For release: January 19, 2011
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).
Filed under Announcements, Carolina Real Estate, Foreclosed Houses, Fort Mill SC, Home Sellers, Rock Hill SC, Sell Your Home, Tega Cay SC by 
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.
Louise Scoggins is a leading Realtor in the Cherokee County Homes market. For more information on Cherokee County Real Estate, please visit ThinkLouise.com
Article Source: http://EzineArticles.com/?expert=Louise_Scoggins
Filed under Carolina Real Estate, Foreclosed Houses, Fort Mill SC, Home Buyers, Real Estate Investing by
With unemployment still at near record highs, the fear is that many looking for work won’t be able to keep up with their mortgage payments.
This is definitely an unfortunate situation, but it is by no means indicative of the situation we face here in the Fort Mill SC area. We’re very fortunate in that people are continuing to move to the Charlotte area and when they do, they’re quite frequently deciding to move across the border to Fort Mill.
I certainly expect this trend to continue, which means a strong Fort Mil SC real estate market.
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Filed under Foreclosed Houses, Market Trends, News Reports by
While foreclosures themselves can be nasty monsters to deal with by themselves, they’re unfortunately, not the only ugly animal that homeowners facing foreclosure have to deal with. Along with the hassles and frustrations of an impending foreclosure, homeowners also have to be wary of those preying on their weakened financial position.
Scammers absolutely love to prey on the weak so it’s no surprise to see that as the number of foreclosures rise, so too does the number of foreclosure scams.
According to Stella Hopkins of the Charlotte Observer,
“The N.C. Attorney General’s Office handled 448 foreclosure-scam complaints last year, a jaw-dropping jump from 82 the previous year. In 2007, there were just seven.”
The majority of these scams appear to be in the area of firms charging upfront fees for so-called ‘foreclosure prevention help, a practice which has been illegal in NC since 2005. Last year, the NC Attorney General handed out 166 cease and desist orders to firms charging these upfront fees.
Again, according to Ms. Hopkins:
“Working out a loan modification is time-consuming and frustrating. The main federal program is cumbersome. But there’s a lot of free help. See www.fightncforeclosure.org to find a free foreclosure prevention counselor in your area. The site has contacts for other resources, too.
And remember: If you’re facing foreclosure, we want to hear from you. We’re looking this year at whether the $75 billion federal foreclosure-prevention program is really helping people. E-mail me at shopkins@charlotteobserver.com or call direct, 704-358-5173.”
Filed under Carolina Business News, Foreclosed Houses, News Reports by
To Stop Foreclosure in nearly any city in the United States of America, there are basically only a few legitimate options. Some of these you’ll know, and some will be brand new to you.
Here are a few directions you can take:
- Sell your house prior to the foreclosure auction. The value of this idea will vary heavily depending on the nature and quality of your local real estate market. If you’re in a market that still has very slow resale rates, selling your home could be a challenge. Ask a local real estate agent to determine the average number of days on the market for properties in your area.
- Initiate a loan modification. A loan modification is a process through which your lender changes the payment terms of your loan to more closely match your ability to pay. While this is not a guarantee, loan modifications have become more popular in the last 12 months.
- Refinance the property. If you are not yet fully into the foreclosure process but have reason to expect you will fall behind on your payments, it may be wise to try to refinance your mortgage to a lower rate. If your property is worth less than the balance of the mortgage, you’ll want to inquire regarding a “short refinance”, which is when a lender forgives a portion of the debt against you in order for you to refinance your property and pay off the remainder of the debt you owe.
When you’re trying to stop a foreclosure, the key is fast action.
Warning: Be very wary of people who aggressively attempt to purchase your home for investment purposes. While there are many legitimate real estate investors, there has been a significant amount of fraud with “Stop Foreclosure” scams, and it is wise to be very, very careful.
Please remember: The crisis you now face will soon be over. As a foreclosure survivor myself, I’d like to encourage you to remain hopeful, and to understand that your future does not equal your past!
Thanks for reading this information about how to stop foreclosure. I hope you’ve found value here.
Filed under Carolina Real Estate, Foreclosed Houses by
