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South Carolina foreclosure sales move against national trend

A recent report from RealtyTrac, a national clearinghouse for foreclosure data, showed that the number of foreclosed homes being sold is trending downward on a national level. In South Carolina, however, the number of third-quarter foreclosure sales jumped 20 percent, as compared to sales at the same time last year.

The report went on to reveal that the average foreclosed home in South Carolina was sold for 30 percent less than non-foreclosed homes on the market. Although this discount may be beneficial to those seeking a new home, it does not necessarily provide relief to financially-distressed families.

Although the economy seems to be improving in some respects, many South Carolina families are still feeling the squeeze of a slow-to-recover job market and financial obligations. Any unexpected life event, such as unemployment, can cause a person to fall behind on their home mortgage. Once this happens, many may feel as though foreclosure is inevitable. Fortunately, however, there are ways to stem the tide and prevent foreclosure.

Taking immediate action may mean the difference between foreclosure and being able to stay in your home. As soon as mortgage issues arise, it may be best to explore your options to avoid repossession.

At the same time, homeowners in this position may find a short sale to be the most suitable option. In fact, the number of pre-foreclosure sales in the third quarter jumped 22 percent over the 2011 rate. Even though those who pursue a short sale cannot stay in their home, they avoid many of the long-term financial consequences of foreclosure while still resolving their mortgage obligation.

Source: Charleston Regional Business Journal, "S.C. foreclosure sales increase in Q3," Lauren Ratcliffe, Dec. 6, 2012

  • Our firm has experience helping distressed homeowners understand their options to avoid foreclosure. To learn more, please see our Charleston foreclosure law page.

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