foreclosure

The Philadelphia Unemployment Project won a major victory at the beginning of the year with a moratorium on Sheriff Sales. The moratorium was successful in stopping Sheriff sales on 1400 homes in January, giving people a chance to apply for relief and help in saving their homes.

According to this 12 minute 60 Minutes piece, the current mortgage foreclosure crisis is just the beginning. Over the next 3 years, two types of adjustable rate mortgages (Alt-A and Option B) are due to reset interest rates at a higher level starting this winter. This means that the monthly payments will go up, and its predicted that will produce another massive wave of foreclosures.