"American Homeowner Preservation's mission is to help families avoid foreclosure" - AHP Director Jorge Newbery
Chicago, IL (PRWEB) December 06, 2011
American Homeowner Preservation, a pioneering foreclosure prevention firm, has relocated their offices to downtown Chicago, Illinois. Concurrently, Stephen Peterson and Heidi Rogers have joined the American Homeowner Preservation team, bolstering efforts to keep families at risk of foreclosure in their homes. American Homeowner Preservation acquires pools of distressed mortgages and then offers families viable long-term solutions, typically reducing families' housing payments by an average of 40%. In addition, principal reduction options are frequently provided which allow families to settle their mortgages for less than half of what they owe.
“We are excited to bring American Homeowner Preservation to Chicago, one of the financial centers of the United States. American Homeowner Preservation's mission is to help families avoid foreclosure and stay in their homes, and we are optimistic that we will progressively be able us to assist a larger and larger share of the millions of families facing foreclosure,” said Director Jorge Newbery.
U.S. foreclosures increased 14% between the second and third quarter of 2011, following five straight quarters of reduced foreclosures, according to Realty Trac. Over ten million residential properties with a mortgage were in negative equity at the end of the third quarter of 2011, and an additional 2.4 million borrowers had less than 5% equity, according to CoreLogic. As a result, one-in-four U.S. mortgage borrowers now have little or no equity in their homes.
American Homeowner Preservation was founded in 2007 as a 501c3 nonprofit organization. In 2009, the company transitioned to a for-profit model and is privately held.
American Homeowner Preservation is located on the 13th floor of the Monadnock Building, which was the world’s largest office building when completed in 1893. The restoration of the Monadnock “is a nationally acclaimed melding of historic character and modern technology,” according to building management. “The success of the building was the catalyst for an important new business center at the southern end” of Chicago’s Loop, per Wikipedia.