AHP Puts New York Homeowner Back On Track With Mortgage Payments

Published on September 30th, 2014 by AHP Administrator

Sean’s New York home

When AHP acquires pools of distressed mortgages, we are often times the third or fourth lender for borrowers. Some borrowers have worked out trial modifications with previous lenders that allow them to sustain their housing and financial stability, only to have the agreement disappear as fast as the lenders themselves. As a loan is sold time and time again, borrowers have a hard time keeping track of who owns it and grow skeptical of new companies and their offers. Sean had dealt with several lenders himself and, by the time AHP acquired his loan in pool 2014A, he was weary of dealing with yet another mortgage company.

Sean moved into his Buffalo, NY home in 2003 after divorcing from his wife. Sean and his wife have two children together and, after the divorce, supporting his children and managing his mortgage proved to be a difficult task. “With alimony and child support, there wasn’t a whole lot of money left,” Sean said.

Like many other borrowers AHP has worked with, Sean eventually filed for bankruptcy. In 2010, Sean’s mortgage loan was sold, and he was able to reach a modification which allowed him to settle delinquent payments and reduce his monthly payments. However, just five months after reaching this modification, Sean’s loan was sold yet again. Sean eventually stopped making mortgage payments because he was unsure who owned his loan and where to send the payments.

When AHP contacted Sean to let him know that we now owned his mortgage, he was weary of accepting our offer, which would allow him to settle his delinquent payments for $2,000 before resuming his previously agreed upon monthly payments. “I was kind of skeptical of this whole thing,” Sean said. “I went ahead and did it, but I worked with a couple other lenders who had made offers and then, all of a sudden, they sold the mortgage to somebody else. Then, somebody else is telling me you can make the payments to me, but they don’t have the previous paper work.  So I was actually pretty skeptical of this whole thing.”

Yet in working with AHP, Sean found it helpful and convenient that we were able to email him all of the necessary paper work to get him back on track. Then, when Sean had a hard time making his initial payment of $2,000 in addition to his regular monthly payments, he found that AHP was willing to work with him to find a plan to break up the $2,000 settlement into a handful of affordable payments

AHP is working to understand the dilemmas borrowers are faced with, both in leading to their default of mortgage and their struggles of working with many different lenders. In purchasing distressed mortgage pools, AHP strives to find resolutions that keep families in their homes in order to strengthen communities. We recognize that buying a symbolizes the American Dream and, in working with each of our borrowers, we hope to keep the dream alive for as many families as possible.

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