Troubled Philadelphia Homeowners Have an Option Besides Foreclosure

The City of Philadelphia wants homeowners who are behind on their mortgages to have an option besides foreclosure.The Nov. 17 edition of the New York Times details a program that brings Philadelphia property owners and lenders together to negotiate deals that enable homeowners to keep their homes. It's loan modification, the difference being that lenders are required to attend the conferences and negotiate in good faith. The program is so successful, that cities around the U.S. are looking at it as a model for their own crop of troubled borrowers. While it also has critics, even they concede it's better than what other cities are doing. Read about it here.