Philly Foreclosure Mitigation Plan - So Far, So Good

In Philadelphia, Pennsylvania, Philadelphia Metro reports:

• While the federal government is slowly addressing the nation’s mortgage foreclosure crisis, local officials are calling the city’s innovative program an early success. Last month, officials held the first round of conferences at City Hall for homeowners whose properties were listed for sheriff’s sale in April and May, but were stayed due to a moratorium. Of the 1,600 total homes affected, 667 were owner-occupied and eligible for conferences and 322 homeowners attended the conferences.

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• The next round of conferences is set for Aug. 12-15 for homeowners whose properties were listed for sheriff’s sale in June. After Labor Day, however, the program will start to target residents before their properties reach the stage of sheriff’s sale — which officials say should significantly increase the participation rate.

• “Yes, the number of foreclosures is still huge compared to the amount of help that is available,” said Beth Goodell, managing attorney at Community Legal Services [of Philadelphia], adding “I remain optimistic that this can help a significant number of people.” Homeowners [in Philadelphia] that are behind on their mortgage payments or facing foreclosure can call 215-334-HOME to set up a free session with a housing counselor.

For more, see Philly mortgage crisis program getting thumbs up.

Go here for more on Philadelphia's Residential Mortgage Foreclosure Diversion Pilot Program.