Residents hope President's plan will reverse foreclosure crisisPosted: Updated:
PHOENIX - President Barack Obama chose Arizona to unveil his foreclosure plan because in many streets there are more vacant homes than not.
It is a scary trend Valley residents want reversed. Homeowner Shashi Watts says, "We try to make our payments. We hope good people stay but it's not working out."
On a street where foreclosures are common and homes are vacant, the few residents left look to the President for help. During his speech at Dobson High in Mesa he said, "The plan I'm announcing focuses on rescuing families who have played by the rules and acted responsibly."
It was music to the ears of hopeful homeowners like Jake Mehlberg. He explains, "You go down the street, you got four or five for sale in a row or foreclosed."
That is making it tough for the Mehlberg Family who is getting by but also looking to get out of here. Mehlberg says, "We did the right thing. We put 20% down, it'd be nice to see that investment come back at some point." The family looking for neighborhood stability is hoping the President can deliver with his $75 billion proposal, one he says will enable 9 million Americans to refinance or restructure their mortgages.
President Obama also told the crowd, "It will prevent the worst consequences of this crisis from wreaking even greater havoc on the economy and by bringing down the foreclosure rate, it will help shore up housing prices for everybody."
Watts admits, "That's very good news if it happens." She bought her home 3 years ago and her property value is down now more than 50%. Needless to say, she is cautiously optimistic. "Fortunately I have a job, my husband has a job thank God so we're making our payments."
Nevertheless, not all her neighbors are and a chance to refinance would help. Neighborhood Housing Services of Phoenix helped 42% of its clients avoid foreclosure last year and they hope this plan will deliver even more relief this year.
Patricia Garcia Duarte, from NHS, tells 3TV, "Unfortunately it's very complexjust need to take it one at a time."
For a closer look at the proposal and whether or not you might qualify for this help, log on to any of the following three website: