Homeowners in Philadelphia are given a second chance, as it is now required that lenders set up a visit with homeowners prior to carrying out the foreclosure process. This move was set in place by the city of Philadelphia in hopes of decreasing the number of foreclosures. So far the program has been successful with more then 75% of homeowners who were facing foreclosure have now been able to work out either a payment plan or a loan modification that allows them to keep their home. Perhaps more cities will follow Philly’s lead.

This entry was posted on Tuesday, October 7th, 2008 at 1:36 pm and is filed under Foreclosure. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.