SOURCE: American Homeowner Preservation

Foreclosure prevention

April 14, 2010 11:11 ET

American Homeowner Preservation Free Foreclosure Prevention Event Set in Cleveland on April 20th

BEACHWOOD, OH and CLEVELAND, OH--(Marketwire - April 14, 2010) -  American Homeowner Preservation is hosting a free "Save Your Home" event on Tuesday, April 20 to assist homeowners with a long-term solution to avoid foreclosure and stay in their homes. The event will be held 12Noon - 10PM Tuesday, April 20 at Embassy Suites, 3775 Park East Drive in Beachwood - Cleveland, with sessions starting every two hours.

AHP's program allows at-risk homeowners who owe more than their homes are worth a means of selling their homes and then leasing back at affordable monthly payments. The program also offers participants the ability to repurchase their homes at an amount significantly less than their existing mortgage.

"The AHP solution is a win for everyone," said AHP Director Jorge Newbery. "Families stay in their homes, neighborhoods avoid the blight of additional vacant bank-owned homes and lenders receive prompt cash settlements on their troubled loans." Dozens of Northeast Ohio families have successfully saved their homes as a result of AHP's foreclosure prevention efforts.

Families unable to qualify for a mortgage modification and other foreclosure relief efforts have found AHP to be their best solution. "I have four children and do everything I can to fight and hold on while looking for work and maintaining the home for my children," said David Droge, 47, who was assisted through the AHP program. Laid off from his job in flight operations and owing $201,000 on his Akron home now worth under $100,000, "I was left with not many options" to pay the $1,700 mortgage payments. American Homeowner Preservation was able to get Droge's existing lenders to approve his short sale and Droge's lease payments are now $958 plus he has a recorded option to repurchase his home for $59,668. "Our goal is to keep families in their homes with a lease they can afford and give them an option to repurchase at an attractive price. This creates incentive for families to stay, pay their lease and then repurchase," said Newbery. AHP provide counseling post-closing to maximize the likelihood that families will qualify for financing to repurchase in the five-year option term.

There are no fees or costs to apply and participate. To learn more, call AHP at 800.555.1055 or visit www.ahphelp.com.

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