To Pause Foreclosures, or Not Pause Foreclosures?

Last week Philadelphia City Council approved a one month pause in foreclosures while it sought a six-month moratorium on foreclosure activity in the city. Turns out City Council doesn't even have the authority to impose the longer-term moratorium they seek. And, Mayor Michael Nutter does not currently support a court order authorizing such a freeze. This is what I think on foreclosures in the city...if the property value is currently below the loan amount, I am not in favor of any postponement, you might as well just get it over with now and foreclose. If the value of the property is greater than the loan amount, I am in favor of some sort of postponement.

Otherwise we will not be fair with our lenders and it will cost all homeowners in the end.