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!
WHAT IS LOSS MITIGATION:
Loss Mitigation is a process to avoid foreclosure.
In this process, the lender tries to help a borrower
who has been unable to make timely mortgage
payments and is in danger of defaulting on his or
her mortgage. As a gen-
eral rule, lenders only be-
gin foreclosure when all
else fails. Lenders work
with Loss Mitigation
Counselors and Housing
Counseling Agencies for
ways to assist homeown-
ers having financial diffi-
culties; however, their ability to assist the home-
owner declines with each missed payment.. The
easiest way to cure a delinquency is to pay the
lender everything that is owed. This includes
missed payments, any late fees associated with
the payment and any other fees which the lender
charges as a result of the delinquency. When this
is not possible, Loss Mitigation provides alterna-
tive ways to help homeowners avoid foreclosure.
Mortgage
THE BAD NEWS:
Trouble
We Can Help,
Loss Mitigation Guide
• 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
HOUSING HOTLINE
home-ownership.
1- 866-931-4202
Contact Us Today For A FREE, Confidential
Home Ownership Consultation or visit
us on the web at
www.mainstreetcapital.org
 How To Prevent Foreclosure
Thanks to Through Loss Mitigation
Main Street
Capital I was able to buy
1. Repayment my ownDevelop
Plan— home,a they pro-
written agreement
between the borrower
vided the down paymenthow to
and lender outlining
handle missed payments. Generally, these agree-
money, and a low interest
ments require higher payments than the regular
mortgage amountmortgage, they
for a short gotofme
period timeauntil the
loan is broughtdeal on a house that I
current.
could not have possibly
2. Forbearance—done Theonlender will allow
my own. borrowers a
Thank
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 involves
prevention 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 a

A Growing Concern
Foreclosure is a real issue for our country and more
importantly, the state of Michigan. We are living in
the worst housing slump since the great depres-
sion. Not only does foreclosure have a disastrous
impact on families, it affects entire communities.
One child in every classroom in America
is at-risk of losing his or her home be-
cause their parents are unable to pay
their mortgage.
If you are considering filing bankruptcy to save your
home, it should be a last resort option.
You have that right, but it may not be the best solu-
tion: Typically, a servicer can’t offer relief while the
property is under protection of the bankruptcy court
or once a bankruptcy is discharged without reaf-
firmation. Also, lenders can offer relief options that
the bankruptcy court can’t. If the bankruptcy is dis-
charged, although they are no longer personally
responsible for the debt, the servicer can and will
foreclose if the borrowers don’t make payments.
Call MainStreet Capital Housing Today
at 1-866-931-4202.
method of transferring a house to a new buyer who
agrees to take responsibility for (assumes) the existing
mortgage. Not all mortgages are assumable, so this
option must first be discussed with the servicer.
6. Short Sale—A short sale is the sale of a property
in which the lender agrees to accept the proceeds of
the sale, even though it may be less than the amount
owed on the mortgage. This is the best option for
home owners unable to refinance.
7. Deed-in-lieu of foreclosure--A deed-in-lieu of
foreclosure takes place when borrowers voluntarily
gives the deed to the property to the lender.