by Mike Sharkey
Staff Writer
Foreclosure is still a major problem in Jacksonville. Last month alone, over 3,000 people got notices informing them that their homes were in some stage of the foreclosure process.
Thanks to a program created by City Council member Kevin Hyde’s Foreclosure Task Force, more Jacksonville homeowners are aware of the foreclosure problem and the potential solutions than ever before. And, thanks to three local banks, the literature that goes out to homeowners isn’t costing the City anything so far.
Thursday, Hyde officially thanked representatives from Regions, EverBank and Wachovia for raising $35,000 collectively. That money went directly to the City’s Housing and Neighborhoods Department to help pay for the literature and postage.
“We have not spent close to this amount,” said Wight Greger, director of Housing and Neighborhoods.
Greger said she is also working on securing a funding source for the next round of literature that will go out.
Hyde held his first foreclosure summit 13 months ago and the second in February. In June, Council approved the Foreclosure Task Force and WJCT President Michael Boylan has served as chair.
“We have been working with the City to get the community as much information as possible on how it (foreclosure) may affect them,” said Boylan. “In fact, it affects everyone.”
The information packets are sent to every homeowner who has been issued a Lis Pendens (or Notice of Foreclosure). They contain basic information, frequently asked questions, contact organizations and numbers that provide foreclosure assistance and the link to the City’s “Stay Home Jacksonville” Web site.
“I’m pleased where we are at,” said Hyde, adding his task force continues to seek ideas and looks at what other cities are doing to stem the crisis. “It’s working exactly as intended. We recognized today not only the work of the task force, but the public/private partnership.”
Hyde said the number of foreclosures in October is up from August. However, the increase is less percentage-wise than the previous month. He believes that may be an indicator the foreclosure problem could have reached its plateau.
“The question is: which way are we going? We do not know the individual circumstances,” he said. “There are a significant number of adjustable rate mortgages that will reset next year. Those interest rates are set to go up.”
Hyde said the key to lowering the foreclosure rate in Jacksonville — and the country, for that matter — is to provide loan modification information to homeowners on the edge of foreclosure before the issue becomes a legal matter. Hyde is encouraging people to refinance now or call their bankers now to discuss their options.
Thursday, Regions was represented by George Owen, Wachovia/Wells Fargo by Valerie Hendriex and EverBank by Ruth Owen.
356-2466