Foreclosures in Philadelphia - The Fight Begins

July 18th, 2008

City of Philadelphia

The Sheriff of Philadelphia has stated that the network of counseling and credit mastering agencies that have attempted to help the families under threat of foreclosure or facing the loss of property through foreclosure, desperately need the City’s focus. So, the Sheriff and his committee has chosen to take actions in their hands and take an initiative program that would focus on helping the already financially challenged as well as those who are in need of help. He thinks that it is wiser to keep the financially troubled families who are still credit-worthy, borrowers in their own homes. For them, getting foreclosed would only put them into the throes of their own problems. He says that in his three-point plan, a declaration of Neighborhood Security meant to act for safeguarding the “Right to Protect Our Homes”, has given very positive results.

This is a proposal to make large-scale publicity campaigns against mindless borrowing. This comes as a red alert for those on the borderline and suffering from possible foreclosure. In their alerts their payments that are falling behind will be informed to them much before time. There will also be a repayment plan that would negotiate a sustainable and suitable plan that can not only delay, but ward off foreclosure in the long-run.

The community-wide call is meant to collaborate the long-term as well as short-term legislative structures that would deal with the issues of attorney fees, the necessity of a third party involvement, as well as home loans to provide the assistance from temporary mortgage to FHA borrowers. The plan actually looks forward to make a rally for the community, and support and provide greater relief in the neighborhoods that have been hit by higher foreclosure tides.

Rallying community support is part of the plan too. This is in looking forward to creating relief in the neighborhoods that would be hit the hardest by foreclosures in Philadelphia. 2004 is a year that the Sheriff noticed that there was a surprising rise in the amount of real estate properties that went up for sale. This rise was again noticed in 2007. The City Councilman Curtis Jones also took notice that this was a repetitive behavior that took a surprising turn in the form of an indefinite turn. 2008 has been the year when the Sheriff has finally called for a moratorium for foreclosures. He attempts to bring public consciousness to the forefront bringing forward practical means for help as well. Green is still happy that his office has generated some positive results so far.