The demand for foreclosure counseling services in Philadelphia is high, but the resources available to meet that demand are limited.
The industry is heavily reliant on government funding; however, access to that money comes with a significant administrative burden.
Housing counselors bear a heavy workload, which is exacerbated by bureaucratic reporting requirements.
Staff training is particularly problematic: Staff turnover and stringent requirements for continued funding make it difficult for agencies to maintain a staff of counselors who have the necessary qualifications.
Foreclosure filings in the first half of 2016 decreased by 11 percent from the same period last year and 20 percent from the second half of 2015, according to RealtyTrac, an Irvine, Calif.-based company that produces housing data.
But in the Philadelphia region, filings increased by 7 percent — second only to Boston (38 percent) among the 20 largest metro areas.
UAC’s Community & Economic Development (CED) team is pleased to announce the newest Winter 2016 edition of the Foreclosure Prevention Resource Guide. In 2007, community leaders and bankers started to see troubling conditions arising from subprime mortgages. In response, CED formed a Foreclosure Prevention Task Force that led to a set of 14 recommendations to guide the City’s response to the emerging crisis. One of these recommendations was to create a guide to help professionals and homeowners understand and prevent housing foreclosure. Thanks to a generous grant from Santander Bank, CED was able to print 2,500 copies and a full PDF version can be found online for free at-home print at frc.uac.org.
This Business Insider article underlines the nuances in a seemingly-positive national trend. Where is the foreclosure crisis happening right now? Are judicial and non-judicial states behaving improving at different rates?
Ms. Vinel Cooper in Philadelphia, PA knows first-hand how important this settlement has been. In October 2006, she purchased her home for $106,000. By November 2011, Ms. Cooper was desperately trying to save her home. She fell behind on her mortgage payments due to economic hardships, and was unable to pay down the missed payments even when her finances stabilized.
Public Service Announcement: The agreement provides $3.6 billion in cash payments to borrowers covered by the agreement. Borrowers covered by the agreement include those whose primary residences were in any stage of the foreclosure process in 2009 or 2010 and whose mortgages were serviced by one of the participating servicers.
This report represents the third in a series of rental housing affordability analyses conducted by the Community Development Studies and Education (CDS&E) Department of the Federal Reserve Bank of Philadelphia. It uses the latest available data to explore rental housing affordability conditions and trends for communities in the Third District between 2005 and 2010.
No Place Like Home:Philadelphia's Approach to Foreclosure Prevention:
On September 21, 2011, RHLS released its No Place Like Home report which for the first time described the various components in Philadelphia's approach to foreclosure prevention in one place. The report looked at how the various elements work together and identify ways that the approach could be improved.