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Charleston Real Estate Law Blog

Program helps save over 12,000 homes from foreclosure

If you live in South Carolina and worry about your home being foreclosed on, you may be happy to hear that there is a foreclosure-prevention program taking place that helps 12,000 people save their homes. The program, called the South Carolina Homeownership and Employment Lending Program, was started in 2011 as a way to help people who were going to lose their homes.

The good news about this program is that as of April 2017, over 98 percent of the people who have been assisted have avoided foreclosure and continued to avoid foreclosure. In all, 12,182 eligible homeowners have benefited from the program. The state has distributed close to $202 million to aid those who need it most.

Short sales: You need to prepare to wait

If you're trying to sell your home through a short sale, you need to understand that it can take many months to complete the transaction. This can put off some buyers, especially because after all that time, it may turn out that the mortgage company doesn't accept their bid.

Fortunately, each short sale is different, and if your attorney is in contact with the mortgage company, he or she may be able to help move the sale along. Negotiations can take time during any sale, but there are a few things to do to help reduce the wait.

Foreclosure: Other options may be able to help

Foreclosure can seem like a great idea to some who are struggling with debt, but it's not the only option open to you. In fact, there are many different things you may be able to do to stay in your home or to get out of debt without taking on a foreclosure and the impact it has on your credit.

A foreclosure can be a good idea if you have no other options, but things like short sales and bankruptcies can also help you get out of debt without the damaging effects of a foreclosure. For example, a short sale helps you sell a home that is not worth what you owe on a mortgage. The bank determines what amount it will accept and forgives the difference. A bankruptcy, on the other hand, may help you eliminate the debts that make it hard to pay your mortgage, so you can once again pay the debts you owe without struggling.

How does adverse possession work?

Adverse possession can help you gain the title to a home or the use of property. It's not simple to take possession of a property in this way, but it is possible.

Adverse possession is a long process, and you need to follow strict rules to win your case for possession. Here are a few commonly asked questions.

A short sale is a good alternative to foreclosure

If you're facing foreclosure, one of the options that may be open to you is a short sale. While a foreclosure results in a bank repossessing your home, a short sale works differently. Since a short sale is likely to bring in more money, a mortgage lender is more likely to want to have a short sale go through than to own a home in foreclosure.

A short sale is a good alternative to foreclosure for a few reasons. First, it may not damage your credit as heavily as a foreclosure. Second, you'll be able to sell your home instead of losing it to the bank. Third, it can help you sell your home and get out of a mortgage even though your home is not worth enough to pay off the mortgage in its entirety.

Foreclosures or short sales? There are benefits to both

If you've found yourself struggling to pay your mortgage or left with a mortgage that is more expensive than your home is worth, you may be looking at ways to get out of debt fast. While a bankruptcy is one possibility that could allow you to keep your home, there are other options if you don't want to keep it. They include foreclosure and short sales.

A foreclosure is bad for your credit, but it may not impact you much if you've already been missing payments. A foreclosure is also faster. If you go through a foreclosure, the mortgage holder takes your home back from you, and then it attempts to sell the home at an auction.

A short sale helps you avoid foreclosure

Short sales are just one way to get out of a mortgage that costs more than it's worth. When you sell a home for less than the current owner owes, it's known as a short sale. This short sale is short of the cash needed to make the transaction, but that doesn't mean it can't be completed. In a short sale, the mortgage company agrees to take less than the home is worth because it saves them time finding a buyer and can bring them more money than a foreclosure.

A short sale helps sellers avoid having foreclosures on their records. Short sales do negatively affect credit scores, but if the lender agrees to settle the debt as paid in full, it will have less of an impact overall.

Why should you work with an attorney to complete a property sale?

You might be asking yourself why you'd want to work with an attorney when you're buying or selling a home, and the answer is simple. If you make a mistake, it could ruin your transaction now or complicate it in the future.

Real estate comes with many complications from taxes to titles. If a single mistake is made, it's possible to completely invalidate a sale or to end up in trouble with the law. Here are a few examples of why working with an attorney is a good idea.

Avoiding foreclosure: These 3 options may help

If you're facing foreclosure, you may think you have no way out. Fortunately, there are a number of ways to stop the foreclosure process once it begins. Your attorney can help you with one of these options if you decide you want to try to avoid foreclosure to keep your home.

Some of the options open to you include bankruptcy, negotiations with the mortgage holder or a short sale. Each of these works differently but could help you keep your home.

Should you seek a short sale to get out of debt?

There are many ways to get out of a mortgage, from selling your home to going through a foreclosure. While some manners of eliminating your debts may result in you losing your home and suffering a hit to your credit, others are less damaging or even result in you making a profit.

One of the things that you may be advised to do if your home is worth less than the value of the mortgage is to go through a short sale. Not everyone qualifies for a short sale. In fact, if you do, it probably means you have no equity in your home. That means you owe more than your home is worth, which makes it financially irresponsible to continue to pay for the home.

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