Tag Archive | “Ohio”

American Homeowner Preservation Incorporation

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This is the organization facilitating the Home-owners in United States Of America in Mortgaging their property. It initially formed as Non-profit organization in 2007 and worked with tremendous efforts. Ohio , a state of America, had a great Real State Business. So office of the organization was opened in Cincinnati. consumerscrewed_1

Soon it got the exemption of tax under 501(c)(3). Soon After this  Summit County Port Authority helped AHP (American Homeowner Preservation). Authority  issue tax-exempt bonds for the AHP. but afterwards some other concern authority protest against this resolution of tax-exempt bonds. and in February 09, the resolution dissolved. and  American Homeowner Preservation becomes for-profit organization in July.

Overview of American Homeowner Preservation :

Starting and Financing Problems:

AHP formed in 2007 by Emily Gomez who was facing serious financial crisis at that time. nobody as such helped her. This situation brought the Idea of AHP in her mind. at start there are difficulties in funding of AHP. Then Summit County`s resolution helped them in form of tax-exempt bonds. it helped her greatly but due to some reasons with Summit Authority, this Bond resolution was rescinded. Then AHP becomes a for-profit organization. and now Instead of using bond funding to purchase homeowners homes, the program now matches investors to purchase the homes on short sale.

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U.S. Housing Market Ravaged By 1.5 Million Record Foreclosure Filings

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U.S. Housing Market being hit badly by the sheer volume of houses going into foreclosure hit a new record a 1.5 Million Foreclosure Filings. Recent job losses and falling property hikes deepened the house market recession.

More than 1.5 Million home owners’ received an auction notice or default or were seized by banks in the last six months through June, according to the Irvine, a California-based seller of default data. A huge 15 percent hike from the year earlier. 1 in 84 of U.S. households received a filing.foreclosure

According to Richard Green, director Lusk Center for Real Estate at University of Southern California ; “People are losing their jobs, seeing their income go down and are underwater on their mortgage……….. It’s a toxic combination”.

20 major major U.S. metropolitan areas suffered a drop in housing prices, almost 18.1% drop in April from a year earlier, according to the S&P/Case-Shiller index. Also, the unemployment rate climbed to 9.5% in June, a record since 1983, bringing number of lost jobs to a total of almost 6.5 Million since the economic slump (started in December 2007), the Labor Department said.

Default spread through Borrowers with poor credit histories spurred for the housing market recession and spread next to the prime borrowers as sales decreased. On May 28th, the Mortgage Bankers Association said that prime fixed-rate home loans to the most creditworthy borrowers accounted for 29% of new foreclosures in the first quarter, the biggest share of any type of loan.

1/8 Americans is now late on a payment or already in foreclosure, the Washington-based mortgage group said.

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