Workshop explains the elements of avoiding foreclosure during real estate and mortgage market downturn.

MacElree Harvey attorney Michael G. Louis has presented numerous workshops locally on the components of a "short sale," the sale of a property at a value less than what is owed on it. This process is an alternative to foreclosure and offers an opportunity for both homeowner and mortgage lender to quickly close out the bad debt and avoid the fees typically involved with a foreclosure and sheriff's sale. Recent market conditions both in the real estate and lending arenas have led to a rise in the request for short sales of properties. An article, authored by Michael, outlining the details of a short sale appears in this newsletter.

Participating in the workshops have been Beiler Campbell real estate agents, lawyers and realtors with the Chester County Bar Association, and the Chester County Investors Club. Another event is scheduled for later this spring with the Suburban West Realtors Association.

Michael is a Partner with MacElree Harvey and is a commercial litigator concentrating on real estate, bankruptcy and creditors' rights.

A graduate of the University of Delaware and Dickinson School of Law, Michael serves as President of the Interfaith Housing Assistance Corporation, is a member of both the Chester County and Pennsylvania Bar Associations, is a member of the BNI Referral Network, and is Past President of the West Chester Lions.