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Get mortgage assistance in South Carolina and foreclosure help.
South Carolina has put a moratorium on foreclosures throughout the state. A South Carolina Supreme Court ruling this week to stop the foreclosure process in the state until later in May can provide short term assistance to homeowners, but many experts think it won't have a major impact across the state and foreclosures will resume increasing once the moratorium is over.
That being said, the freeze may beneficial if turns out to help local residents stay in their homes by providing them more time and opportunities to work out a solution with their bank or lenders, according to a study completed by the Carolina University research economist professor Schunk.
This particular foreclosure moratorium applies to families in South Carolina people whose loan servicer is part of the federal mortgage relief plan that was announced by President Obama in February, which was called Making Home Affordable.
Foreclosure listing firm RealtyTrac Inc., says the ruling by the court may affect over 5,000 homes facing foreclosure in the state, and provided these 5,000 homeowners more time and options, which will be very beneficial to them.
This ruling marks the first statewide court-ordered foreclosure freeze anywhere in the nation and its goal is to allow loan servicers additional time to evaluate homeowners for eligibility in the federal assistance program.
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