It's been three months since Congress passed a 700-Billion dollar rescue plan for banks...but as Jessica Forres reports...many local homeowners who are facing foreclosure are NOT receiving the relief they need...



Juliana Anane of Silver Spring, Maryland is seven months behind on her mortgage, so she's attending a workshop at Montgomery College on how she can save her home...

I HAVE A PAYCHECK BUT I MEAN MY HUSBAND DOESN'T HAVE A PAYCHECK. HE DISABLED NOW AND THAT'S ONE OF THE REASONS WHY WE FELL BEHIND BECAUSE HE CANNOT WORK.

In 2003… when she bought the home…the interest rate was 6 percent...but now that the rate has adjusted upward, she says the bank refuses to work with her...

THEY KEEP TELLING ME THAT I CANNOT AFFORD THE HOME AND I'M TELLING THEM THAT IF THEY CUT THE INTEREST RATE FROM 9.25 TO WHAT IT'S SUPPOSED TO BE THAN I COULD AFFORD MY HOME.

Maryland Congresswoman Donna Edwards hosted the "Save Your Home" workshop where struggling homeowners received counselling. She's frustrated because banks are not providing the help homeowners need....

WELL IT HAS BEEN A REAL CHALLENGE TO PUSH THE BANKS, EVEN THOSE BANKS THAT HAVE RECEIVED FEDERAL MONEY IN THE BAILOUT TO WORK OUT THEIR LOANS. I THINK WHAT WE HAVE TO DO IS TO COMPEL OUR TREASURY DEPARTMENTAT THE FEDERAL LEVEL TO USE THE MONEY DIRECTLY FOR HOMEOWNERS.

Representative Edwards says during the third quarter of 2008 half of the 8-thousand foreclosures in Maryland are located in Montgomery and Prince George's counties.

Jessica Forres WAMU 885 News

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Some homeowners in the DC region say the 700-billion dollar rescue plan for banks is not providing the help they need to stave off foreclosure.

Jessica Forres reports…

Joan...not her real name...is attending a free workshop at Montgomery College where struggling homeowners receive counseling on how to avoid foreclosure.
She questions whether it's worth the effort...

IT'S A DISAPPOINTMENT. THE INFORMATION LEVEL IS NOT MATCHING THE PEOPLE'S PROBLEMS AND THE INFORMATION ALL LOOKS LIKE HERE'S THREE THINGS YOU CAN DO AND YOU SOUND REALLY HOPEFUL BUT FOR ME IT'S NOT HOPE.

She's keeping her head above water now..but she fears what could happen...
THEY SAID HOW MANY MONTHS ARE YOU BEHIND. WELL I'M NOT, I'M PAYING IT WELL THEN WE CAN'T HELP YOU. I DON'T WANT TO BE THAT LATE. I KNOW WHAT'S COMING.

Dozens of homeowners showed up for the "Save Your Home" workshop hosted by Congresswoman Donna Edwards who says it's a challenge to convince banks to modify the loans they've made...

I THINK WHAT WE HAVE TO DO IS TO COMPEL OUR TREASURY DEPARTMENT AT THE FEDERAL LEVEL TO USE THE MONEY DIRECTLY FOR HOMEOWNERS. AND I'M CONVINCED THAT THE INCOMING OBAMA ADMINISTRATION AND THE NEW SECRETARY OF TREASURY ARE COMMITTED TO DOING JUST THAT. YOU KNOW A PORTION OF THE 350 BILLION DOLLARS WILL BE USED DIRECTLY FOR HOMEOWNERS.

Representative Edwards says the number of foreclosures in Montgomery and Prince George's counties totaled 4 thousand in the third quarter of 2008.

Jessica Forres WAMU 885 News