Philadelphia to offer debtor relief
Authorities in Philadelphia will suspend foreclosure sales of homes whose owners have fallen behind on adjustable-rate sub-prime loan payments -- potential relief for tens of thousands of struggling debtors.
The Philadelphia City Council on Thursday called on Sheriff John Green to stop the sales to give borrowers more time to seek a settlement that would prevent them from losing their homes.
Philadelphia becomes the first U.S. city to halt foreclosure sales in the current crisis, although Cleveland and Baltimore are considering similar measures, said ACORN, an advocacy group for low-income families.
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