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South Carolina HELP program to be extended and funded

Good news for residents of South Carolina has reached the media. According to a March 20 news report, a program that was designed to help residents avoid foreclosure has been extended and received more funding.

In 2016, it's expected that the South Carolina HELP program will receive an additional $22 million to add to an original $7.6 billion in federal funding. This funding will help the state's HELP program provide assistance to more homeowners.

The program currently helps people catch up and even pay mortgage payments that are behind. The report states that, for instance, someone who lost his or her job may find it hard to keep up with mortgage payments. The program would then step in to help applicants pay their mortgages so they're current, and in some cases, applicants can get additional help in paying down the mortgage over the next few months while they get back on their feet.

Not everyone who applies for this assistance gets a hand, though. Around 55 percent of people either withdrew their applications or were denied assistance. However, if you do qualify, you can get assistance that may save your home, your finances and your lifestyle while you get back into a more comfortable financial position.

There are no income limits for this program, and people with homes with mortgages that began at less than $729,751 can all be part of the program. If you're considering a foreclosure, this might be another route you and your attorney can speak about before you decide if you're going to file for bankruptcy or other financial assistance.

Source: The Post and Courier, "Program that helps S.C. residents avoid foreclosure extended, gets more funding," March 20, 2016

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