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by KYW's John Ostapkovich
The rate of mortgage foreclosures in Philadelphia is bad now, but not all that much worse than five years ago.
The Sheriff's Department held a mortgage foreclosure sale last week, after a month off which gave owners a breather, and maybe a chance to get our from under a ballooning adjustable interest rate.
Sheriff's Department spokeswoman Wanda Davis says for April and May, 1,669 properties were set to go to foreclosure. Back in 2003 the number was more than 1,500:
"Although it's a court ordered mandate process and that's what the Sheriff does in this office, we oversee it; the Sheriff has always been about saving homes first, back in 2003 when the numbers were so high the Sheriff actually put together a task force."
There is currently a judicial diversion program that may provide enough leverage to pry loose a better mortgage for some over-extended homeowners.
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