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!

The 48 story building will begin showcasing some of it’s lighting capabilities, which includes 2 minute shows at the top of every hour beginning at 8pm tonight.

According to the Charlotte Observer, “the lights will display a default white setting from 30 minutes before sunset each evening until after the final show at midnight. The lights will come on again at about 5 a.m. for the morning commute, then turn off after sunrise.”

If you’ve been around Charlotte for any length of time than you know that this won’t be the first building to be lit of with a variety of different lights and colors, but I believe it might be the first one that has the ability to create motion with the lights.

To read more about this exciting new feature of uptown Charlotte, visit http://www.charlotteobserver.com/2010/08/17/1628169/duke-building-light-shows-start.html#ixzz0wtYnUQIm

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

• 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

Bank foreclosure, or just foreclosure as it is more commonly referred to, is a process which is initiated by the mortgagee or a lien for the purpose of having the court order the debtor’s real estate sold to pay the mortgage or other lien. In case you fail to pay your bank this installment regularly the bank will start initiating a process to recover this loan by selling your property for which the bank will start legal proceedings to obtain a court order to sell your home for clearing the outstanding mortgage amount and this process is referred to as Bank foreclosure, or more commonly as just foreclosure.

Foreclosure is a very common problem, as many people go into the home buying process thinking that they will be fine, only to find out one they are actually in it that they have so many other bills or bought a house that was too expensive and they are simply unable to make their mortgage payments

Many people do not want their purchased homes to be sold by foreclosure because of sentimental issues and also because you will find that you have to put a lot of effort in purchasing a new home; in addition you will find it extremely difficult to get finances for your new home because of your poor credit rating.

Tips

There are a few tips in particular that will help you avoid foreclosure on your home. Prepare a household budget of your household income and expenditures and the income should include that of all earning family members. Make a list of your household expenses, both essential and nonessential and compare the total expenditure with that of your total household income. It is best to write out the amount that you and your partner are making each month, as well as the total amount of all your bills.

Set your bills in order of priority, making your mortgage one of the most important of course, so that you can see where your money is going and make sure that it is getting to the right places first. Analyze this list to eliminate or postpone expenses so that there is a balance between your income and expenditure.

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.

clipped from www.politicsdaily.com With continued high unemployment, fears are growing that jobless Americans won’t be able to keep up with mortgage payments, leading to a new wave of home foreclosures. Those fears are compounded by the fact that a federal program aimed at keeping people in their houses hasn’t been as effective as hoped, the Los Angeles Times reported. The goal of the $75 billion Home Affordable Modification Program, introduced last February, was to help banks make temporarily reduced mortgage payments permanent. But Obama administration officials concede the program has been slow to take off and they are considering revisions to make it more effective. By the end of the year, economists predict 2.4 million borrowers could lose their homes, according to the Times. That would be an increase from 2.1 million foreclosures and short sales in 2009.

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