What is American Homeowner Preservation

American Homeowner Preservation is a for-profit organization that helps to keep homeowners in their homes when they are at risk of foreclosure. The company was originally a non-profit organization that sought funding from the Summit County Port Authority (though, funds were later denied) before becoming a for-profit. The company works with lenders to short sell a home, then find an investor to purchase the home at a steep discount. The investors and homeowner sign a five-year lease and the homeowner has an option to repurchase at a much lower price. The program liquidates troubled mortgages from large lenders and servicers, provides 18%+ returns to investors and keep homeowners in their own home with an option to repurchase at a favorable price. The recent Cash for Clunker Mortgages program is the companies large scale effort to expand by providing indicative bids on lender assets and purchasing them. By doing so, the company can ensure the homeowner stays in their home. You can learn more about the program at the company's website, AHPHELP.com/clunkers.

The Judge Says;

American Homeowner Preservation Inc. (also known as AHP) was established in October 2007 as non-profit organization focused on helping homeowners at risk of foreclosure stay in their homes. The California based group believed that prices on the West Coast still had a long way to drop, so efforts were focused in Ohio. Thus, in May 2008, an office was opened in Cincinnati. In August 2008, AHP received their 501(c)(3) designation as a nonprofit from the Internal Revenue Service. Envisioning that AHP would be financed with tax exempt bonds, AHP sought the assistance of the Summit County Port Authority. Summit County Port Authority unanimously passed an inducement resolution contemplating the issuance of 12.5 million dollars in tax-exempt bonds. In the present foreclosure crisis, Ohio has traditionally been one of the states with the largest amount of foreclosures and sheriff sales according to Realty Trac, the leading source in foreclosure and REO real estate. However, citing concerns about the Board and backers of AHP along with a challenged bond market the bond resolution was rescinded in February 2009. American Homeowner Preservation transitioned into a for-profit organization in July 2009, seeking to match investors with homeowners at risk of losing their homes.

American Homeowner Preservation - Wikipedia, the free encyclopedia