Think Progress reports on a study from The Reinvestment Fund that indicates a nearly 85 percent success rate for Philadelphia in stemming foreclosures.
Mediation programs have proven successful all across the country in keeping borrowers from losing their homes, and Philadelphia's is no exception. According to a report from Ira Goldstein of The Reinvestment Fund, nearly 70 percent of borrowers eligible for meeting with their banks participate and about 85 percent of those who strike a deal with their lender are still in their homes 18 months later:In 2007, the year before the program began, 27 percent of homeowners in foreclosure lost their homes. That fell to 14.5 percent in the six months after the program began, then to 5.7 percent thereafter, Goldstein found. In the first year of the program, 5,000 homeowners took advantage of it, according to data released in June 2009. Of agreements reached through June 2009, 733, or 84.6 percent of 866 homeowners, remained in their homes 18 months later.
Original source: Think Progress
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