The pace of Philadelphia foreclosures is not as fast as in most other large metro areas because of the relatively high number of public and private groups working together to cut down foreclosures. Mandatory mediation, mortgage payment assistance and legal aid are among the foreclosure prevention efforts.
Some analysts have observed that U.S. banks seemed to have developed wariness towards short sales. They stated that finding Sheriff auctions have become easier than finding short sales.
Communities suffering from huge supplies of foreclosed homes for sale in Chicago will soon be receiving their share of the 30 million U.S. federal government aid earmarked for the area.
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