The Obama administration's 75 billion dollar homeowner rescue program is supposed to help people stay in their homes.. but some critics say it does little to rescue those who are behind on their payments. 23 News Economic Reporter Kristin Burke finds out why a growing number of local homeowners are just walking away from their homes.

The first wave of foreclosures was locator cg triggered by sub-prime loans and rapid job losses in the Rockford area.

"When you finance it to begin, with nothing into it, and then the value drops... It's a no win situation in the eyes of the borrower."

But frustration amongst the nearly six percent of local homeowners who are underwater on their mortgages could be the next wave to hit...

"You get into a situation where the values have fallen and what's happening is people are just walking away."

a growing number of families are faced with the same temptation. With home values declining by as much as 10 percent locally... Balsam says many borrowers have the ability to pay but are voluntarily turning over the keys ...Not willing to drain their wallets on a home which is worth less than they owe.

"Why should i continue making payments on a house I am going to take a 30 thousand dollar loss on so he just quit making payments.we had an older couple who just simply walked away and went into a high rise because the house isnt worth what they paid for it. "

Many of the government assistance programs are offered to those who have jobs but these fail to address negative equity.

While some are abandoning their homes which destroys their credit.. Balsam says this still isn't stopping people.

" If you don't plan on buying a home in the next 5 years and your going to rent it isn't a big deal."

Balsam thinks what will determine the number of our neighbors who will walk away is how they see the future...If they see hope they will stay in their homes for now.

In Rockford Kristin Burke 23 News Right Now

We did speak with some other local banks who are seeing a similar trend in homeowners walking away