Foreclosure Prevention Event Hosted by American Homeowner Preservation Director

Posted on July 3, 2011 by admin

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.

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BBB: American Homeowner Preservation Gets an ‘A’

Posted on July 3, 2011 by admin

CINCINNATI, OH – April 12, 2011 –

The Better Business Bureau recently gave foreclosure prevention company American Homeowner Preservation (AHP) an “A” rating. AHP provides a short sale leaseback program to families who owe more than their homes are worth.  When existing lenders approve, families are able to short sell and stay in their homes with lease payments averaging 40% less than prior mortgage payments. In addition, participants receive an option to repurchase their homes at amounts averaging 54% less than what was owed on their underwater mortgages

“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,” said American Homeowner Preservation Director Jorge Newbery. “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,” Newbery continued. “We are encouraged by the ‘A’ rating from the BBB.”

23% of all residential properties with a mortgage are underwater with an aggregate $750 Billion Dollars of negative equity, according to a March 2011 CoreLogic report. “The 11.1 Million homes at risk of foreclosure could result in the largest displacement of
American families in history,” said AHP’s Michelle Weadbrock. “Our goal is to keep these families in their homes with affordable leases and favorable options.”

AHP does not charge fees to homeowners. Families seeking assistance are encouraged to contact AHP at (800) 555-1055 or www.ahphelp.com.

Contact:
Jorge Newbery
American Homeowner Preservation
800-555-1055
Email

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American Homeowner Preservation Helps Phoenix Pastor Avoid Foreclosure

Posted on July 3, 2011 by admin

April 6, 2011 — Ines Silva has been a Pastor for over 35 years, guiding hundreds of families through the challenges which they encountered. Yet, when the Silva family found themselves at risk of losing their home of twenty years to foreclosure, Pastor Silva turned to American Homeowner Preservation to provide a long term solution to his family’s crisis. As a result, the home was sold for $32,000 to an AHP investor, who provided the Silva family a five year lease to stay in the home at $639 monthly, 40% less than their $1,064 mortgage payment. In addition, the Silva family received a recorded option to repurcase their home at $36,800, 75% less than their prior $152,000 mortgage balance.

“The entire process was surprisingly very simple. When we saw an initial presentation about the program and how much money we were going to save, it was hard to believe that the bank would allow us to sell our house to an investor and allow us to buy it back at today’s market value,” said Pastor Silva. “Overall, we love AHP for helping us save our home. Bottom line, we are blessed for what AHP has done and would recommend that anyone going through tough times take a chance and let AHP help them,” he continued. “AHP is pleased to be able to keep families in their homes with a win-win solution for homeowners, investors and lenders. To help a family such as the Silvas, who have dedicted their lives to their community, is particularly gratifying,” said AHP media director John Wills.

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American Homeowner Preservation Buying Pools of Defaulted Mortgages & REO’s

Posted on March 29, 2011 by admin

When American Homeowner Preservation was first conceived, the vision was a solution which benefited homeowners, investors as well as existing lenders. In practice, homeowners and investors have recognized the advantages and have responded mightily. However, AHP’s offers of prompt resolutions which maximize lenders’ recovery on their troubled mortgages have generally been poorly received by lenders. As a result, approximately 15% of AHP short sale offers are ultimately approved by lenders and a great deal of time and effort is spent trying to resolve the other 85% of applicants who ultimately cannot be assisted due to lack of cooperation from existing servicers.

To solve this challenge, AHP has been bidding to acquire pools of REO’s and subperforming mortgages at large discounts. By gaining control of the REO’s and mortgages, AHP can then approach each family and offer them an AHP Lease/Option if they want to stay, or an incentive payment if they want to move.

If the family does not want to stay or the home is vacant, the home is marketed through local real estate agents to sell promptly at discounted prices to cash buyers. Because the pool properties are purchased at substantial markdowns, they can be resold at wholesale prices and still generate a good return.

This approach creates a built-in pool of potential AHP clients. Effort now squandered in dealing with uncooperative servicers and lenders can be better spent providing families with long-term solutions to stay in homes in which AHP has taken over the lender position. Ideally, acquisitions of REO’s and delinquent note pools will become the primary driver of families to AHP.

AHP completed their first note pool purchase in February and dispositions have proven successful. Now, AHP has entered into a rolling contract with a large bank to acquire their REO’s, the majority of which are still occupied. The REO’s are expected to continue to be acquired on an ongoing basis.

In a quest to keep AHP a Main Street solution without the poison which comes from Wall Street money, AHP is utilizing private investors to fund the REO and Note purchases. Investors receive assignments of the Notes and Defaulted Mortgages, or Participation Agreements and Security Agreements on the REO’s. Due to the anticipated short 14 – 90 day life of most of these investments, the annualized returns are projected to be significant. Investment sizes range from $9,000 on up, well within the reach of many investors. AHP puts 10% down each acquisition and, due to the time value of money, AHP and investors both have the incentive to turn over investment funds as fast as possible. Also, bridge investors receive the first right to acquire the homes of those families who choose to stay with an AHP Lease and Option.

American Homeowner Preservation is excited about this next step in their evolution.

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Robo-Signer Misdeeds May Help Homeowners

Posted on March 10, 2011 by admin

Lenders and their accomplices utilized hundreds of Robo-Signers to improperly execute millions of documents. These inappropriate and potentially criminal acts are helping some homeowners stay in their homes by voiding foreclosures and, in some cases, muddying ownership of mortgages. With modest effort and minimal expense, homeowners at risk of foreclosure can determine if a Robo-Signer executed any documents pertaining to their mortgage. Armed with this information, homeowners in all 50 states may be able to get courts to stop or even reverse foreclosure actions.

In judicial foreclosure states, copies of pertinent documents are usually filed by lenders as part of the foreclosure court case. These are available from the court clerk, and are frequently attached to the Summons and Complaint which homeowners are served with when the foreclosure action is filed. Homeowners should check if Robo-Signers executed the Affadavits and Assignments. In non-judicial foreclosure states, Notices of Default are usually mailed to the homeowner shortly after filing. Homeowners should check for Robo-Signers on the Notice of Default as well as Assignments, which are available from the local County Recorder.

Once the documents are located, homeowners can reference the Alleged Robo-Signer directory below or search online by inputting the signers’ names follow by “Robo-Signer” to identify if there have been any allegations against the signers.

If homeowners get a match, they may be able to allege that the signer did not properly verify all of the information represented in the documents and did not have the capacity to sign the documents. As a result, the documents are defective and invalid. As the foreclosure action was based on these documents, the foreclosure action is also defective and invalid.

Judges are not typically giving homeowners their homes mortgage-free as a result of violations. However, lenders may be required to restart the foreclosure process in a proper manner and prove ownership of the mortgages. This may create sufficient leverage for homeowners to receive a favorable loan modification, approval on an American Homeowner Preservation short sale, or other long-term remedy which keeps families in their homes.

 

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It’s Not A Wonderful Life After All

Posted on March 10, 2011 by admin

So if you have been following the real estate news, you would have found out that Ocwen,
has foreclosed on a Policeman in Akron, OH.  My question is what has the world come to, where banks don’t have hearts anymore. Personally the world would be a lot better place if we were to go back to a time where everything was like the Jimmy Stewart’s classic movie “It’s A Wonderful Life”. He worked for a bank that actually cared  about the customers and tried everything in his power to let them stay in their homes, he even almost went broke trying to help.

Now on the other end of the spectrum, most banks today are exactly like Potter; stubborn, greedy, and don’t care about anyone else. However, we all know how the story ends. Eventually good overcomes evil. So a message to all of the banks that lack human emotion, “Your day is coming, and once people realize what you are doing to them, watch out.”

Check out the article @ American Homeowner Preservation

 

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Ocwen Forecloses on Policeman

Posted on February 17, 2011 by admin

On Friday, Ocwen refused last-minute pleas from American Homeowner Preservation and others to allow an Akron policeman and his family to stay in their home of 14 years. At 10AM, the Summit County Sheriff’s Department conducted their sale with a starting bid of $52,000. As there were no bidders, Ocwen will take ownership of the home, evict the policeman and his family, scarring this modest Akron, Ohio neighborhood with yet
another vacant bank-owned home.

Tragically, this foreclosure could have been prevented. Ocwen had approved a $43,000 short sale through American Homeowner Preservation, but insisted that “neither the Buyers and Sellers nor their Agents have any agreements written or implied that will allow the Seller to remain in the property as renters or regain ownership of said property at any time after the execution of this short sale transaction”. This provision did not allow AHP to proceed with the purchase, as AHP’s program provides a lease and option to the family to allow them to stay in their home and eventually repurchase. In an email to AHP today, an unidentified Ombudsman at Ocwen wrote “Ocwen will not waive this requirement.  The foreclosure sale of the property is scheduled for today, January 7, 2011, and Ocwen will not postpone the sale for a potential short sale.”

The U.S. Treasury has committed $1,143,252,740 of Mortgage Servicer bailout funds to Ocwen as incentive payments to complete mortgage modifications. “Many families are unable to qualify for modifications and look to solutions such as AHP to stay in their homes. The $43,000 AHP short sale would have assuredly netted more to Ocwen and their investors than they will ultimately net by foreclosing and evicting this family,” said AHP’s John Wills. “Our hope now is that Ocwen will sell this REO to AHP. There is still a small chance that this family can stay.”

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Church Beats Foreclosure

Posted on February 14, 2011 by admin

Ministerio El Shaddai, the North Phoenix church which faced foreclosure last August, will be able to stay in their current facility as a result of an American Homeowner Preservation short sale leaseback. The church’s lease payment of $759 is 50% less than their prior $1,500 mortgage payment with One West Bank(formerly Indy Mac). In addition, the church received an option to repurchase at $48,300, a 74% discount off their prior $184,500 mortgage. One West made an exception to their arm’s length short sale policy to allow the seller, Pastor Edgar Vanenzuela, to have an interest in the entity receiving the lease and option, Ministerio Mi Familia Corporation.

“We stayed strong in faith while waiting for the outcome  and God will bless AHP and One West for their works. This is truly a miracle,” said Pastor Valenzuela. “They can’t believe that AHP was able to save the church. This is unheard of according to many church members. All they see is banks stealing homes from them, and they saw Indy Mac(now One West) no differently and assumed the worse,” added Gilbert Bivens of Aztec Financial Resources.

Media coverage of the church’s August foreclosure scare attracted many new congregants to the church. “90% of the seats are full every Sunday,” said Pastor Valenzuela. As a result, church finances have improved significantly.

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ING Direct Blacklists American Homeowner Preservation

Posted on January 5, 2011 by admin

 

ING Direct, the Dutch-bank and internet-based mortgage lender, has objected to American Homeowner Preservation’s program to keep families in their homes, and ING will no longer consider AHP short sales. “ING DIRECT will also be adding your company to our exclusionary list as your company strictly finds investors to keep sellers in their home, while the bank takes a significant loss.  This is against ING DIRECT’s short sale policies and guidelines, and as such you will no longer be able to work on this short sale file or any future ING DIRECT accounts,” Adam Agostinelli of ING Direct Retail Asset Management advised in an email to AHP. “We are disappointed in ING’s failure to recognize that AHP’s program can reduce ING’s losses and concurrently keeps struggling families in their homes,” stated AHP’s Michelle Weadbrock.

Although ING Direct President Arkadi Kuhlmann (pictured atop motorcycle) has rightfully bragged of ING’s lower-than-average 2.88% default rate, ING did require a bailout by the Dutch government and has recently been accused of violating federal truth-in-lending laws. In addition, Kuhlmann states that “the European Commission has mandated that we be sold by 2013” as part of a move to break up large financial institutions. Is now the time  for ING Direct to amend their short sale policies so that maximizing ING’s recovery while allowing families to remain in their homes is an option?

ING_pic

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Woodland Meadows Blog Day #2

Posted on November 30, 2006 by admin

www.solvewoodlandmeadows.com had 459 views on its first day, so I am glad to see that our message is spreading! I am also pleased that we received a few comments, all supportive, as well as quite a few emails advising that the blog is a productive way to get the truth out, and I even had subscriptions to the blog!a

Traditional media tends to edit quotes and meanings get sensationally twisted. For example, on Monday I told Mark Ferenchik of the Columbus Dispatch something to the effect of “The unfortunate byproduct of the City taking an aggressive rather than a cooperative approach is that the City will continue to see 122 vacant buildings for a year or more while this winds through the courts”. However, when this made the paper Tuesday, the quote read “The City will continue to see 122 vacant buildings for a year or more while this winds through the courts”. This read like a defiant statement and I sounded like abit of a jerk, which probably makes for better news. I still like Mark – I think he is genuine, but he has a job to do.

I would wager that all 122 buildings will come down eventually. My investors will even pay for it – they have offered to do so before, but only in the context of a global resolution to Woodland Meadows which the City is a party to. Otherwise, they spend the 2Mil to demolish and never get it back, let alone the monies already invested. If there is an agreed-upon redevelopment in which the cost of demolition is one of the uses of new project funds, then that makes for a viable solution and we could be pulling demolition permits as fast as the City can print them. However, what is not going to happen is that the City demolishes the 122 buildings and then files a lien for the cost. This further dilutes our equity position and is an unacceptable outcome. Thus, we will be in court protecting our interests. It really is a shame that the City has such a beef with me, because you would think that if we all sat down in a room, we could probably resolve this rather quickly – I think all sides feature some sharp and creative minds.

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