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Your options other than foreclosure in South Carolina

If you've been facing foreclosure in South Carolina, you do have other options that you might want to look into. Not every situation is able to be solved through foreclosure prevention programs, and if you don't want to keep your home, then you do have options. For example, if you can get a pending sales contract, your foreclosure could be postponed while the sale completes. That would give you time to pay off your loan balance and the expenses related to selling.

Your other options include a deed in lieu of foreclosure or a short sale. A deed in lieu of foreclosure is essentially when you transfer your property title to the servicer with their agreement. That means that you'll lose your home in exchange for wiping out your debt. This can be better for your credit than a foreclosure would be, but you will need to consider the fact that you may have to pay income tax on the debt that was forgiven.

A short sale, the third option, allows you to sell your home before the foreclosure takes place. In this case, the servicers would allow you to sell the home, and then they would forgive the remaining debt. The foreclosure entry won't be entered on your credit report, but you might have to pay taxes on the debt that has been forgiven, so it's important to speak with someone familiar with these situations about the financial implications.

If you're in a bad situation with debt or a mortgage you can't afford, remember that foreclosure isn't your only option You may want to look into your options, like short sales or a quick sale of your home, to prevent damage to your credit report.

Source: FindLaw, "Walking Away From a Home to Avoid Foreclosure" Nov. 06, 2014

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