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Chicago’s Foreclosure Struggle: American Homeowner Preservation Works To Rebuild Communities
  • USA - English


News provided by

American Homeowner Preservation

Dec 12, 2014, 09:30 ET

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Chicago, IL (PRWEB) December 12, 2014 -- On Chicago’s South and West sides, many neighborhoods are still being plagued by the fallout from the housing crash and recession. In the city’s Auburn Gresham neighborhood, one in every 362 properties is in some stage of foreclosure. Chicago-based real estate crowdfunding platform American Homeowner Preservation (“AHP”) is working to strengthen communities nationwide by keeping families in homes with loan modifications and by repopulating neighborhoods through REO sales. This week, AHP helped prevent another foreclosure in Auburn Gresham by providing a loan modification for a resident that not only reduced his monthly payments, but provided an option to cut his principal balance by nearly $100,000.

In 2005, Jared took out an adjustable-rate mortgage (ARM) on his brick home in Auburn Gresham for $132,000. Jared’s original monthly payments on the note were for $957.09. With loan terms that could skyrocket at any moment and a housing bust and recession looming, Jared, like millions of others at that time, fell behind on his mortgage payments.

This past week, AHP executed a loan modification for Jared that will help him avoid foreclosure and help swing this community’s foreclosure rate in the right direction. In working with AHP, Jared was able to settle his multi-year delinquency for $2,000 and reduce his monthly payments to just $280. Additionally, Jared still owed $122,495.27 in principal balance when AHP acquired his loan. As the home’s value had plummeted, AHP provided Jared the option to settle his mortgage for just $26,600.

A landscape can speak volumes about a community and, in the city of Chicago, the disparity between community landscapes can be extraordinary. In a 2013 Chicagobusiness.com article, Alby Gallun wrote, “Even as neighborhoods and suburbs to the south and west struggle with abandonment and neglect, downtown Chicago and wealthy northern communities are bouncing back. But vacant homes impose a burden on the entire region, part of a cycle of poverty, violence and dysfunction that drains city and suburban budgets and tarnishes Chicago's image.”

In providing these transformative solutions, AHP is helping hard-pressed communities not only in Chicago, but nationwide. If a home is acquired vacant by AHP, we work tirelessly to re-service the home promptly, as we are well aware of the blight these vacant homes create in communities. It is a long road to recovery for neighborhoods like Auburn Gresham, where the root of the problem goes back well beyond the foreclosure crisis. But in working with homeowners and investors who care to make a difference, AHP hopes to play a role in the step-by-step rebuilding process.

American Homeowner Preservation is a socially responsible investment fund manager which empowers accredited investors to purchase equity in pools of distressed mortgages and earn returns of 9-12%. For further information or inquiries please visit https://ahpinvest.com or call 800-555-1055.

Verria Kelly, American Homeowner Preservation, https://ahpinvest.com/, +1 (800) 555-1055, [email protected]

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