Philly’s Foreclosure Plan Is Recognized By Congress

US Sens. Bob Casey and Arlen Specter introduced an amendment to the Foreclosure Act of 2008 that expresses a Sense of the Senate to commend the City of Philadelphia and the Philadelphia Court of Common Pleas for their efforts to prevent foreclosures.

“In a time when home foreclosures are reaching record levels, the City of Philadelphia and the Philadelphia Court of Common Pleas has gone above and beyond to help Pennsylvanians avoid foreclosure,” said Casey. “They have employed the best practices in the industry and should be held as an example to local governments nationwide.”

“The program that the City of Philadelphia and the Philadelphia Court of Common Pleas have spearheaded to prevent home foreclosures is the first of its kind in the nation and their efforts are to be commended,” Specter said. “At a time when there is an estimated 8,427 foreclosure filings per day, it is encouraging to see local officials working to keep struggling families in their homes.”

The amendment recognizes the City of Philadelphia and the Philadelphia Court of Common Pleas for their efforts to facilitate negotiations between borrowers and lenders to attempt to restructure loan terms and prevent foreclosures. Both entities have committed to home-foreclosure prevention programs which require mandatory counseling for delinquent borrowers. In addition, these programs use professional housing counselors to negotiate between lenders and homeowners.