Philadelphia Sheriff Helps Distressed Homeowners

13 June 2008

Author: admin Posted under Foreclosure homes by city

The foreclosure crisis has actually given birth to a slew of non-profit organizations with goals to provide assistance to troubled homeowners in order to avoid foreclosure. But in Philadelphia, one sheriff has decided to help in his own way by refusing to conduct any foreclosure sales.

Sheriff John Green has actually stopped auctioning off foreclosure properties in 2004 and once again for this year. His objective is to let troubled borrowers buy some time in order to work out some solution with their respective lenders. To date, the sheriff has claimed that he has already helped thousands of homeowners from foreclosure through his mediation program.

With his help, distressed homeowners who were caught up on the legalese of foreclosure will now be able to understand their situation and make an informed decision. Most people have failed to explore options to stop foreclosure because of insufficient information.

Even the city has chipped in around $2 million in order for these troubled borrowers to receive proper counseling and legal representation. In most cases, a home can not be repossessed unless the owner has tried to negotiate payment terms with the lender. If it does not work out, the lender has the right to repossess the property. Of course, most lenders would rather negotiate with the borrower and keep them in their homes than selling off the foreclosed property in an auction.

In Philadelphia, the number of foreclosure filings has jumped by 18 percent last year and is expected to soar by another 36 percent for this year. Compared to other cities, Philadelphia is not as badly hit by the subprime mess.

For homeowners facing foreclosure, you must not ignore your problem or else, you will likely lose your home. There are so many foreclosure help available and you must only make an effort to find them.

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