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Nonprofit Group Helping Prevent Foreclosures Accepting Final Applications in Akron Region

AKRON, Ohio, Nov. 20 /PRNewswire/ -- American Homeowner Preservation Inc. ("AHP Ohio"), a nonprofit organization providing an alternative to foreclosure for distressed homeowners, is hosting its final session inAkron on Monday November 24th from 10:00 AM to 8:00 PM at the Hampton Inn - Akron South at 3235 South Arlington Road.

Since September, the organization has collected almost 300 applications from residents in theSummit County region who are in jeopardy of losing their homes. November 24th is the final day AHP Ohio will be accepting applications. The organization will not be offering the program inSummit County again until spring 2009.

AHP Ohio's program allows qualified homeowners who are behind on payments and who owe more than their home is worth a means of selling their homes and then leasing them back at affordable monthly payments. The program also offers participants the opportunity to repurchase their homes in three to ten years at an amount significantly less than the existing mortgage.

"We have had such overwhelming response inSummit County, that we added an extra day for area residents to apply for the program," said AHP Ohio Executive Director, Rob Fredericks.

"Clearly, there is a major need. Our solution allows families stay in their homes and avoid painful foreclosure proceedings, their children remain in familiar schools, and neighborhoods avoid the blight of additional foreclosed properties," he said.

The staggering number ofOhio homeowners defaulting on their mortgages has created an unprecedented housing crisis. According to RealtyTrac, Inc.,Akron has the 12th highest foreclosure rate in the nation, with one in 43 households in foreclosure.

Tax-exempt bonds issued by Summit County Port Authority will be underwritten by Gardnyr Michal Capital, Inc.

There are no fees or costs to apply and participate.

To learn more, residents can also call the AHP Ohio'sAkron location at 330.470.4200 or visit web site at www.ahpoh.org.

SOURCE American Homeowner Preservation Inc.

Tags: ,CST,RLT,NPT,OH-AmericanHome-Akron

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