Moratorium on Philadelphia Foreclosed Homes Won’t Be Extended

Time icon May 7th, 2008 by Autor Joseph Smith

Although the Philadelphia City Council passed a measure at the end of March instituting a moratorium on Philadelphia Foreclosed Homes proceedings for the month of April, the city will not heed the call of citizens to extend the moratorium into the month of May.

Philadelphia, Pennsylvania

The purpose of the moratorium was to allow homeowners in default to have some extra time to catch up with their finances and make the necessary payments to avoid having their homes repossessed and sold as Philadelphia foreclosed homes. The council did announce that they would ramp up efforts to help homeowners in debt with a new system designed to assist owner-occupied properties, while homes unoccupied by their owners would proceed to foreclosure sale as usual.

The group is also instituting an early intervention program designed to aid borrowers at the beginning of their default troubles so that they don’t end up losing their homes to foreclosures proceedings without taking any action to stop it.

Philadelphia Foreclosed Homes have been quite high in past years, and accounted for roughly 1% of the city’s real estate at some points during 2007, and one of the highest regional rates among Pennsylvania foreclosure homes rates. The amount of Philadelphia foreclosure listings has been expected to climb in 2008, but the city is making solid efforts to battle the trend, which has especially wreaked havoc on the less affluent western and northern regions of the city.

Related Posts: