Monday, October 31, 2005

Philly Foreclosure Facts

This Philadelphia Daily News story on sheriff sales had a few local pointers. "Four times a month, the Philadelphia sheriff’s office conducts sheriff’s sales, which are a way for mortgage companies and other financial institutions and the government to recover debts owed to them."

"Often, the properties in question are sold to new owners. There are mortgage-foreclosure sales for mortgage companies, which are looking to recoup money from homeowners who have defaulted on their home loans."

"Delinquent tax sales are how the city collects unpaid real-estate taxes, water and sewer bills. There are also twice-a-month tax-lien sales that cover a variety of liens on properties."

"Roughly 1,400 to 1,600 properties are exposed to sheriff sale each month, and about a third of the mortgage foreclosures and one half of tax lien cases result in properties being sold."


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