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November 2011 Archives

Foreclosure review could give compensation to borrowers

The financial crisis of 2008 and its continuing aftermath have hit states like South Carolina hard. Homeowners in particular have found themselves struggling to make their mortgage payments in addition to paying for food, utility bills and other necessary items. Too often they find themselves facing foreclosure through no fault of their own. But there has nonetheless been some good news recently on this front.

Increase in foreclosures can be good news for home buyers

Foreclosures and short sales have definitely increased over the last several years, and it has hammered the home construction industry. Residents of South Carolina should know that even though interest rates have recently dipped below 4 percent for a 30-year fixed-rate mortgage, new home buying and home building remain down.

Short sale process aborted, foreclosure instead for Beaufort Park

A short sale in real estate provides a way for a South Carolina property owner to sell for less than the amount owed on a mortgage. While a short sale requires the approval of the lender, the sale can often save both the lender and borrower additional fees and expenses that might arise in foreclosure. The difference between the sale price and the amount owed the lender is called the deficiency, and that amount is technically still due to the lender unless there is an agreement to waive it.

Residential real estate vacancy rates surge

South Carolina has seen its fair share of woes as a result of the real estate crash of late. Not only has the state seen an increase in foreclosures, but it has also seen particular regions hit harder than others. In terms of vacant residential real estate and commercial combined, the area around Charlotte, North Carolina, which includes South Carolina, appears to be one of the hardest hit.

Short sale a foreclosure alternative in South Carolina

The foreclosure crisis continues unabated in South Carolina, and it is expected to pick up steam again. But along with homes that have been foreclosed on, there remains the problem of the "shadow inventory" of homes that have been abandoned but are not back on the market. This phenomenon is attributed to three principal factors: properties repossessed by lenders but not yet for sale, properties caught in the slow-moving foreclosure system and properties where mortgages are in substantial arrears but foreclosure proceedings have not begun.

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