Jul 17, 2009 5:09 pm US/Eastern
Foreclosure Crisis Hits Delaware County
Upper Darby (CBS 3) ―
The foreclosure crisis is turning the American dream into a nightmare for hundreds in Delaware County. A sheriff's sale is underway this noon.
A public auction was initially set to include four-hundred properties, a number which has been reduced to one-hundred as a result of last minute continuances and filing of bankruptcy.
"This is the result of the bad economy. We expect this is going to happen, but when you see it with the neighbors, it's sad," said resident Ashraf Ibrahim.
According to the Sheriff's office, the number of foreclosed properties in the area has nearly doubled, which is why it is asking the court to approve a mortgage foreclosure diversion program.
The idea is to mandate homeowners at risk to meet with credit counselors, allowing them the time and knowledge to alleviate their situation.
County officials went before the judge this morning to approve the program, a request which was denied.
County officials say they will continue to push this program to keep more people in their homes.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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