Ministerio El Shaddai, the North Phoenix church which faced foreclosure last August, will be able to stay in their current facility as a result of an American Homeowner Preservation short sale leaseback. The church’s lease payment of $759 is 50% less than their prior $1,500 mortgage payment with One West Bank(formerly Indy Mac). In addition, the church received an option to repurchase at $48,300, a 74% discount off their prior $184,500…

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On Friday, Ocwen refused last-minute pleas from American Homeowner Preservation and others to allow an Akron policeman and his family to stay in their home of 14 years. At 10AM, the Summit County Sheriff’s Department conducted their sale with a starting bid of $52,000. As there were no bidders, Ocwen will take ownership of the home, evict the policeman and his family,…

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ING Direct, the Dutch-bank and internet-based mortgage lender, has objected to American Homeowner Preservation’s program to keep families in their homes, and ING will no longer consider AHP short sales. “ING DIRECT will also be adding your company to our exclusionary list as your company strictly finds investors to keep sellers in their home, while the bank takes a significant loss.  This is against ING DIRECT’s short sale policies and guidelines, and as such you will no longer be able to…

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FROM Felix Salmon of Reuters: 

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FROM www.shamethebanks.org:   Time is running out as Ocwen has upcoming foreclosure sales on homes. There is hope: Ocwen has approved American Homeowner Preservation (AHP) short sales for each of these families, but is insisting that the families move out.

According to the …

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We have a Wilshire short sale approval letter which expired last Friday, and Wilshire is now out of business and the servicing was taken over by BAC. Although the buyer and seller signed all closing documents and the buyer wired closing funds to title last week, we were unable to close because we did not receive the approval letter on the Franklin Credit 2nd mortgage. Now, Franklin says that we will get their letter today. We contacted BAC Friday and they asked us to email the Wilshire approval… Continue