How to Prevent Foreclosure in South Carolina
A missed mortgage payment does not have to lead to foreclosure of your South Carolina home. Assistance is available for struggling homeowners who seek help. If you want to save your home, act at the first sign of difficulty in making your mortgage payment. According to RealtyTrac, South Carolina foreclosures are handled through court proceedings and take approximately six months.
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Instructions
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Call your lender. You cannot hide from foreclosure. Address the foreclosure early to give yourself the most options. Contact the lender before you fall behind and you may qualify to refinance your mortgage at a lower interest rate. If you experience a hardship, your lender may agree to temporarily suspend payments by granting a forbearance. Repayment plans get you back on track if a couple of payments are missed.
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Contact the South Carolina Homeownership Resource Center. The nonprofit, HUD-approved organization provides homeowners with free advice, negotiates with lenders and helps with the loan modification. Based on your loan and financial situation, the agency can determine the best route. For example, the Home Affordable Foreclosure Alternative program offers up to $3,000 to homeowners who opt to complete a short sale or deed in lieu of foreclosure. Contact the center by calling 888-320-0350.
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Apply for aid through the Hardest Hit Fund. The U.S. Department of Treasury awards additional funding to help South Carolina tackle the foreclosures throughout the state. Unemployed homeowners and those who suffer a hardship can apply for monthly mortgage payment assistance while seeking work. Assistance is also available to help homeowners with a second lien on the property by providing the funds to allow the lender to modify the loan. To apply, contact the South Carolina State Housing Finance and Development Authority at 803-896-9001.
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