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American Homeowner Preservation Announces Loan Modification for …

American Homeowner Preservation (AHP) announced today the company was able to help a Milwaukee, WI family catch up on nearly three years of delinquent mortgage payments to avoid foreclosure with a loan modification this week. AHP purchases distressed mortgages using real estate crowdfunding with a mission to keep struggling families in their homes. In purchasing distressed mortgages at significant discounts, AHP provides delinquent borrowers with affordable settlement options and above market returns for investors.

American Homeowner Preservation AHPShelly purchased her Milwaukee home in 2005, but when she married, Shelly decided she would move into her husband’s house and find a tenant to rent her property. Shelly, 60, initially had trouble finding a tenant, however, and the home sat vacant and she fell behind on her payments. Shelly’s daughter eventually moved into the property with her daughter, but when she attempted to contact the lender to discuss the delinquent payments, she discovered the loan had been sold.

Shelly and her daughter found it difficult to reach the new lender and were continuously met with automated messages. When AHP acquired their loan, Shelly and her daughter were nearly three years behind on their payments. When AHP reached out to Shelly with several options to settle her delinquent payments, Shelly was skeptical of the offers.

“You never know who to believe with all these scams going on out there. You never know who actually owns your house, so I called them up to see what was going on,” explained Shelly. Shelly eventually found comfort in the fact she was able to have direct contact with a single asset manager at AHP and could work exclusively with one representative. Shelly eventually chose the settlement option that worked best for her and her daughter and settled her delinquent payments for just $2,000.

AHP HouseAfter making the settlement payment, Shelly and her daughter were able to resume their regular payments. Though Shelly initially was weary of AHP’s offers, once she found out how the process worked, she now believes the company can have a very positive impact for others in similar situations.

Shelly stated,“I wish ya’ll were around a lot sooner because there’s a lot of people who lost their homes. You never really know how much stuff you have until you have to get up and leave your house unexpectedly. I would definitely recommend you guys to other people. Now that I know more about you guys, I’m going to tell some people I know about what you’re doing.”

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%.

 

 

 

Article source: http://www.crowdfundinsider.com/2014/10/54451-american-homeowner-preservation-announces-loan-modification-milwaukee-family-risk-foreclosure/

County: Detroit businessman has 2 weeks to come up with viable plan for 6350 …

DETROIT, MI – Wayne County Deputy Treasurer David Szymanski said Herb Strather, the Detroit real estate investor and businessman who put a down payment on a $3,183,500 “blight bundle” of vacant lots and run-down homes in the county’s tax foreclosure auction, has two weeks to come up with the framework of a viable development plan.

Szymaknsi said his office has been meeting with Strather, including a rendezvous Friday morning, to discuss his potential ownership of the 6,350 properties.

“We’re in discussions with what would be an appropriate development plan and he is assessing the situation to determine whether it’s feasible,” Szymanski said Friday afternoon.

Strather told local media earlier this week that he planned to raze or redevelop the properties, spread throughout the city, as part of a $2 billion, five-year plan.

Watch WXYZ Channel 7 report: Blight bundle buyer shares his plans

It’s a tall order, and it’s already been met with some skepticism, such as from the Detroit Free Press, which ran an editorial Friday saying the plan sounds “fanciful and capricious. Wonderful to the ear, but likely unrealistic. The word that least describes the plan is ‘vetted.’ And that’s the problem.”

The Detroit News also reported Thursday that Strather has nearly $300,000 in tax liens.

Szymanski expressed neither skepticism nor optimism on Friday when reached by phone.

“If we can’t reach a development agreement with him we will cancel his sale, refund him and turn them over to the Detroit Land Bank,” he said.

The 6,350 properties were bundled together in the October auction as part of a plan by the county and the Detroit Land Bank to deter speculators and tax scofflaws from acquiring them.

Strather, who runs a real estate and urban development school called Strather Academy, put down a 10 percent deposit on the properties this week.

In this year’s tax foreclosure auctions in September and October, the county sold 17,196 properties for a total of $66 million, according to the Treasurer’s office.

“While it is devastating to know that some taxpayers lost their property, we were successful in helping most avoid foreclosure when they did come to see us for assistance,” Wayne County Treasurer Raymond J. Wojtowicz said in a statement Wednesday.

David Muller is the automotive and business reporter for MLive Media Group in Detroit. Email him at dmuller@mlive.com or follow him on Twitter

Article source: http://www.mlive.com/business/detroit/index.ssf/2014/10/county_detroit_businessman_has.html

Huntington Beach Man Sentenced to 10 Years in Prison for Nationwide …


Huntington Beach Man Sentenced to 10 Years in Prison for Nationwide Foreclosure Rescue Scam

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Created on Thursday, 30 October 2014 21:19

Written by IVN

Sacramento, California – Jeremy Michael “Mike” Head, 34, of Huntington Beach, was sentenced today to 10 years in prison for a nationwide foreclosure rescue scam, United States Attorney Benjamin Wagner announced.

A federal jury found him guilty in May 2013, after a nearly four-week trial before United States District Judge Kimberly J. Mueller. Mike Head’s brother and co-defendant Charles Head, 40, was sentenced in September 2014 by Judge Mueller to 35 years in prison.

According to evidence presented at trial, Mike Head played an important leadership role in a fraud scheme that promised to help homeowners avoid foreclosure and repair their credit. He recruited and managed other members of the scheme. Through misrepresentations, fraud and forgery, the Head brothers and their associates substituted straw buyers for the victim homeowners on the titles of properties without the homeowners’ knowledge. These straw buyers were often friends and family members of the defendants. Once the straw buyers were on title to the homes, the defendants applied for mortgages to extract the maximum available equity from the homes. The defendants then shared the proceeds of the ill-gotten equity and the “rent” that the victim homeowners paid them. Ultimately, the victim homeowners were left with no home, no equity, and with damaged credit ratings. Between January 2004 and March 2006, the scam netted more than $15 million in fraudulently obtained funds from scores of homeowners, many of whom were in California.

U.S. Attorney Wagner said: “Mike Head made a small fortune taking advantage of victims who looked to him for help. Instead of helping, he stole the last remaining equity in their homes, and many victims were evicted and left destitute. He will now go to prison and pay for his crimes. This office continues to vigorously prosecute multiple variations of mortgage fraud throughout our district.”

“The scheme Head and his co-conspirators devised preyed upon individuals when they were most vulnerable and lived in fear of imminent foreclosure. Despite promises to help their victims avoid foreclosure, many were financially devastated by the scheme,” said Special Agent in Charge Monica M. Miller of the Sacramento FBI. “The FBI is committed to thoroughly investigating complex mortgage fraud schemes, identifying all participants, and ensuring that those who have violated the trust of the American public face justice in federal court.”

“Today’s sentencing sends a clear message to those who commit mortgage fraud, the consequences can be severe,” said Acting Special Agent in Charge Thomas McMahon, IRS-Criminal Investigation. “The defendants in this case have hurt so many people and so many of our communities. This sentencing highlights IRS-CI’s commitment to hold accountable those involved in these types of crimes.”

This case is the product of an investigation by the Federal Bureau of Investigation and the Internal Revenue Service—Criminal Investigation. Assistant United States Attorneys Michael D. Anderson and Matthew Morris are prosecuting the case.

This case began on February 28, 2008, when a federal grand jury indicted Mike Head, his brother Charles Head, and 14 other defendants with violations of mail fraud, conspiracy to commit mail fraud, and other charges. Eleven of Heads co-defendants have entered guilty pleas, and charges were dismissed against one.

Charges against the two remaining defendants, Domonic McCarns, 37, of Brea, and Anh Nguyen, 40, of Los Angeles are pending. The charges are allegations; the defendants are presumed innocent until and unless proven guilty beyond a reasonable doubt.

This case was part of the President’s Financial Fraud Enforcement Task Force, established to wage an aggressive, coordinated effort to investigate and prosecute financial crimes. Since its formation, the task force has made great strides in facilitating increased investigation and prosecution of financial crimes. For more information on the task force, please visit www.StopFraud.gov.

Article source: http://www.imperialvalleynews.com/index.php/news/california-news/12023-huntington-beach-man-sentenced-to-10-years-in-prison-for-nationwide-foreclosure-rescue-scam.html

Fewer St. Louis homes in foreclosure during September



Foreclosure

Less than 1 percent of homes in Missouri are in foreclosure, according to a new report out from California-based real estate tracker CoreLogic.









Brian Feldt
Reporter- St. Louis Business Journal

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Foreclosures in St. Louis and Missouri were down slightly in September when compared to the same time last year, according to data from California-based real estate tracker CoreLogic.

St. Louis’ foreclosure inventory rate was 0.8 percent in September, down 0.3 percent from September 2013. In all, 6,386 completed foreclosures were reported in the 12 months ended Sept. 30 in St. Louis. That a significant drop from the 9,700 homes that were foreclosed on during the same time period in 2013.

St. Louis’ serious delinquency rate — defined as when a single-family mortgage is 90 days overdue — in September stayed even at 3.3 percent when compared to August figures.

Statewide, foreclosures dropped by 0.2 percent to 0.6 percent in Missouri during September when compared to September 2013. Completed foreclosures for the 12 month period ending September 2014 totaled 12,011, down from the 15,542 completed foreclosures for the 12 months ending September 2013.

Missouri’s serious delinquency rate was 3.1 percent, up slightly from the 3 percent figure for August 2014.

The national average for foreclosure inventory was 1.6 percent in September, down 0.8 percent from a year ago at the same time. More than 4 percent of homes are in serious delinquency, the CoreLogic report showed.

“The level of serious delinquencies has rapidly declined over the last few years, but the pace of improvement is beginning to recede,” said Sam Khater, deputy chief economist at CoreLogic, in a statement.

Other findings from the new data include:

— The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: New Jersey (5.7 percent), Florida (4.4 percent), New York (4.1 percent), Hawaii (2.9 percent) and Maine (2.7 percent).

Tech, Venture Capital, Startups, Real Estate



Article source: http://www.bizjournals.com/stlouis/blog/2014/10/fewer-st-louis-homes-in-foreclosure-during.html

Another year-over-year decline in home foreclosures

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© tang90246 – Fotolia

There’s continued progress on the foreclosure front.

According to CoreLogic, a provider of property information and analytics, there were 46,000 completed foreclosures nationally during September, down from 68,000 a earlier — a year-over-year decrease of 32.6% and down 61% from the peak in 2010.

On a month-over-month basis, completed foreclosures in September were up by 4.7% from the 44,000 reported in the month before. As a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.

“The number of completed foreclosures ticked up a bit in September from the prior month and is still running above historic norms,” said Anand Nallathambi, president and CEO of CoreLogic. “Although the foreclosure inventory and rates of seriously delinquent loans remain elevated in many states, progress is being made and this bodes well for a better housing market in 2015 and beyond.”

Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial meltdown began in September 2008, there have been approximately 5.2 million completed foreclosures across the country; since home ownership rates peaked in the second quarter of 2004, there have been approximately 7 million homes lost to foreclosure.

As of September 2014, approximately 607,000 homes nationally were in some stage of foreclosure, known as the foreclosure inventory, compared to 924,000 in September 2013, a year-over-year decrease of 34.3%.

The foreclosure inventory as of September 2014 made up 1.6% of all homes with a mortgage, compared with 2.3% in September 2013. The foreclosure inventory was down 2.8% from August 2014, representing 35 consecutive months of year-over-year declines.

“The level of serious delinquencies has rapidly declined over the last few years, but the pace of improvement is beginning to recede,” said Sam Khater, deputy chief economist at CoreLogic. “As of June, serious delinquencies were 26% lower than the prior year, but as of September serious delinquencies were 21% lower.”

Report highlights

  • September represents 20 consecutive months of at least 20% year-over-year declines in the national inventory of foreclosed homes.
  • All states posted double-digit declines in foreclosures year over year. The District of Columbia experienced a 7.1% increase.
  • Twenty-nine states showed declines in year-over-year foreclosure inventory of greater than 30%, with Arizona (-47.6%) and Utah (-47.1%) experiencing the largest declines.
  • The five states with the highest number of completed foreclosures for the 12 months ending in September 2014 were: Florida (120,000), Texas (36,000), California (31,000), Michigan (29,000) and Georgia (27,000). These 5 states accounted for almost half of all completed foreclosures nationally.
  • Four states and the District of Columbia experienced the lowest number of completed foreclosures for the 12 months ending in September 2014: South Dakota (63), District of Columbia (68), North Dakota (286), West Virginia (458) and Wyoming (628).
  • The 5 states with the highest foreclosure inventory as a percentage of all mortgaged homes were: New Jersey (5.7%), Florida (4.4%), New York (4.1%), Hawaii (2.9%) and Maine (2.7%).
  • The 5 states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Nebraska (0.4%), Alaska (0.4%), Arizona (0.5%), North Dakota (0.5%) and Wyoming (0.5%).

Article source: http://www.consumeraffairs.com/news/another-year-over-year-decline-in-home-foreclosures-103014.html

Adoba Hotel Dearborn/Detroit headed into foreclosure

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Article source: http://www.pressandguide.com/articles/2014/10/30/news/doc54522dbd7a5a0892381290.txt

Average home price tops $100000 in Mansfield area

For the first time in several years, the average sales price of a home in the Mansfield area has topped $100,714 for a year-to-date period. It was a long time coming.

Back during the real estate boom year of 2005, home prices in the Mansfield Multiple Listing Service region averaged $106,598, only to reach a recessionary low four years later of $78,306. Since then prices here have been on a long, slow (often imperceptibly slow) recovery, which finally began to gain momentum this year.

According to the Ohio Association of Realtors, the average sale price of a home in the Mansfield MLS climbed to $100,714 for the first nine months of 2014, up 15.4 percent from the average of $87,288 at the same point last year.

In fact, average prices are up year to date in all 20 regions of the state the OAR monitors, and are now above $100,000 in all of them except Marion ($97,803). The highest average home price can be found in the Columbus MLS, at $184,483.

The year-to-date price hike of 15.4 percent in Mansfield is well above the state average of 4.6 percent, and second highest among the 20 MLS zones, behind Knox County.

Home sales, meanwhile, have leveled off, or are even dropping slightly, both in the Mansfield area and statewide.

For the year to date, sales are down 6.7 locally compared to the first nine months of 2013, worse than the average statewide decline of 3.5 percent.

“The market is redirecting itself to a more normal sales pattern,” Debra Jones, president of the Mansfield Association of Realtors, said. “The Ohio Association of Realtors is projecting that the numbers will be slightly lower than 2013. The first quarter started out slow due to the extreme weather conditions.”

“Through the three-quarter mark of 2014 the Ohio housing market has been able to display modest stability in the overall level of sales activity and healthy growth in pricing,” OAR president Chris Hall said.

“It’s evident that we’re continuing to make significant progress in re-establishing a solid foundation for the state’s housing sector. Throughout the year, our marketplace appears to have settled into a more traditional cycle, with minor variances in activity levels due to current market factors.”

For September only, home sales in Mansfield were up 12.9 percent from last September, with the average sales price up to $110,031, 7.6 percent higher than September 2013, trends consistent with most other MLS regions across Ohio for the month. But monthly statistics can exhibit considerable volatility compared to year-to-date numbers.

There were 605 properties in some stage of foreclosure in Mansfield in September, according to RealtyTrac, up from 594 in August. As a percentage of all property filings, foreclosures in Mansfield were lower than both the state and national ratios.

Mansfield’s highest concentration of foreclosed properties last month, one in every 1,035, was in ZIP code area 44905, east of downtown.

The average rate on a 30-year mortgage in Ohio is presently 3.80 percent, below the average of 4.01 percent a year ago. Mortgage rates have remained low despite the fact the Federal Reserve has been phasing out its bond-buying program, considered partially responsible for keeping rates low.

Those purchases are scheduled to stop completely this week, sending mortgage rates up slightly; 38 percent of outstanding mortgage securities are owned by the Fed.

thill3@nncogannett.com

419-563-9225

Twitter: @ToddHillMNJ

Article source: http://www.mansfieldnewsjournal.com/story/money/2014/10/29/average-home-price-tops-mansfield-area/18143011/

For Willie Nelson, a biodiesel dream deferred

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Article source: http://www.houstonchronicle.com/business/energy/article/For-singer-a-biodiesel-dream-deferred-5859382.php

Oregon leads nation in percentage of vacant-house foreclosures, report says – The Oregonian

It’s an obscure data point, but Oregon had the nation’s highest percentage of vacant homes going through the foreclosure process, according to RealtyTrac, the real estate data firm.

About 18 percent of all properties in the foreclosure process nationally had been vacated, the firm says. Within that subset, Oregon had relatively more of these so-called “zombie” foreclosures than any other state. This may herald a new wave of foreclosure proceedings in Oregon.

John Helmich, chief executive of Eugene’s Gorilla Capital, which tracks foreclosure filings in most of Oregon, said this month “we see zombies in nearly every neighborhood and all have been empty for months or years. We expect more zombies to pass through foreclosure and back into the market over the next few months.”

Vacant houses are most likely to end up as auctions, short sales or bank-owned sales, RealtyTrac said.

The real estate data firm said 1,091 — or 36 percent of Oregon’s properties in foreclosure in the third quarter — had been vacated.

In terms of volume of such foreclosures, Oregon is far behind states such as Florida, which had almost 36,000 zombie foreclosures in the quarter, and New York, which had more than 12,000.

Oregon’s percentage of vacant houses may represent the state’s lengthy, on-and-off efforts to rework its foreclosure procedures. Federal judges and Oregon legislators have changed the rules about how lenders can proceed against delinquent borrowers.

Oregon launched its foreclosure mediation program in 2012. The Legislature expanded it last year. Those initiatives tended to push more foreclosures through the judicial process, which typically moves more slowly than non-judicial alternatives. But the changes also caused lenders to stop or not initiate foreclosure proceedings until the rules were clear.

Overall, zombie foreclosures declined in the third quarter in Oregon and around the country, RealtyTrac reported.

-Mike Francis

Article source: http://www.oregonlive.com/business/index.ssf/2014/10/oregon_leads_nation_in_percent_1.html

As Layoffs Dwindle, American Homeowner Preservation Aids Military Family …

The national unemployment rate fell to 5.9 percent in September, down from 7.2 percent in September 2013, according to a USA Today article released on October 30th. Doug Carroll of USA Today wrote that, “The downward trend means fewer workers getting laid off, adding to other signs of an improving labor market and a stronger U.S. economy.” Yet the nation’s soaring unemployment rates during the recession caused millions to fall behind on mortgage payments and many are still struggling today.

American Homeowner Preservation AHP

In helping homeowners like five-year army veteran Jai Dix get back on track with payments, real estate crowdfunding platform, American Homeowner Preservation (AHP), aims to provide relief for those who were rattled by the recession. In 2005, Dix’s father, a 33-year army veteran, helped him purchase a Toledo, Ohio home utilizing HUD financing. In 2012, Dix was stunned when he was laid off from his city job after 25 years of employment. Dix then fell behind on his mortgage payments and his house went into foreclosure. To stop the sale of his home, Dix filed for bankruptcy.

When Dix came out of bankruptcy, he was notified AHP owned his mortgage. In order to better understand the situation, Dix contacted AHP and was able to have direct contact with the company’s Founder and CEO Jorge Newbery. Dix stated,“I emailed Jorge and Jorge emailed me back. It was one on one contact and we could talk on the phone,”

Jai Dix

Dix was a year behind on his mortgage payments and still owed $44,954.00. In purchasing his loan at a discount, AHP was able to offer him a release of mortgage for the price of $14,000.

AHP uses real estate crowdfunding to purchase pools of distressed mortgages and provides accredited investors with 9-12% returns over terms of one to five years. The company was founded in Cincinnati in 2008 to help families at risk of foreclosure stay in their homes. Today, the company stabilizes communities nationwide by resolving distressed mortgages. Still, AHP has impacted Ohio more than any other state.

“AHP has seen tremendous success in the state of Ohio where we have helped nearly 200 families avoid foreclosure and put dozens of vacant homes back into service,” Newbery said. “Mr. Dix’s story exemplifies the vision I had when I founded AHP. Millions of people were impacted by the recession and foreclosure crisis, and we have found a way to provide viable solutions to families and above-market returns to investors. This is truly a win-win situation.”

Article source: http://www.crowdfundinsider.com/2014/10/54409-layoffs-dwindle-american-homeowner-preservation-aids-military-family-recovering-recession/