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AMERIDREAM LAUNCHES NEW DIVISION AIMED AT REDUCING FORECLOSURES
-- AmeriDream Solutions Seeks to Keep People in Their Homes --


Gaithersburg, MD (April 10, 2003) – Each year, 666,000 families lose their homes to foreclosure because they cannot pay their mortgages.  In an effort to reduce that number, AmeriDream, Inc. has launched AmeriDream Solutions, Inc. (ASI), a division that will work with homeowners and mortgage companies to identify home retention options for families who are at risk of losing their homes.  

Complementing The AmeriDream Downpayment Gift Program, which was created to help get people into homes, ASI is designed to keep people in their homes. Counselors for ASI will help families who are having trouble paying their mortgages by working with mortgage loan companies to determine alternatives to foreclosure. 

“Many homeowners do not understand that it is actually in the lender’s interest to avoid a foreclosure,” said Jim O’Brien, vice president of AmeriDream Solutions, Inc.  “AmeriDream Solutions will open the lines of communication between  lenders and homeowners and help make sure that all possible alternatives to foreclosure are evaluated.”

“Homeowners are a valuable part of every community and AmeriDream wants to make sure that once someone is in a home, it’s for the long term,” said Ann Ashburn, CEO of AmeriDream, Inc. “Many people are facing financial difficulties because of the down economy, and we want to do everything we can to ensure they don’t lose their piece of the American Dream.”


For more information on AmeriDream Solutions, visit www.ameridreamsolutions.com or call 1-866-716-3633.

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The mission of AmeriDream, Inc., headquartered in Gaithersburg, MD, is to expand homeownership opportunities for underserved groups and promote the value of homeownership as the foundation for building strong communities and individual prosperity. AmeriDream, Inc. is a non-profit, publicly supported organization that is tax-exempt under Internal Revenue Code Section 501(c)(3). AmeriDream, Inc. meets the requirements for a charitable organization, as referenced in the HUD Handbook 4155.1 REV-4, CHG-1 Section 2-10 for FHA insured loans.  In addition to The AmeriDream Downpayment Gift Program, AmeriDream also operates The AmeriDream Redevelopment Program in the Washington, DC metropolitan area and Florida, and the Community Link Program nationwide. Through the Redevelopment Program, AmeriDream has spent more than $8 million to rehabilitate properties and return them to the market at affordable prices. Through Community Link, AmeriDream has donated more than $1.5 million to a range of community organizations, including Habitat for Humanity, the American Red Cross Disaster Relief Fund, and the Victims Rights Foundation.