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South Carolina foreclosure rate one of highest in country

For the first time since records of foreclosure started being kept, South Carolina ranks in the top 10 states with the most foreclosures. While home foreclosure rates in South Carolina continued to climb, the national foreclosure trend shows signs of slowing. November showed a 10 percent increase in foreclosures and auctions of foreclosed properties reached a nine-month high in South Carolina.

According to the Charleston Regional Business Journal, 72 percent of all foreclosures nationwide are in the top 10 states with the most foreclosures. Experts warn that although the national rate is slowing a new wave of foreclosures could be upon us. This wave could come as consumers struggle to stabilize their personal financial situations, seeking out solutions to stop hounding creditors.

In recent years, the housing bubble burst, along with a drastic economic downturn has left many Americans with mortgages they can't pay and their dreams of home ownership soured. People are starting to see allowing foreclosure on their homes as the only way out of their mortgage nightmare. There may be other options before foreclosure. Since a foreclosure can do great damage to your financial track record, seeking an alternative when you can't afford to pay your mortgage can help limit damage to your credit and the threat to your financial future.

Speaking with a real estate attorney could help analyze your unique financial situation and determine the best path for you to get out of your mortgage mess and move on while minimizing damage to your financial future.

Source: Charleston Regional Business Journal, "S.C. foreclosures continue to rise," Lauren Ratcliffe, Dec. 15, 2011

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