Federal funds to fight foreclosure
U.S. mayors are working to resolve the housing crisis by using federal money. Rampant foreclosures are especially hurting cities by choking off property tax revenues that fund city services. Jill Barshay reports.
Sign outside of a house under foreclosure (Justin Sullivan/Getty Images)
More on Housing - Real Estate, Fed. Budget/Govt. Spending
TEXT OF STORY
Renita Jablonski: The nations' mayors are in Miami for their annual meeting. Today, mayors are expected to pass resolutions calling for federal money to help deal with the foreclosure crisis. Big cities want the aid to go beyond low-income families. Jill Barshay has more.
Jill Barshay: Foreclosures are strangling some cities. They're choking off property tax revenues just when city services are needed the most.
Frank Ortis is mayor of Pembroke Pines, a city near Miami. He says people getting kicked out of their homes are adding to urban blight.
Frank Ortis: Some even poured concrete down toilets, put holes in walls. And then you have the over-growing of the grass. And you have pools, in Florida especially, turn green and become mosquito-infested. Those are all problems for us as mayors to deal with.
Everyone expects more foreclosures to come. Mayors want federal funds to keep homeowners in their houses.
But big city mayors are worried federal aid could be restricted to low-income households. Expensive cities like New York and Boston argue they need help too.
I'm Jill Barshay for Marketplace.
Comments
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From Wellington, FL, 08/09/2008
Hello,
We are in foreclosure with our sale date coming up on August 25th.
We have 3 small children including a 6 year old little girl with Autism. We have no money to move since I have been unable to derive income since my mortgage business failed towards the end of 2006. My income was 6 figures for several years however is now -0-.
My husband works however his $2,440 per month job cannot cover our minimum mortgage payment of $3,100. We owe $660,000+ on our home which appraised for $785,000 in July of 2006 when we refinanced. Due to other homes in the area dropping their prices and/or resorting to foreclosure, I do not know what our value is. The last home similiar to ours with a mother in law home sold for $600,000. My mother in law has moved out due to the stress and anticipation of being evicted. Our goal was to take care of her for the rest of her life and she invested all of her money (proceeds of sale of a prior home) to build the in law house.
Is there any help for us?
In addition to the foreclosure we are also battling an IRS error made by our accountant so the stimulus check and refund for 2007 was rejected.
Please let me know if we are eligible for any government funding.
I have called our lien holder, Wachovia and was told they cannot work for us due to my unemployment and the inability to repay the loan.
Sincerely,
Truly Sieli
561-753-8393
From Denver, CO, 06/23/2008
Just because a house is foreclosed does not mean the house is not owned. The bank is responsible to keep the house up to the standards of the HOA or zoning. Or is this wishful thinking?
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