Chicago, IL / myprgenie.com / ACCESSWIRE / June 09, 2014 / As the city of Detroit maps out its plan to demolish 70,000 blighted structures at an estimated cost of $850 million over the next five years, American Homeowner Preservation ("AHP") took another step in solving the cause of blight by helping a Detroit-area man avoid foreclosure. By modifying Morris's mortgage, AHP was able to help prevent yet another vacant property in the Detroit-area, and possibly one less blighted home to tear down.
Following the death of his sister, Morris moved into her home in Pontiac, MI, just outside of Detroit, to keep it up. However, when Morris began the process of assuming his sister's mortgage loan, he discovered the property was at risk of foreclosure. AHP had acquired the loan and was willing to work with Morris to find a solution. Morris could now settle the principal balance of $96,655.11 for $11,875 and modify his monthly payments from $511.25 per month to just $125.
Detroit's surrounding areas, like Pontiac, have also adopted demolition as a solution for blight. Many of the decayed properties are a result of homeowners who could not find help during the crisis. The Hardest Hit Funds (HHF) was a government program created in 2010 to help these distressed homeowners avoid foreclosure. Now these funds are being used to tear down the homes in Detroit that they were originally designated to save.
AHP uses a crowdfunding model to purchase pools of discounted mortgages from lenders and provides accredited investors 9-12% returns in the process. These mortgages are secured by properties nationwide, so while investors are receiving solid returns on investment, they are simultaneously contributing to the overall housing market recovery.
American Homeowner Preservation started in 2008 as a 501c3 nonprofit and now operates as a socially responsible hedge fund powered by crowdfunding. AHP purchases pools of nonperforming mortgages from banks at big discounts and offers sustainable solutions to homeowners to keep them in their homes. To learn more about AHP, visit https://ahpinvest.com, call 800-555-1055 or email [email protected].
Contact: Verria Kelly, [email protected], 800-555-1055
SOURCE: American Homeowner Preservation