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Program helps save over 12,000 homes from foreclosure

If you live in South Carolina and worry about your home being foreclosed on, you may be happy to hear that there is a foreclosure-prevention program taking place that helps 12,000 people save their homes. The program, called the South Carolina Homeownership and Employment Lending Program, was started in 2011 as a way to help people who were going to lose their homes.

The good news about this program is that as of April 2017, over 98 percent of the people who have been assisted have avoided foreclosure and continued to avoid foreclosure. In all, 12,182 eligible homeowners have benefited from the program. The state has distributed close to $202 million to aid those who need it most.

The program, dubbed SC HELP, helps homeowners bring their loans current. It also helps by providing monthly payments on behalf of the homeowner while the homeowner looks for a job or attempts to regain self-sustainability. As an added benefit, the program helps assist those who would like to obtain loan modifications that would make their mortgages more manageable.

The program is funded by the Hardest Hit Funds, which were provided by the U.S. Treasury Department. The funds help those in areas hit hardest by the recession, giving hope to families who otherwise may lose their homes.

Programs like these are designed to help people facing foreclosure. If you're facing foreclosure, this or other programs like it may be able to help you. Your attorney can give you more information on a variety of options that may be open to you, so you can save your home.

Source: The Post and Courier, "South Carolina foreclosure-prevention program helps 12,000 keep homes," Warren L. Wise, June 18, 2017

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