More on foreclosures...

The Philadelphia Common Pleas Court announced today details of a pilot program it hopes will reduce the number of foreclosures in the city. Here is the jist of the program:

• Owner-occupied properties will be put on a special track intended to help borrowers with free legal advice and housing counseling
• All residential foreclosures will be subject to a conciliation conference before the property can be sold via Sherriff's sale.

I think that first of all Judge Rizzo is smart and understands real esate. The efforts for owner occupied properties under this plan make sense. Counseling and then action for a loan work-out for owner occupieds will at least be any effort to help people who are having problems with their loan payments.

This is a good plan and timing wise it is not create long delay for lenders. Their are time limits like 45 days to resolve these issues.