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).

1. Decide your needs from your wants.  You may want a fenced in back yard, but can that be something you can add on later, where as you can’t change somethings like a homes location or number of bedrooms.  Be realistic and decided what you have to have and what you want to have.

2. Know your budget, and STICK to it.  There are many mortgage calculators to help you decide on what you can afford.  Just because you are pre qualified for an amount, does not mean that you can afford that amount.  You don’t want to be house poor where you can’t afford anything but your house payment and have no emergency fund.  As a homeowner, new home or not, there will always be an emergency.  Know your numbers.  A lender will be happy to help you.

3. Hire a professional.  You may think you can do this on your own, but seeking professional advice can save you money.  A professional can show you what a good price for the home is, so that you don’t end up over paying for a home.

4. Don’t be fooled by the shiny pretty lights.  Always get a professional home inspection, even on new construction.  A home can be staged beautifully with pretty new things, but there could be major repairs that a novice wouldn’t know to look for.

5. Don’t hesitate when you find the “one’. If you have found the home that you feel and seems perfect, don’t wait to make an offer.  Some buyers think the home will be on the market forever, but often the best homes go quickly no matter what the market is like.  This is why it is important to have a professional from the beginning so they can help you act quickly when the perfect home is found.

Now that you have a few tips, good luck, and happy home shopping!

How can I say such crazy things?

Here are 5 reasons why I believe it’s such a great time to buy a Fort Mill or Rock Hill SC house:

1. It’s a buyer’s market. I don’t think this one comes as any surprise, but today’s buyers have an opportunity to dictate a lot of the transactions.  While you should still expect to pay a fair market value, given the state of the economy overall today’s fair market value is considerably lower than what it has been. As a result, there are some real gems available for those willing to do the work and find them.Or you could simply hire a savvy Fort Mill real estate agent to do all of the hard work for you.
2. Interest rates are still at all-time lows. I personally don’t remember the days when interest rates where close to 20% so I can’t really speak from personal experience, but I do know that any time interest rates are around the 5% mark we’re dealing with some very inexpensive loans.All of the banks have definitely cracked down on just giving away loans so you’ll need to have good credit and the ability to pay, but that should really go without saying anyway.
3. All of your competition is on vacation. With the summer in full swing a lot of your home buying competition is at the beach, in the mountains, or over the river and through the woods to visit dear old grandma.  As a result, you’re less likely to face competition when bidding on that new home of your dreams.
4. The Fort Mill and Rock Hill SC real estate markets are relatively strong. Unlike other areas of the country, the Charlotte metro area has remained relatively strong, in spite  of the many job losses we’ve experienced.York County has done a great job of bringing in new companies and with some of the highest rated schools in the state of South Carolina, chances are we’ll continue to see an influx of people moving to the Fort Mill and Rock Hill area, either for jobs or simply to escape much of the chaos that is the Charlotte Mecklenburg school system.
5. The school year is rapidly approaching. As summer moves towards the fall season, it means that school will soon be in session.  Whether you’re hoping to get a child enrolled in one of SC’s highest rated school districts or the home seller is looking to be moved out before the school year starts, right now is definitely the time to take action.Remember, it takes 30-45 days to close on a typical residential real estate transaction, which means you’ll need to get moving soon in order to beat the school bus to the corner!

Finally, just keep in mind that any time there is uncertainly and ‘gloom and doom’ talk about the economy it means there are LOTS of great deals available for those willing to put in the time and effort required to uncover them. With a little bit of real estate knowledge and experience (or having someone on your side that has these), you can find that perfect new house that you’ll be able to enjoy for many years to come.

BEWARE! Many times it’s not always readily apparent why a particular house for sale is such a steal of a deal, and as a result you can be mislead into being a difficult buyer rather than a successful one.

Here are some qualities of a successful buyer to be sure you are on track to find the right house, at the right price, at the right time:

• Provide your real estate agent complete and accurate information, whether it be financial, motivations, or time-lines.  The more information they have the more they can help you.
• Set aside consistent time to learn about and to stay abreast of the market inventory.  Ask your real estate professional to send you homes currently on the market and keep track what price ranges are moving and what they might be selling at.  Your real estate professional can help you with statistics as well.
• Be prepared to be competitive and disciplined.
• Give serious consideration to your real estate professional’s advice.  There is probably good reason you hired this professional to work on your behalf so sure before you do hire a real estate agent, make sure they know their facts about the current market.

With these few basic qualities you’ll save yourself time and money, and will not be disappointed by unmet expectations.

Happy Buying!

Here’s a great article about buying foreclosed home that you should read before you consider buying a Fort Mill SC foreclosed home:

Many people jump at the opportunity to buy foreclosures, but this is definitely a buyer beware market. There are, however, a lot of good reasons to buy a foreclosed home, you just must be prepared to put time and effort into fixing it. If you’re looking for a great deal on a home, or you are a first time home buyer, this is a great way to get your foot in the door and get into the house you’ve always wanted.

It is honestly amazing the deals that you can get by buying a foreclosure. There are so many foreclosed homes that may need little to no work, and simply were abandoned, and there are other foreclosures that will need so much work. You’ll be amazed at the deals you can get in purchasing a foreclosure.

If you are willing to put in the time and effort, you may be able to get a screaming deal. Once you find a foreclosure, have a home inspector go through it. When the inspector goes through it, they will be able to help figure out if there is anything major wrong with the house, or if you just need some renovations.

When purchasing a foreclosed home, unless you are ready for a project, you want to stay away with anything that has water damage, mold, or foundation damage. These projects are probably best left for a contractor, and may be better off left alone. It depends what the price of the house is, but you want to be sure that you don’t get yourself into a project that can cost you more than the house will ever be worth. Better to look at a foreclosed home that doesn’t need quite as much work. It’s easy to update kitchens, tear out carpet or paint and patch walls. That doesn’t cost too much, and is something that can be done relatively easy no matter if you do it yourself or you’re hiring a contractor. These projects can also be completed once you’ve moved into the home and don’t require you living someplace else while you fix up where you want to be living.

You also can make a lot of money by fixing up a foreclosed home, if you’re looking to flip houses, this is a great way to do it. You can get these homes for cheap, and even with labor and supplies you can still sell them to make a profit. This is a whole industry now, and something that even hobby carpenters can get into it and make a few extra bucks.

If you’re ready to buy a home, you may want to look at what a foreclosure has to offer. You can get great deals through these homes, and with a little hard labor, work, and dedication you can have a great home for a very low price. Of course, these are always a buyer beware purchase, but with the right research, the right people, and the right price, you can get yourself a deal.

Article Source: http://EzineArticles.com/?expert=Louise_Scoggins

1. They can’t raise interest rates on debt you’ve already racked up. They can if you are more than 60 days late on these payments.  So pay your cards on time!

2. If your card charges you different interest rates (say, 14% for existing balances, and 2% for balance transfers), they must apply your payments to the debt carrying the highest rates first.  So the faster you pay it off, the more money you save.

3. They can’t raise your rates if they find out you’ve been late on other credit cards or loans.  This doesn’t mean you credit score will not be affected, which can eventually lead to higher interest rates.  Your best bet is just to pay it on time.

4. You can no longer go over your credit limit and be charged the subsequent fees- unless you notify your credit card company in writing that you’d like to spend more than your limit.  So don’t spend more than your limit.

5. They will tell you on your bill how long it will take to pay off your debt and how much it will cost you, including interest, if you pay only the minimum each month.  This will be an eye opener, and a hard lesson for many.  Pay more than the minimum or you could possible pay on this card longer than your house mortgage.

6. Those under 21years old won’t be able to get a credit card unless they show proof of income or get an adult to cosign.  I think this is the smartest law of all!  When I was in college, you would sign your life away for a free t-shirt or can coozie.  All adults over the age of 21 take note…DON’T COSIGN

Even though the economy remains tight right here in our backyard and across the country, Charlotte’s leaders are still optimistic about the prospects for growth.

Yes, the economy will continue to be a hot topic as businesses fight for more sales and unemployment remains a concern, but overall they do see positive signs of growth for the area.

I personally believe this sentiment applies to the Fort Mill and Rock Hill SC areas as well. Yes, things will continue to be tight, but I personally think we’re in a better position than Charlotte because of SC’s lower taxes and the number of large companies still looking to invest in York County.

clipped from www.charlotteobserver.com The Charlotte region is emerging from the recession, but its standards of growth, living and doing business are shifting, business owners, city officials and economists said Wednesday. The leaders met over breakfast at Duke Energy uptown to talk about the economy and hear the results of a fourth-quarter survey of 166 businesses from across the community. That survey, a joint effort of the city and Charlotte Chamber, found that businesses expect a slight rebound this year and perceive Charlotte as a stable, cost-effective place to work. About six out of 10 respondents said they feel positively about Charlotte’s business climate, down from eight of 10 in 2008. But about half said they expect sales and revenue to grow more than 10 percent this year, and just 16 percent expect declines.

If you are saying to yourself, “I want to sell my house,” be sure to steer clear of the common mistakes sellers make. The one common mistake that too many people make when it comes to attempting to sell their house fast is to use a real estate agent. Using a real estate agent will generally prolong the sale time of your house and may ultimately be unsuccessful. There are numerous reasons for this.

Many people assume that using a real estate agent is the fastest and most convenient way in which to sell property. However, using a real estate agency can actually add weeks or even months to the actual sale time of your home. This is due in part to the fact that the majority of real estate agencies deal with thousands of homes at a single time. They have to show these houses to potential clients and then have to attempt to sell them.

When you use a real estate agency you cannot expect to sell your house fast. Actually, you should prepare for extended waiting periods. Even when they find someone interested in your house, they generally have to wait for the person to get approved for a loan before they can actually produce the sale.  Therefore, you could be waiting for months before your home is actually sold and before you actually receive the funds.

The best way to sell your home fast is to use a company that does business by buying homes directly from homeowners. These companies will purchase your home immediately and don’t work like real estate agents. They will simply buy your home upfront, and then will work on selling your house to potential clients. This means that you receive instant money and don’t have to deal with the hassles and wasted time that can result from using a real estate agency.

If you need to sell your house or are selling property to stop repossession, or as a result of a divorce or due to financial difficulties, these types of companies are the strongest and fastest methods that you can use to sell your house quickly. Additionally, these types of companies can provide you with instant quotes in less than 48 hours. You won’t have to wait around for weeks to get an offer. 
Also, when an offer is made payment is received quickly. You really will get money fast and can take care of everything you do in one fast deal!  This is great for people who need money fast and don’t have time to wait for a real estate agent to sell their home or property.

You can learn a lot about real estate investing. The best way to get the most out of your real estate investing education is to be familiar with some basic information ahead of time. Whether your target is short sales, bulk reo sales, virtual real estate or improving real estate investor abilities, you need to know some real estate investing basics. Here are three main real estate investing concepts that many experts do not even know:

1. You will always end up with a positive yield when you invest in real estate investing education. Every good real estate deal represents thousands of dollars in potential wealth. Understanding how to get that wealth will be the key to your success. Learning as much as possible about real estate will increase your odds of success whenever you do a real estate deal. Small investments in education yield big results upon implementation.

2. Real estate investing success is possible in any economy. Lots of people believe that real estate success is only possible in a booming economy. In fact a bad economy is not a bad economy for real estate investors. You can often find properties to buy at deep discounts. You might also find deals that simply would not exist in a booming economy. Poor economies can have the tide turned based on real estate investing. When an economy is less than thriving, short sales, bulk reo sales and virtual real estate can prosper. You can save yourself from financial difficulty along with others by knowing how to do these deals.

3. You will not need lots of money to be a successful real estate investor. You can succeed in real estate investing no matter how much money you have. Many types of deals enable you to use other people’s money to do them. Private lenders will let you use their money if they know that you are a good investment. A good investment will know as much as they can about real estate investing. This will help you show people that you are a good investment if they have the money to help you with real estate investing but they do not know how to use it.

Real estate investing is a good way to generate a great deal of wealth. You will have the ability to create income in any economy. You can create your own success using your knowledge of short sales, real estate investing, bulk reo sales and virtual real estate. Real estate investing basic knowledge will help you succeed as a real estate investor.

We will look at the subject, DIY Solar Electricity kits, make your own solar panels and Building Solar Panels from scratch.

Building your own solar panels is really a sensible choice to make. Why: because firstly the price of electricity is sky rocketing and the prices of solar panels are increasing too. So you would start saving money the moment you decide you will do this yourself as opposed to purchasing one. It’s not all hard work building a panel its actually fun.

There is also the satisfaction that comes from knowing that you were able to do it yourself If you are good at it you might even consider it as a weekend money generating project. Yes; that’s how long it should take you about a weekend’s length and you have your own energy.

This is one of the simplest tasks that you could use if you’re interested in reducing energy costs. You don’t have to worry about building your own solar panels as most of the systems are quite easy to understand. They come with complete DIY manuals. These guides have detailed illustrations of how you can go about building your own panel. Some even come with instructional videos of this process.

To take away some of the concerns you might probably have you should choose a solar panel system that has a support centre or toll free line you can make use of when you get to those finer details that need consulting. They should be able to tell you where and how you can source the components that are required and the prices that you should expect.

Did you also know that when you decide to undertake building your own solar panels and have them in your house you increase the value of your home by thousands? Isn’t that a good incentive to build panels in your home? should you choose to go green as they say, remember safety is important.