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October 2011 Archives

New program available for distressed S.C. homeowners

South Carolina residents who are in need of a mortgage modification may be interested in a state program known as the S.C. Homeownership and Employment Lending Program. It came online in January and its intended goal is to help struggling homeowners keep their homes and avoid foreclosure. In addition to helping with possible loan modifications, the program may be able to help those who are in less severe trouble.

Cliffs Communities on brink of foreclosure in South Carolina

It is a challenging time to be a real estate developer in South Carolina. Foreclosure has threatened individual homeowners and also large developers who cannot compete with the glut of already foreclosed properties on the market. Why buy an undeveloped lot in a proposed golf course community when you can buy a completed home in a completed community for much less? In effect, why reserve a tee time for the future, when you can tee of right now.

New alternatives to foreclosure for South Carolina residents

South Carolina's unemployment rate is among the highest in the country, at 11.1 percent. Although this may not be seen as a positive statistic, it did bring one advantage to the many area homeowners who may be having trouble making their mortgage payments. Due in part to this figure, South Carolina was designated as a recipient of significant federal funds as part of the Treasury Department's Hardest Hit Fund, which will be used to help provide struggling homeowners with alternatives to foreclosure.

Bank of America plans huge commercial real estate transaction

South Carolina businesses may be interested in learning about a large commercial real estate transaction involving Bank of America Corp, which recently announced that it has agreed to sell a portfolio valued at almost $1 billion to select investors. Bank of America will sell off some $880 million in both performing and nonperforming commercial loans, discounted at 20 to 25 percent from face value. Observers believe the bank is seeking to shed at least some of the $44 billion it is holding in commercial real estate loans.

U.S. foreclosure filings jumped 33 percent from May to August

Recent statistics say that the percentage of foreclosures nationally jumped up 33 percent from July to August, and some observers are saying that is not necessarily bad news. That may depend on what side of a transaction the observer sits. Certainly someone in danger of losing their home is not encouraged by the increase in foreclosure activity. But real estate professionals and South Carolina real estate investors may see the news as generally positive because they believe the foreclosure inventory must be cleaned out before real estate prices can raise again.

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Visit Weeks & Irvine at One of Our Six Locations

North Charleston office 8086-B Rivers Avenue
North Charleston, SC 29406
Phone: 843-553-9800
Toll Free: 800-553-7449
Fax: 843-553-9804
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Mt. Pleasant office
1100 Queensborough Blvd, Suite 102
Mt. Pleasant, SC 29464
Phone: 843-856-9800
Toll Free: 800-553-7449
Fax: 843-216-0930
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Mt. Pleasant North office
3040 Highway 17-A North, Suite B
Mt. Pleasant, SC 29466
Phone: 843-388-3250
Toll Free: 800-553-7449
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West Ashley office
873 Orleans Road, Suite 102 1/2
Charleston, SC 29407
Phone: 843-571-2996
Toll Free: 800-553-7449
Fax: 843-571-2998
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Summerville office
106 West 7th North St
Summerville, SC 29483
Phone: 843-875-7111
Toll Free: 800-553-7449
Fax: 843-875-7721
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Goose Creek office
567 Crowfield Blvd.
Goose Creek, SC 29445
Phone: 843-553-9100
Toll Free: 800-553-7449
Fax 843-553-9183
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