Washington, DC – October 22, 2009 – (RealEstateRama) — As thousands of Floridians continue losing their homes to foreclosure, U.S. Rep. Kathy Castor is calling on the Treasury Department to provide detailed information about the number of trial loan modifications offered to at-risk homeowners. Castor joined with Chairwoman Maxine Waters demanding that Treasury Secretary Timothy Geithner provide the requested information about the Home Affordable Modification Program (HAMP) by next week. Waters, of Los Angeles, is chairwoman of the Subcommittee on Housing and Community Opportunity.
The home affordable modification initiative is expected to help up to an estimated 3 million to 4 million at-risk homeowners avoid foreclosure. That could be especially helpful in Florida. The state has the fourth-highest foreclosure rate in the country, according to RealtyTrac statistics.
“My neighbors need help and they need it now to prevent foreclosure on their homes,” Castor said. “This program can help, but we need to understand where we are right now to determine how to make more help available.”
“Many homeowners are still in need of loan modifications and foreclosure prevention services,” Castor and Waters wrote in a letter to Geithner. “Several issues continue to exist within the HAMP, including the need for increased servicer participation and knowledge about the program and additional homeowner outreach.”
Castor has held four foreclosure assistance workshops in Tampa and St. Petersburg, giving constituents facing foreclosure an opportunity to receive one-on-one help from their lender and housing and finance professionals. Thousands of Tampa Bay area residents have attended Castor’s workshops.
Though Castor praises the initiative for lowering payments for 500,000 homeowners, she said too many homeowners continue to struggle.
“More help is needed,” Castor said, “and I am counting on the Treasury Department to be aggressive in ensuring that trial loan modifications are offered to at-risk homeowners, and the first step is getting this information ASAP.”
