • Short Sale – best option for seller

• Deed in Lieu -

• Loan Modification -

• Forbearance agreement –

#2 Foreclosure • Lender bids to gain control

• Sheriff Deed

• Most Liens are extinguished

• Owners right of redemption

#3 Post Foreclosure • Continued Holding Costs

• Hire A Real Estate Broker (REO’s)

SHORTSALE VS FORECLOSURE

Its never too late for help, so don't delay —act today!

SHORT SALE • Negotiated Settle-

ment • Sellers Credit Bruised • No Attorney Fees • Seller Peace of mind • Buy again in 2 yrs • Liens are negotiated • Minimize credit dam-

age • Avoid public foreclo-

sure

FORECLOSURE • Court Settlement • Sellers credit ruined • Big Attorney Fee • No Peace of Mind • Buy in 7-10 yrs • All Liens Extin-

guished • Risk of lawsuits • Risk wage garnish-

ments