From the Archives: Philadelphia’s Mortgage Foreclosure Diversion Program – July 2008. No. 1,200 In order to celebrate Post No. 1,200, I am reprinting one of the first posts I wrote in this blog, dated July 21, 2008. At the time, the effects of the mortgage bubble collapse were being felt, including in Pittsburgh.
The Washington County Court of Common Pleas Mortgage Foreclosure Court began in May 2009 with the assistance of the southwestern pennsylvania legal services, Inc. The program requires plaintiffs in mortgage foreclosure cases to notify defendants of owner-occupied residences of the possibility of participation in this program.
Philadelphia’s Mortgage Foreclosure Diversion Program Is A Local Policy Success. August 26, 2017 Every Thursday morning in Courtroom 676 at Philadelphia City Hall, stakeholders come together in an effort to prevent Philadelphians from losing their homes.
Philadelphia is offering a fairly unique, one of a kind mortgage program called the Residential Mortgage Foreclosure Diversion Pilot Program. It forces lenders to meet with homeowners prior to foreclosing and ensures those banks offer various options to the borrower so they can find a solution to the crisis.
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REQUIRED READING: Weighing The Pros And Cons Of Foreclosure Mediation. By.. According to data from the Court of Common Pleas, about 5,000 borrowers have enrolled in the city’s Mortgage Foreclosure Diversion Pilot Program since its inception in June 2008, and to date, some 1,400 of those borrowers have averted foreclosure..
The program is designed to provide benefits to owners who deserve to be helped, rather than to reduce foreclosures and stabilize. When it comes to assisting mortgage borrowers, however, the.
Philadelphia's Mortgage Foreclosure Diversion Program Is A. – Image: Diagram of the basic foreclosure process. The diversion program pauses the judicial process between steps 4A and 5A as shown here. Source: Flickr. The Mortgage Foreclosure Diversion Program essentially creates an alternative resolution to litigation for homeowners facing foreclosure and the lenders bringing the foreclosure actions.
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Under a new plan created by the Federal Housing and Finance Administration, mortgage servicers must offer homeowners who are three to 24 months behind on their payments a plan to help them avoid.
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Diversion and Moving to Independence The Department of Human Services is dedicated to helping Pennsylvania’s low-income families become independent through the Diversion program. Diversion is a way for families to choose short-term help rather than long-term ongoing cash assistance through the Temporary Assistance for Needy Families (TANF) program.