08/01/2009 05:12 am ET Updated May 25, 2011

Mortgage Program Saves Homes, Push To Replicate It Nationally

PHILADELPHIA (Reuters) A program to avert residential mortgage foreclosures has saved almost 60 percent of its participants from losing their homes in a sheriff's sale, officials said on Tuesday.

Philadelphia's Mortgage Foreclosure Diversion Pilot Program, seen as a national model to stem the foreclosure crisis, resulted in 2,776 properties permanently or temporarily saved from sale between its inception in June 2008 and May 31 this year out of 4,690 that were referred to the program, according to new data.

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