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.
