Philly Helps Homeowners Avoid Foreclosure

It doesn't hurt to ask. That's the lesson learned from a new program in Philadelphia which is helping homeowners stay in their foreclosed property. The initiative is working so well that it's getting praise for being better than the Obama administration's $75 million program and being considered as a model for other states facing high foreclosure rates.

According to The New York Times, the program involves what's known as a "conciliation conference," or a "face-to-face meeting between the homeowner and the lender aimed at striking a workable compromise." So basically, you and your court appointed lawyer get some facetime to beg for mercy. And it seems to be working.