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Foreclosure rules loosen following recession in South Carolina

Charleston readers may know the horrible feeling that comes with foreclosure. The area was hit badly when the recession took place, and it's still recovering. If you are facing a foreclosure or looking to get back into the market, this news may interest you.

According to a news release from March 7, even a foreclosure can't stop you from having a dream of being a homeowner. A mortgage broker in South Carolina claims that even people who have actually filed for bankruptcy or lost their homes to foreclosure may be able to get back in the housing market, especially if that took place during the recession. There's still a waiting period before you'll be able to get a new mortgage, though, according to the news.

Normally, you'd expect to wait five to six years after a foreclosure before you'd be able to get a mortgage again. However, many times it's actually going to take less time than that. The report claims that the rules are loosening some because of so many people being affected by the recession, and that means you may be able to get your new home, or even work out a plan to keep your home, with less resistance.

The loans that you might want to look into if you've already lost your home would include those backed by the government. The waiting time on those may be as little as two years. That's good news for anyone who lost their home in the recession. If you're still facing problems and want to keep the home you have, speaking to your loan company or an attorney may help you work out a deal for lower payments or a plan that will let you avoid foreclosure all together.

Source: Star News Online, "Homeowner dream still achievable after foreclosure" Wayne Faulkner, Mar. 07, 2014

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