Philadelphia Wants You To Keep Your Home

By
Real Estate Agent with WEICHERT, REALTORS ® - McCarthy Associates

Philadelphia has been operating a pilot program to assist home owners facing foreclosure since 2008. This program provides counseling, help with negotiating a loan modification, and assistance to stop the Sheriff's Sale.

Save Your Home Septa Bus AdThe Mayor of Philadelphia has become a spokes person for the campaign to inform homeowners of the program, appearing in ads such as the one posted on the back of the 23 Septa bus that runs from the top of Chestnut Hill in Northwest Philadelphia to Oregon Street in South Philadelphia.

A ruling of the  Court of Common Pleas in Philadelphia enacted the Residential Mortgage Diversion Pilot Program to keep as many homeowners as possible in their homes. If a homeowner is facing foreclosure, help is available through one of the non-profit, OHCD (Office of Housing Counseling and Development) counseling agencies that are located around the city. 

The court order gives homeowners the right to have a conference with their lender under  the supervision of the court.  

Any Philadelphia homeowner who is behind in their mortgage payment can contact the Save Your Home Hotline 215-334-HOME, or visit www.phillysheriff.com for more information and for a referral to one of counseling agencies.

Homeowners can also call a neighborhood counseling agency directly. In Northwest Philadelphia assistance is available at Mt Airy USA; phone 215-844-6021 and ask for the Senior Housing Counselor.   

Who is eligible? These services are for owner occupied properties within the City of Philadelphia.

Is there a cost? The services are offered at affordable rates, and may be FREE for qualified individuals.

Can these services really save homes from foreclosure? Yes. The counseling agencies can stop the foreclosure sale, providing time to assist the owner to negotiate a debt resolution agreement with their lender. Many homeowners have been able to stay in their homes with this program. Some homeowners have determined that selling with a short payoff to their lender is their best solution, known as a Short Sale. In either case, foreclosure can be avoided.

Kathleen Sheridan is a Short Sale Specialist

Weichert, Realtors® - McCarthy Associates

6901 Germantown Ave, Philadelphia, PA 19119

Office: 215-843-1414 ext 230

Call Today for Assistance: 215-740-3320

 

 

Posted by

Kathleen Sheridan

Weichert, Realtors® - McCarthy Associates

6901 Gerrmantown Ave, Philadelphia, PA 19119

Office: 215-843-1414 ext 230

Cell: 215-740-3320

Email: ksheridanrelator@gmail.com

NWPhillyRealEstate

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Topic:
Lending / Financial
Location:
Pennsylvania Philadelphia County Philadelphia Mount Airy
Tags:
philadelphia
mount airy
loan modification
foreclosure
avoid foreclosure

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Rainmaker
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Jim & Maria Hart
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Brand Name Real Estate

This sounds like a very smart program.  I certainly hope that more cities and states adopt something similar.

September 26, 2009 10:44 AM
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