June 25 , 2008
KYW News Radio

Philadelphians Getting Update On Foreclosure Diversion Plan

By Karin Phillips

Bankers, community developers, church representatives, and others were getting an update on Wednesday on a program that's helping Philadelphians save their homes. 

At the biannual meeting of the Financial Education Network of Southeastern Pennsylvania, an update was being issued on the newly established Residential Foreclosure Diversion Program. DeDe Myers is vice president and community affairs officer at the Federal Reserve Bank of Philadelphia:

"Foreclosures actually peaked in Philadelphia a couple years ago and they've been going down although the numbers are still high."

Under the Diversion Program, those facing foreclosure can contact a free housing counselor to forestall any court action until something can be worked out, or not. John Dodds is director of the Philadelphia Unemployment Project:

"You don't have to lose your house, but you do have to come forward." 

For more information on the Residential Foreclosure Diversion Program, call 215-334-HOME.