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).

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

• 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

At any rate, I absolutely LOVE how pretty snow is and certainly enjoyed this past weekends snow fall.

This photo comes courtesy of the Rock Hill Herald.

While it all sounds like a bit of a contradiction, overall the feeling from the poll shows that Charlotte is very open to new comers as well, as it should be.  It’s very difficult to find many native Charlotteans and even some of the cities most well known people, former Charlotte Observer owner D.A. Tompkins and former Bank of America CEO Hugh McColl just to name a few. I can honestly say that’s one of the reasons I love the Charlotte NC area so much is because of the diversity brought about by people coming from all over the country. It truly is a melting pot of cultures and ideals.

Some of the areas cited as needing improvement include the quality of the schools and the economy. The economy is certainly an easy one to understand when you consider that much of Charlotte’s economy is based on the banking industry, which has certainly taken a beating over the past 18+ months.

In terms of the school systems, I really don’t know what to say about this one. It certainly is a bit of a mess and as much as I’d love to say we can see a light at the end of the tunnel I don’t know that that’s the case.

Fortunately, for those of us down here in the Fort Mill SC and Rock Hill SC area, we don’t have to deal with the Charlotte Mecklenburg School System’s troubles.  Fort Mill SC school district is rated as one of the top school districts in the state of SC and many people are choosing to purchase the new home in the Fort Mill SC area for this very reason.

Overall, I’d say that Charlotte NC definitely has a ton of great features and is a great place to live.  At the same time, the Fort Mill SC and Rock Hill SC areas offer many additional benefits PLUS we also get to take advantage of everything that Charlotte has to offer because of it’s close proximity!

Here are 5 reasons why:

1.  The governments $8,000 first time home buyers tax credit is set to expire on Dec. 1st. That means you’ve got to actually close on your new home. And because it typically takes at least 30 days to go from contract to close, you need to start taking action RIGHT NOW.

2. Believe it or not, there is some 100% financing programs still available. Now, these programs come with many more requirements and restrictions than similar programs that were available previously, but that doesn’t mean you can’t find them anymore.  Just be sure to shop around with lenders as some may offer different programs than others.

3. Everything is on clearance. Home sellers know this is a buyers market because many homes are selling at or below the original purchase price. There are many short sales and foreclosures available in the Fort Mill SC area, which means you can now get twice the home for half the price.  There really are some amazing deals available IF you have time on your side and a knowledgeable agent.

4. Interest rates may never be this low again. As the economy improves,  interest rates will undoubtedly rise and if you don’t act soon you may miss the opportunity.  Don’t be one that says “if I had only…”!  The best thing to do is to find one of the many free mortgage calculators on the web and play with the numbers.  You will find your mortgage monthly payment goes up much quicker with interest rates than if the house price drops a few thousand

5. Local builder incentives are growing. Because the inventory of homes available is growing, builders are willing to customize new homes for a fraction of what was available in the past.  If you can’t find what you’re looking for in the inventory of pre-built home, look at local builders for the many build-to-suit options available.

If you’re looking to purchase a new home in the Fort Mill SC in spite of the current economy, this really is a great time to take action.  These five reasons are just a few of the many why right now might be your best time to take action!

Here’s a quick video I found online that I thought had some great ideas to help you arrange your bedroom furniture:

If you’re looking for a new home in Fort Mill SC or in Rock Hill SC, definitely give me a call. I’d love to help you find the perfect bedroom where you can put these tips to use!

“City leaders approved a public financing package for Riverwalk, the 1,000-acre project that could bring new life to the old Celanese textile site at Cherry Road and Interstate 77. Plans call for an industrial park, retail shops and hundreds of home sites — which developers say could represent a $600 million redevelopment.”

While the entire project isn’t scheduled to be completed until 2028, construction could begin as early as next summer on some key components of the project. One interesting piece of the project will be the east coast’s only velodrome, which is an oval bicycle race track.  It’s one of the projects slated to begin next summer and could be completed by as early as 2012.

Overall, the project is expected to attract around 4,000 new jobs which is certainly good news for both Rock Hill SC and Fort Mill SC.  With the real estate activity already picking up, knowing this project is coming along with all of the associated benefits I can only expect it will continue to help the housing market.

Many news reports point to the sub prime lending mess as the cause for the housing slump. But home sellers should know that plenty of people with good credit are simply cautious buyers, which can keep sales down.

In most areas it’s a buyer’s market, so people can be picky. “Most buyers in this market will try to re-negotiate based on the findings of their home inspection. If the seller is unwilling to make repairs or lower the price, they may walk away because they knew other properties are available,” says Kathleen Kuhn, president and CEO of HouseMaster.

With approximately two million home inspections collectively performed by its franchise offices, HouseMaster is aware of a number of conditions that are more likely to scare buyers away.

But sellers do not have to stand by with their fingers crossed to secure a fair sale.

“More and more home sellers are getting a pre-listing home inspection that helps identify potential deal-breaking issues before the house is listed on the market,” Kuhn says. “This way, sellers can fix problems and worry less about a buyer walking away late in the deal process.”

According to Kuhn, the following are “The Fearsome Four” when it comes to real estate deals:

• Roofing Concerns: A new homeowner does not want the expense of roof replacement shortly after closing. Many sellers believe that if their roof is not presently leaking it is in acceptable condition. But an astute buyer knows that a worn roof needs to be replaced before it leaks.
• Electrical Problems: Older panels are often undersized and might even pose a fire hazard. Although an upgrade is usually straightforward, the potential fire risk can be scary for prospective buyers.
• Structural Issues: Major structural issues are one of the least common defects found in homes, but when they do occur, they can be costly to repair, and can really stop a buyer in his tracks. Fortunately, there are often repair options that will make the sales process go smoother. But it will often require another inspection by a structural engineer or repair professional, and additional time, to determine what can be done.
• Synthetic Stucco or Exterior Insulation Finish Systems (EIFS): Overall EIFS can be effective, economical alternatives to traditional stucco. Unfortunately improper installation can lead to trapped moisture behind the siding. This can cause structural damage and mold, and can cost tens of thousands of dollars to correct.

“Sellers lose some advantage when they are caught off guard by issues, even minor ones. In a market where every edge counts, sellers can use tools like pre-listing home inspections and repair records to show that they are conscientious and have taken appropriate steps to sell responsibly and competitively,” Kuhn says.

Remember, these tips are only general guidelines. Since each situation is different, contact a professional if you have questions about a specific issue.

More home safety and maintenance information is available online at www.housemaster.com.

This information is provided for general guidance purposes only. Neither DBR Franchising, LLC nor the local HouseMaster® franchise warrants its accuracy and assumes no liability related to its use. Contact the local franchise office and/or qualified specialists for advice pertinent to your specific house or circumstances. © Copyright 2008 DBR. Each HouseMaster franchise is an independently owned and operated business. HouseMaster is a registered trademark of DBR Franchising, LLC.