Vacant Homes have Neighborhoods Looking for Help

JACKSONVILLE, FL -- Robert Hackney has lived in Arlington most of his life and is seeing it change before his very eyes.

On each side of the home where he lives on Columbine Drive there is a foreclosed home and a bank owned home up for sale.

"There's been a lot of theft going on," said Hackney who could recite the location of several vacant homes nearby.

Just down the street, Kevin Benedict recalls a neighbor who suddenly moved out recently.

"One day they were there, a girl playing in the yard. The next day there was a truck, have not seen them since," said Benedict referring to a home with a bank owned sign in the front yard.

The Federal Housing Finance Agency on Tuesday announced the latest government effort to help homeowners who are behind on their payments.

Mortgages backed by Fannie Mae and Freddie Mac soon will afford homeowners who are three months behind on payments a chance to restructure their mortgage. The progam gets underway next month.

In order to qualify, homeowners must owe more than 90 percent or more than the home is currently worth. Borrowers would be eligible for an interest rate cut so they would not pay more than 38 percent of their income on housing expenses. In some cases mortgages would be extended from 30 to 40 years.

Critics say the new program is no long term answer since it only reduces mortgage payments, not mortgage debt.

The government does not have an estimate on how may people would qualify to have their loans restructured. Homeowners who qualify would have to make application with thier mortgage holder.

"The banks don't reach out to them anymore," said Hackney who would believes something needs to be done. The Arlington man is doing something to shore up his neighborhood. Hackney says he's circulating a Neighborhood Watch petition to get more people involved in fighting crime.

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