Jump to Navigation
We can handle your closing anywhere in the state.
Subscribe to This Blog's Feed

Thinking of foreclosure? Opt for short sales in South Carolina

A short sale is one option you may have if you're struggling to pay off or move out of your home. If your home is worth less than the amount of money you owe on it, this is one options that could work for you. Short sales take place when a homeowner owes more than the value of the home to a lender. At that point, a homeowner can work with lenders to sell the home, which helps them minimize the amount of financial liability they have.

For example, if the owner is able to sell the home for $100,000, but it was on a mortgage of $120,000, there will be a $20,000 deficiency. At that point, a homeowner can pay off the debt or work with lenders on a variety of other options. Legally speaking, this can be a tricky situation, but it has several advantages over going into foreclosure.

When you complete a short sale, you won't have to worry about as much damage to your credit rating, and that means you may be able to get into a new home sooner. Short sales also have the potential to prevent tax and judgment issues of some types, so that can be a benefit to you, too.

In South Carolina, your options are varied, so you shouldn't take the first option and seek foreclosure without having short sales or other options explained to you first. If you want to learn more about short sales and how they can be of benefit to you, please visit our short sales webpage. You have a right to know all the choices possible before making a decision that could affect years of your life.

Source: Weeks Law Firm, "Charleston Short Sale Lawyers" Sep. 18, 2014

No Comments

Leave a comment
Comment Information
Tell Us About Your Transaction

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

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
Maps and Directions

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
Map and Directions

Mt. Pleasant North office
3040 Highway 17-A North, Suite B
Mt. Pleasant, SC 29466
Phone: 843-388-3250
Toll Free: 800-553-7449
Map and Directions

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
Map and Directions

Summerville office
106 West 7th North St
Summerville, SC 29483
Phone: 843-875-7111
Toll Free: 800-553-7449
Fax: 843-875-7721
Map and Directions

Goose Creek office
567 Crowfield Blvd.
Goose Creek, SC 29445
Phone: 843-553-9100
Toll Free: 800-553-7449
Fax 843-553-9183
Map and Directions