American Homeowner Preservation Helps Keep Veterans In Their Home

We came across AHP while out looking for a place to rent since our house was scheduled for sheriff's sale. We had been working for months with a loan modification company. The only thing they did for us was take our money. We told our story to the landlord of a prospective rental home and he hooked us up with AHP. We can never thank him or AHP enough. AHP and Jorge Newbery went above and beyond to help us stay in our home. We now have the opportunity to purchase our home back in a few short years. My husband and I settled in our home after returning from military service overseas. Our children have grown up here and we have all established deep roots in the community. It would have been devastating to move. Thankfully, we no longer have to worry about that. We did plant our Blossoming Cherry tree that we promised our children if we stayed here. It is very beautiful and has blossomed for the first time this summer. I would tell others going through the same thing that we did to not give up. They should not allow their desperation to steer them in the direction of unscrupulous loan modification companies. AHP is the all that they say they are and then some. Thanks to the grace of God and AHP we are able to stay in our home and continue making memories.

We Saved Another One!!

AHP helped us save our home. Without the help of GOD first, AHP and the our real estate lawyer, the bank would of foreclosed on our home. I was laid off of my job in December 2010 and could not qualify for any bank program, which we couldn’t afford anyway. My husband and I owed $192,000 on our home and AHP negotiated the sale for $60,000, approx 70% savings. Now we can get our home back at an affordable price and we never had to move. Our friends and family didn’t believe the program would work, but now they have seen the results for themselves. The people at AHP really work hard for their clients. I have never seen such wonderful customer service and dedication in the owners and staff at AHP. We are constantly recommending AHP to our friends and family who are facing a similar situation. 

American Homeowner Preservation Acquires 6.6MM of Non-Performing Mortgages

American Homeowner Preservation LLC completed over $6,600,000 in non-performing mortgage and REO acquisitions in June, bringing year-to-date acquisitions to over $10,000,000.  AHP has utilized private investors to fund these acquisitions from both banks and hedge funds. By taking control of the mortgages or occupied REOs, AHP can craft solutions to keep families in their homes. Thus far, AHP has cut monthly payments by an average of almost 40% and provided options to families to repurchase their homes at prices averaging 63% less than their prior mortgage balances.

"Each family has a unique set of circumstances, dictating customized resolutions," said AHP Director Jorge Newbery.  "Traditionally, government, banks and servicers have tried to apply one-size-fits all solutions to these millions of families, and the results have been disappointing for all. AHP approaches each family, asks them what they want and what they can afford, then concocts a solution which makes sense for the family, AHP and our investors.  AHP's priority is what makes sense for the family, not what makes the most money for AHP or our investors.  We can provide fantastic solutions for struggling families and still generate strong returns for AHP investors. The two are not mutually exclusive."

AHP's most common fix is a short sale leaseback of the home to an investor who agrees to provide an affordable lease and favorable repurchase option to the family. AHP provides counseling during the five years lease term to maximize the likelihood that the family will qualify for financing to repurchase.  "I wasn't able to pay my mortgage because I lost my warehouse job at a supermarket. The company closed after I worked there two years. AHP really does help people to not lose their homes," said Antonio Diaz of Dallas, whose monthly payment dropped from over $800 to $461 and who can repurchase for $19,780 the home which previously secured his $59,850 mortgage.

Unlike many mortgage holders, AHP encourages non-arm's length transactions.  One Indianapolis family owed over $100,000 on their mortgage. When AHP offered to have an investor buy the home for $22,000 and leaseback to the family, the homeowner proposed that his brother come up with the $22,000.  "My brother was able to buy my house and now I'm now renting from him. I wasn't able to pay my mortgage because I lost my job after the company shut down. I was there for four years, then my interest rate increased and my lender wouldn't let me do a loan modification. Now I paint houses but, unfortunately, there's not a lot of work or money. Still, I can pay the rent that was set up with my brother and AHP. I'm very pleased how everything turned out," said former homeowner turned renter Martin Jiminez.

In some cases,  AHP can cut principal and modify the loan. "I feel like this was an answer to my prayers. I work as an interventionist for Memphis City Schools during the school year, but these past summers I haven't found a summer job. I ended up using all my savings and not being able to afford my home. The whole AHP staff was very instructional," said Angela Johnson, whose $59,000 mortgage balance was reduced to $24,000 and $750 payment dropped to $400.

AHP has agreements to acquire over $19,700,000 in defaulted mortgages in July. "The banks and hedge funds selling these nonperforming mortgages want reliable buyers who close on time at fair prices. As we continue to perform, we are being offered larger and larger pools," continued Newbery.  "We look forward  to keeping  more and more struggling families in their homes with realistic long-term solutions, while providing our investors the ability to earn favorable returns in a socially responsible manner."

American Homeowner Preservation can be contacted at (800) 555-1055 or www.ahphelp.com.

Foreclosure Prevention Event Hosted by American Homeowner Preservation Director

Jorge Newbery, director of American Homeowner Preservation, will be presenting a free "Facing Foreclosure?" workshop in the Pleasant Ridge neighborhood of Cincinnati on Thursday, June 23rd, at 6:30 p.m. Homeowners at risk of foreclosure are invited to attend and learn more about the foreclosure process and resources available to avoid foreclosure and stay in their homes.
"Educating homeowners about their options is critical to keeping families in their homes," said Newbery. "Every family has a unique set of circumstances, dictating a customized resolution. Government, banks and servicers have tried to apply one-size-fits-all solutions to these millions of families, and the results have been miserable for all involved. The solutions offered to families are tailored as solutions for the banks and then are imposed on the families. The reverse is what works: find a solution for each individual family, and then try to make it work for the bank."
Ohio ranks with the 11th highest state foreclosure rate in the nation with one in every 486 Ohio housing units receiving a foreclosure filing in November 2010, according to Realty Trac, In addition, 21.6 percent of the 2,200,773 mortgages in Ohio are secured by homes worth less than the mortgages, according to Core Logic's 2010 Negative Equity Report.
Newbery is Director of American Homeowner Preservation which, since 2008, has helped dozens of Ohio families save their homes as a result of foreclosure prevention efforts. "I have four children and do everything I can to fight and hold on while looking for work and maintaining the home for my children," said David Droge, 47, who was assisted through the AHP program. Laid off from his job in flight operations and owing $201,000 on his Akron home now worth under $100,000, "I was left with not many options" to pay the $1,700 mortgage payments. American Homeowner Preservation was able to get Droge's existing lenders to approve his short sale and Droge's lease payments are now $958 plus he has a recorded option to repurchase his home for $59,668.
Many families do not fare as well as Droge due to resistance by many lenders to provide equitable solutions for families. Still, this workshop will discuss steps which struggling families can take in order to maximize the likelihood of keeping their homes. The event will be held 6:30 p.m. - 7:30 p.m. Thursday, June 23rd at the Pleasant Ridge Community Center, 515 Ridge Avenue in Cincinnati.

Real-Life Working Miracles

f real people with real hearts ran the big banks, then America could be a much better place. We should be proud when AHP investors make gestures such as this...

The Tipton Trust has instructed Ms. Johnson to
NOT pay the $400 for June...Use instead as
charitable donation to her church for flood and tornado
relief in the Memphis area...The least the trust could
do for all the misery in her town...

How to Qualify for Mortgage after Short Sale or Foreclosure

Millions of American families have emerged from the housing crisis with severely damaged credit. Short sale, foreclosure, delinquency, deed in lieu, mortgage modification and/or bankruptcy can all have significant negative impacts on a family's credit. In most cases, families will need to wait two to three years before qualifying for a new mortgage.

During this wait period, families will need to reestablish their credit and finances utilizing tools such as credit repair, secured credit cards, alternative credit and budgeting.

Credit repair services such as Lexington Law offer to "legally repair your credit and raise your credit score by removing bad credit." This generally involves disputing negative entries on your credit report with the expectation that these items will be reported more favorably or removed altogether. Lexington's fee is $99.95 to set up, then $49.95 - $89.95 monthly, depending on the service level chosen. There are many similar services and you can even dispute items on your own by obtaining a free credit report and writing letters to creditors disputing what they report. The goal is to increase the credit score to at least 620 - 640, which is the minimum to qualify for FHA financing.

Secured credit cards can be used effectively to increase credit scores. With a secured credit card, you deposit an amount in a bank account and then receive a Visa or Master Card with a credit limit equal to the deposit. For instance, you deposit $200, and then you can use the credit card for up to $200. You cannot withdraw your $200 until you close the account, or your issuer allows your credit card to become unsecured due to improvement in your qualifications.

Obtaining three secured credit cards with modest deposits is typically most effective. Use the cards frequently and pay at least the minimum payment each month but, for best results, do not pay off. Carry a balance and have new charges on each card every month. You are building a track record of responsible usage and regular payments, which reports more positively than non-use or paying off each month. These cards all report to the credit bureaus without distinction between a secured or unsecured credit card. One caution: expect fees to be high relative to unsecured credit cards, as well as typically higher rates of interest, with some even requiring a fee if you make your online payment less than two days before the due date. Nevertheless, secured credit cards can represent a pro-active and cost-effective means to improve your credit score.

Alternative credit such as positive payment histories from landlords, utility providers, cable TV and similar creditors may not show up on a credit report, but can be powerful evidence of families' restored creditworthiness. Typically, FHA will accept alternative credit in their underwriting. 

Crafting a budget and listing every dollar of income in one column and every dollar of expense in another is useful in helping families more easily identify expenses which can be reduced or eliminated. The extra funds may be needed: although down payments on FHA and similar programs are still in the 3 - 5% range, lenders may require larger down payments in the future. However, the steep price declines in many markets may help offset these increases: a 5% down payment on a 2006 $150,000 Florida home equaled $7,500, which equates to a 20% down payment on the same Florida home selling in 2011 for $37,500. 

Families with credit damaged as a result of the housing crisis are encouraged to start the rebuilding process early and to remain disciplined in executing their plan. The modest extra effort to make the right choices each day may well be rewarded with a relatively prompt return to homeownership.

American Homeowner Preservation Helps Short Sale Families Qualify for Mortgages

American Homeowner Preservation helps keep families in their homes by arranging short sales to investors, who provide affordable leases and favorable repurchase options to the selling families. Most families participating in AHP's program have severely damaged credit and will need to wait at least two to three years before qualifying for a new mortgage. During this wait period, families can maximize their likelihood of qualifying to repurchase by reestablishing their credit and finances utilizing tools such as credit repair, secured credit cards, alternative credit and budgeting.

Credit repair services such as Lexington Law offer to "legally repair your credit and raise your credit score by removing bad credit." This generally involves disputing negative entries on your credit report with the expectation that these items will be reported more favorably or removed altogether. Lexington's fee is $99.95 to set up, then $49.95 - $89.95 monthly, depending on the service level chosen. There are many similar services, and one can even dispute items themselves by obtaining a free credit report and writing letters to creditors disputing the charges. The goal is to increase the credit score to at least 620 - 640, which is the minimum at which you may qualify for FHA financing.

Secured credit cards can be used effectively to increase credit scores. With a secured credit card, you deposit an amount in a bank account and then receive a Visa or Master Card with a limit equal to the deposit. For instance, you deposit $200, and then you can use the credit card for up to $200. You cannot withdraw your $200 until you close the account, or your issuer allows your credit card to become unsecured due to improvement in your qualifications.

Obtaining three secured credit cards with modest deposits is typically most effective. Use the cards frequently and pay at least the minimum payment each month but, for best results, do not pay off. Carry a balance and have new charges on each card every month. You are building a track record of responsible usage and regular payments, which reports more positively than non-use or paying off each month. These cards all report to the credit bureaus without distinction between a secured or unsecured credit card. One caution: expect fees to be high relative to unsecured credit cards, as well as typically higher rates of interest, with some even requiring a fee if you make your online payment less than two days before the due date. Nevertheless, secured credit cards can represent a pro-active and cost-effective means to improve your credit score.

Alternative credit such as positive payment histories from landlords, utility providers, cable TV and similar creditors may not show up on a credit report, but can be powerful evidence of families' restored creditworthiness. Typically, FHA will accept alternative credit in their underwriting.

Crafting a budget and listing every dollar of income in one column and every dollar of expense in another is useful in helping families more easily identify expenses which can be reduced or eliminated. The extra funds may be needed: although down payments on FHA and similar programs are still in the 3 - 5% range, larger down payments may be required. However, the steep price declines in many markets may help offset these increases: a 5% down payment on a 2006 $150,000 Florida home equaled $7,500, which equates to a 20% down payment on the same Florida home selling in 2011 for $37,500

Families with credit damaged as a result of the housing crisis are encouraged to start the rebuilding process early and to remain disciplined in executing their plan. The modest extra effort to make the right choices each day may well be rewarded with a relatively prompt return to homeownership.

To learn more about American Homeowner Preservation, visit www.ahphelp.com or call 800-555-1055.