Monday, July 6, 2015

No Moratorium On Philadelphia Sheriff's Sales

President Judge C. Darnell Jones today told City Council that the First Judicial District is developing a program to assist homeowners at risk of losing their houses due to problems with subprime mortgages. That means no moratorium on sheriff's sales, as called for by Council and Sheriff John Green last month, Jones said.

No Moratorium On Philadelphia Sheriff's Sales

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President Judge C. Darnell Jones
President Judge C. Darnell Jones

President Judge C. Darnell Jones today told City Council that the First Judicial District is developing a program to assist homeowners at risk of losing their houses due to problems with subprime mortgages.  That means no moratorium on sheriff's sales, as called for by Council and Sheriff John Green last month, Jones said. "Realistically, it's simply not the answer because it doesn't help anyone," Jones said later. "It just postpones the inevitable."

The new program, which may be in place by Monday, would provide legal, financial and housing assistance to people who live in homes that may be foreclosed.  Jones said it would exclude commercial, rental and abandoned properties, which will be up for auction when sheriff's sales resume on May 6 . A total moratorium, Jones said, did not appear to be required or legal.

Subprime mortgages, with interest rates that can increase, are often issued to buyers with credit problems who cannot afford conventional mortgages.  Green last month said he would ask Jones to institute a six-month moratorium on sheriff's sales.  Philadelphia sheriff sales have been declining for the last four years but Green yesterday said he remains concerned when even one homeowner faces foreclosure.

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William Bender, a Drexel graduate who landed at the Daily News in 2007, has covered everything from South Philly mobsters to doomsday hucksters. He occasionally writes about local food trucks and always eats everything on his plate, whether it be a bloody rib eye or a corrupt politician. E-mail tips to benderw@phillynews.com
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David Gambacorta, has been a reporter with the Daily News since 2005, covering crime, police corruption and all of the other bizarre things that happen in Philadelphia. Now he’s covering the 2015 mayor’s race, because he enjoys a good circus just as much as the next guy. He’s always looking to get a cup of coffee. Send news tips and other musings on life to gambacd@phillynews.com
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