SC HELP Foreclosure Prevention Program Now Available Statewide

Almost $300 million in funds to keep homeowners in their homes.

[Columbia, SC]           Following a successful pilot program and Treasury’s approval of South Carolina’s readiness assessment, SC Housing Corp. will take its foreclosure prevention program statewide. Starting January 20, the South Carolina Homeownership and Employment Lending Program (SC HELP) will use almost $300 million in federal funds to help responsible but struggling homeowners in the state.

Key components for SC HELP include:

• Monthly Payment Assistance-assisting homeowners with monthly payments for a defined period of time while they seek employment and a return to self sustainability.

• Direct Loan Assistance-for borrowers who have experienced a hardship but have regained the ability to pay. Funds can be used to pay arrearages in order to bring the loan current.
• Property Disposition Assistance-in cases where the mortgage cannot be salvaged, funds may be provided to incentivize short sales, deeds-in-lieu of foreclosure and to help transition families from homeownership to rental housing.

Homeowners applying for Monthly Payment Assistance or Direct Loan Assistance must meet certain threshold requirements in order to apply for help:

1.    Borrower or co-borrower must be able to document that the delinquency was a result of a hardship event beyond his/her control (i.e. unemployment, death of a spouse, catastrophic medical expenses, etc.)

2.    Mortgage payments must have been made on time for 12 months preceding the hardship event with no more than two 30-day late occurrences

3.    The property securing the mortgage must be owner-occupied as a full-time residence

4.    Borrower must provide a financial hardship affidavit

5.    Mortgage can be no more than 120 days delinquent

6.    Loan servicer/investor must be willing to accept payments and provide required data and reporting

Assistance from SC HELP will be provided in the form of a nonrecourse zero-percent interest, non-amortizing, forgivable loan secured by a subordinate lien on the subject property. The loan will be forgiven over a five-year period at a rate of 20% per year. If property is sold or refinanced prior to the loan termination date, funds will be recovered should sufficient equity be available from the transaction. The Property Disposition Assistance Program will provide a one time, lump sum grant to the recipient.

Additional criteria and documentation requirements must be met for final eligibility determination. Homeowners wishing to make an application should apply online at www.SCMortgageHelp.com.  SC HELP officials emphasize that using the online application is the fastest and most efficient way to begin the process. Homeowners without internet access may call toll-free to 855-HELP-4-SC (855 435-7472) to begin the process.

SC HELP is intended to assist responsible borrowers – those borrowers who are facing possible foreclosure due to circumstances beyond their control, i.e. unemployment, death of a spouse, catastrophic medical expenses and/or divorce.  SC HELP is NOT intended to serve borrowers who are facing foreclosure due to poor credit and/or debt management, stripping the equity from their home for non-essential purposes, or overall mismanagement of their personal budget.

Additional information, background and resources are now posted on SC State Housing’s website, as well as www.SCMortgageHelp.com, and will be updated frequently.

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SC Housing Corp. is a nonprofit division of the South Carolina State Housing Finance and Development Authority (SC State Housing).

• The down payment assistance available is $7,000.
• To qualify for the Forgivable down payment option, a 1 person household’s income in YORK County cannot exceed $37,250 and $42,550 for a 2 person household.
• Must live in the home 5 years in order for the loan to be completely forgiven.
• The Home price is up to $208,000 in YORK county.
• 640 minimum credit score
• The interest rate is 5.125% on a 30 yr fixed rate.

Call me or email me for more information on this program. sharon@SharonSellsCarolina.com

These important changes, which the National Association of Realtors® has been calling for, are a step towards trying to help stabilize a struggling housing market in many parts of the country. The $8K tax credit will be monetized through short-term bridge loans through FHA approved lenders, thus allowing potenial home buyers to gain access to the funds quicker.

This is certainly welcome news for home buyers and I’m certain that home sellers will be excited to know that this added incentive has been made available to those interested in purchasing their home!

In fact, the warehouse is out of toys for infants and for children ages 9 to 14. “And the few toys the program does have for the 3 to 8 age group isn’t enough to fill the remaining requests for that group,” said Beth Covington, director of marketing and communications for the United Way of York County.

Toys for Happiness, a charity created by WRHI radio and the United Way of York County that allows families meeting eligibility requirements to submit a wish list for their children ages infant through 14,  has filled the stocking of 1,914 children.  Unfortunately, there are still 377 children that will be without toys Christmas morning if things don’t change quickly.

Certainly the economy has something to do with the shortages as requests for toys is up 32%, yet donation totals are down from previous years.

If you’re interested in taking donations to Toys for Happiness, I’m trying to find out where you can take them and will post the information here just as soon as I do.  In the meantime, I would suggest calling the United Way of York County and asking them what you can do to help with this situation.

You can read the entire article by Mary J Balasco in today’s Rock Hill Herald.

The restaurant boasts Executive Chef Bryan Lindsay who has 16+ years experience as a chef in various locations, including New York City.  Menu prices vary with most entrees being under $20.

According to General Manager Selena Kelleman, “We thought this was the perfect place. There is nothing else like what we offer in this area.”

To me, this just shows how popular the Baxter Village area is.  Vacancies don’t last long and when one business does leave, it’s not very long before another, high quality commercial venture takes it’s place.  As the Charlotte NC area continues to grow, I predict that the Fort Mill SC and Rock Hill SC areas will benefit as people move further out from the center of the city.  This in turn means we’re looking at increased property values and improved services.

According to the J.D. Powers and Associates website:

Overall satisfaction is determined by examining three factors for the home-buying experience: agent (65%); office (21%); and services (13%).  Four factors are examined for the home-selling experience: agent (43%); marketing (38%); office (12%); and services (7%).

In the home-buyer segment, Keller Williams achieves a score of 831 on a 1,000-point scale, and receives highest ratings from customers in all three factors. Following in the rankings are Prudential (820) and Coldwell Banker (816). Prudential performs well in the agent and office factors, while Coldwell Banker performs particularly well in the services factor.

As a member of the Keller Williams family, I feel very proud and honored that we received this recognition.  I know it’s my personal mission to help each one of my clients in the Rock Hill SC or Fort Mill SC are either buy or sell their home as pain and stress free as possible.

Real estate can seem like a roller coaster ride at times, but with the right agent, it can be an enjoyable ride at the same time.

You can download a copy of the press release HERE.

Today at 4:30pm the York County Regional Chamber of Commerce will hold it’s first meeting at its office at  116 E. Main St. in downtown Rock Hill.

The goal of this new council is to provide guidance, assistance, and direction for small, local businesses up to 10 employees.  The initial focus will be on helping owners understand new South Carolina immigration laws, navigate complex tax issues, and learn how to retain good employees, but the long terms plans call for providing direction and assistance in whatever areas the members need.

Being a small business myself, I look forward to taping into this valuable resource and hope to meet many of the other members of this group.  And since success in business requires help and assistance from many different groups, I think it’s a great opportunity for local York County businesses to come together to help one another out.

For more information about today’s meeting, call (803) 324-7500.

You can read the entire expert in today’s Rock Hill Herald.

This new addition is certain to help the downtown Rock Hill area and will hopefully encourage other businesses to move into the downtown area.

You can read the entire article from the Rock Hill Herald right HERE.

The Charlotte housing market was cited as being reasons why the city was nominated thanks to a diversity of housing options and home affordability. The strong economy, boosted largely by the presence of Bank of America and Wachovia, was another selling point.

Now don’t get me wrong, Charlotte is a wonderful city and I’m sure glad it’s right next door. I’m just happy to live in Rock Hill/Fort Mill where we can enjoy all of the benefits of the ‘#1 place to live’ and still enjoy all the benefits of the great state of South Carolina!

You can read the entire article right HERE.

The Charlotte housing market was cited as being reasons why the city was nominated thanks to a diversity of housing options and home affordability. The strong economy, boosted largely by the presence of Bank of America and Wachovia, was another selling point.

Now don’t get me wrong, Charlotte is a wonderful city and I’m sure glad it’s right next door. I’m just happy to live in Rock Hill/Fort Mill where we can enjoy all of the benefits of the ‘#1 place to live’ and still enjoy all the benefits of the great state of South Carolina!

You can read the entire article right HERE.