Jacksonville has third highest foreclosure rate in the U.S.
The housing bust is getting worse. Right now, Jacksonville has the third highest foreclosure rate in the country with one in every 156 homes foreclosing. And there's a story behind everyone of them like one family of eight who could be living on the streets in a matter of weeks.

Jacksonville has third highest foreclosure rate in the U.S.
Reported by: Céline McArthur
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11/19/07
The housing bust is getting worse. Right now, Jacksonville has the third highest foreclosure rate in the country with one in every 156 homes foreclosing. And there's a story behind everyone of them like one family of eight who could be living on the streets in a matter of weeks.

A quick glance into Charles Wilson's military chest of memories and you'll see the retired Navy man served his country well. But his 20 years in the service didn't prepare him for the battle he now faces -- Foreclosure.

The situation began two years ago when Wilson and his wife Sophia bought a $190,000, 2,600 square foot home in north Jacksonville.

"We just went up there and thought we just had to sign the papers, move in and everything would be okay," says Wilson.

It was okay until Wilson retired and took a job with UPS.

“I was making five thousand dollars a month, and it went to 1,497 per month; a big drop," he says.

The drop was too big to pay his $2,000 a month mortgage, especially since Sophia doesn't work so she can take care of their six kids. So they fell behind and watched as the mortgage company added penalty after penalty to their monthly payment.

Now, if they don't pay they won't be allowed to stay. Its a real, even likely, possibility they refuse to consider.

"I am quite sure that everything is going to work out," says Wilson. “We have a strong faith and belief in God. And we know all things happen for a reason."

Despite their conviction, the evidence, including a foreclosure notice for nine months of no-payments, suggests they will be evicted soon.  To find out for sure, we called in a foreclosure consultant to sort through their financial mess and give them the reality check and the guidance they need.

“I see homeless shelters fill up like you wouldn't believe,” says the consultant, Tom Law, “because they think it's going to be okay. It's not. […] They will take your house. They won't even think twice. They don't care."

Law says big changes must be made for the Wilsons now, before the bank puts the house up for sale. And with those changes, Law says there's a chance this family can keep their American dream alive.

The Wilsons aren't alone. In September, 4,872 foreclosures were filed in Florida. That's up from 1,541 in September of last year.

If you're in danger of losing your home, there are steps you can take to avoid foreclosure. Go to the Federal Housing Administration’s website at: http://www.fha.gov/foreclosure/index.cfm