The preREO Story
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.
What is preREO?
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.
More than 1.5 million vacant single-family homes and condos were scattered across neighborhoods in the U.S. in the third quarter of 2019. preREO brings noteholders and community investors together, allowing for more efficient maintenance and improvement of these challenged properties.
We Have the Experience
Solution to the Problem
The preREO Solution
Find Assets Easily
Search and bid on profitable preREOs on one platform, which makes finding your next opportunity easy.
Partner with Knowledgeable Professionals
preREO connects you with experts familiar with this unique process including appointing a receiver, servicing a loan and more.
Positive Return on Your Investment
Start earning immediately by leasing or renting during the foreclosure process and see your community flourish.
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