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Foreclosure activity up in South Carolina, defying national trend

It seems that each week, positive news about the economy becomes clouded by another statistic showing that underlying problems still exist. This observation holds true for foreclosure statistics recently released by the national real estate information firm RealtyTrac, particularly when it comes to numbers for South Carolina.

Nationwide, foreclosure activity for July 2012 is down 10 percent when compared to the same month last year. However, foreclosure activity in South Carolina actually rose by a total of 33 percent last month, year over year. Though there are other signs of improvement nationally and within our state, there are still many homeowners looking for relief.

At this time, South Carolina has the ninth highest foreclosure rate among the 50 states.

One real estate observer said that foreclosure rates can vary significantly between different states. This is largely due to differences in state laws or processes governing the foreclosure process.

For those South Carolina families who are facing the threat of foreclosure, the important thing to remember is that options may be available. One of the most foreclosure alternatives for distressed homeowners is to negotiate a short sale with your mortgage lender. Through this transaction, banks approve a home sale at the current market value.

Oftentimes, a short sale transaction is a positive move for both parties involved: the homeowner and mortgage lender. This is because mortgage lenders usually recover more of their liability on a short sale than they would with a completed foreclosure sale.

Even though the foreclosure process is undoubtedly stressful and frightening, relief is available and action can be taken to mitigate the negative financial effects. This is why it's often beneficial to explore all available options when being pressured by your mortgage lender.

Source:

  • Our firm has experience resolving many foreclosure cases, including through short sale transactions. To learn more about your alternatives to foreclosure, please visit our South Carolina foreclosure law page.

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