In 2008, Jorge P. Newbery founded American Homeowner Preservation to buy distressed mortgages at discounts and offer struggling families sustainable solutions to stay in their homes.
However, when the homes backing the mortgages were vacant, he recognized that lenders frequently struggled as they tried to limit their losses.
In 2020, Jorge founded preREO to get these vacant properties into the hands of local investors during the foreclosure process which mitigates losses to lenders and accelerates returns for investors, a win-win.
Simply put, a preREO is a delinquent first mortgage secured by a vacant property, typically a single-family home or condo. Lenders often have hundreds or even thousands of preREOs scattered across the country on their books.
In certain states, with a foreclosure process taking months or even years, lenders often struggle to maintain these properties which without upkeep may fall into disarray. When not maintained, these properties can be vandalized and become magnets for crime as well as a general eyesore for the community.
preREO brings noteholders and community investors together, allowing for more efficient maintenance and improvement of these challenged properties.
preREO provides real estate investors access to opportunities, capital, and resources to earn a profit while improving their local communities.
In partnership with preREO’s affiliate mortgage servicer AHP Servicing and Activist Legal, the local investor can hold a participation interest in the delinquent note and work with the local court to appoint a receiver to take control of the property while they work with Activist Legal to initiate or continue foreclosure actions. During the foreclosure process, the local investor will have the ability to preserve and improve the property, eliminating neighborhood blight, and potentially even transforming the property into an income-producing asset during the foreclosure
process.
– Real Estate Investors
– Mortgage Holders & Servicers
– Communities
– Affiliates earn $200 each time an investor who registers from their link partners on a preREO.
Contacting us comes with A FREE No Obligation, so there’s no downside to learning more about how we can help you.
