Quantcast

American Homeowner Preservation Modifies Mortgage for Homeowner Struggling with Skyrocketing Payments - 12 News KBMT and K-JAC. News, Weather and Sports for SE Texas

American Homeowner Preservation Modifies Mortgage for Homeowner Struggling with Skyrocketing Payments

Posted:

This article was originally distributed via PRWeb. PRWeb, WorldNow and this Site make no warranties or representations in connection therewith.

SOURCE:

American Homeowner Preservation recently modified the mortgage for a homeowner struggling to make payments on a predatory adjustable-rate mortgage.

Chicago, IL (PRWEB) July 14, 2014

The foreclosure crisis is not over for millions of homeowners, and American Homeowner Preservation (AHP) continues to use impact investing as a means to help borrowers with predatory adjustable-rate mortgages (ARMs). ARMs are being weaved back into the fabric of the nations housing market after incurring much of the blame for the foreclosure crisis, this time with a stricter set of guidelines for borrowers to qualify. Yet before the housing market crashed, one of the most common mistakes borrowers made was buying into the pitch that subprime ARMs were a good fit for their situation.

Following the death of his father, Eric moved into his home at the age of 22. Three years later, Eric refinanced the home into an ARM. It was a bad deal, they got me on an adjustable rate, Eric said. I was young-- I didnt know what I was doing. I wanted to keep it, but when the payments started going up, I couldnt afford them.

Once Erics payments became unmanageable, he attempted to reach a modification with his lender, but found that they were unwilling to work with him. He began receiving notices of foreclosure, but when he contacted his original lender, Eric discovered his loan had been sold. The foreclosure notices stopped and Eric went years without hearing from a lender.

After so long, you dont know what to do because theres nobody to talk to, theres nobody to call because you dont know who has it, Eric said. You cant afford to get caught back uptheres no way. So youre kind of lost in the shuffle.

AHP eventually purchased Erics mortgage, and with the loan in default, Eric was still at risk of foreclosure. AHP, however, was willing to work with Eric and offered him several options, including a loan modification. AHP was able to settle Erics several years of delinquent payments for $2,000 and lower his monthly payments from $481.37 to $340. Additionally, Eric now has the option to settle his previous unpaid principal balance of $57,261.22 for $32,300.

AHP is able suppress the spread of foreclosure by using real estate crowdfunding to purchase pools of distressed mortgages from banks and lenders at significant discounts. Through resolutions such as loan modifications, settlement options, and deeds in lieu of foreclosure, AHP ensures that borrowers are not financially destroyed by foreclosure and receive sustainable solutions.

American Homeowner Preservation empowers accredited investors to purchase equity in pools of distressed mortgages to earn returns of 9-12%. Our goal is to help secure your future by securing someone elses. For further information or inquiries please visit http://www.ahpinvest.com or call 800-555-1055.

For the original version on PRWeb visit: http://www.prweb.com/releases/2014/07/prweb12013572.htm

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.

Powered by WorldNow

Newsroom: (409) 838-1212
Front Desk: (409) 833-7512
News Fax: (409) 981-1564
News Email: 12News@kbmt12.com

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KBMT. All Rights Reserved.
Users of this site agree to the Terms of Service, Privacy Notice/Your California Privacy Rights, and Ad Choices.