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South Carolina Mortgage Help
How Families Can Retain Their Homes through SC Mortgage Help
Failing to pay your mortgage bills promptly can lead to the foreclosure of your home. There is help for people who need South Carolina Mortgage Help. Your mortgage lender uses foreclosure as a legal means to repossess your precious home. In case this happens, people are forced to move from their homes. Often, if the value of your piece of property does not amount to what you owe the mortgage lender; further steps are employed to help recover the missing amount. When this takes place, on top of owing the mortgage lender additional amount in loans, you risk losing the home of your family and seriously harm your credit rating. The following are tips for SC mortgage help for families to retain their homes.
Many homeowners in South Carolina are in danger of losing their homes to foreclosure; job loss, illness and the tough economic times are causing them to fall behind on mortgage payments. There are many programs and options available to South Carolina residents, though, that can help them pay their mortgage, refinance their loans, and stay in their homes. Many are federally funded through the FHA and other trusted entities.
The first place to seek mortgage help options to stop foreclosure is SC HELP, the South Carolina Homeownership and Employment Lending Program. SC HELP has many programs available at www.scmortgagehelp.net which can help homeowners stay in their homes. They have been allocated $300 million in federal funding to help homeowners who have fallen behind in mortgage payments and now face possible foreclosure through no fault of their own. They specialize in helping the unemployed through their financial struggles. SC HELP offers a Monthly Payment Assistance program that will make monthly mortgage payments for a pre-set amount of time while the homeowner seeks employment. Also offered by SC HELP is Direct Loan Assistance, which can pay any back-mortgage payments to bring the mortgage current again. SC HELP can assist the homeowner with loan modification and refinancing mortgages to lower, more affordable rates. If the property has been sold, Property Disposition Assistance is available to help families find affordable rental properties and to provide these families with a onetime lump sum of money for rental fees. SC HELP is available to South Carolina Residents who previously had good credit and regular mortgage payments but have fallen on a crisis situation such as job loss, medical emergencies or other serious financial problems. In order to qualify, an applicant must have had at least twelve months of timely mortgage payments up to the point of the financial emergency.
Another place a homeowner could turn to is the South Carolina State Housing & Development Authority. This agency is non-profit and offers help at all stages of home ownership from buying and servicing mortgages to refinancing and stopping foreclosure. The South Carolina State Housing & Development Authority offers low interest rates, and also gives their current mortgage holders a chance to fill out a loan review application to see if they qualify for a loan modification program.
South Carolina mortgage help can also come from the South Carolina Foreclosure Task Force. The Mortgage Default and Foreclosure Prevention Program that is offered by the task force gives assistance in the form of one-on-one counseling with a qualified HUD counselor to discuss all of the options a homeowner has available to stop foreclosure. The Task Force gives regular free clinics on avoiding foreclosure, featuring information on programs such as the Making Home Affordable Plan.
The Homeownership Resource Center is another valuable source of assistance for South Carolina residents facing foreclosure, offering counseling by certified HUD personnel in ways of consolidating debt, and establishing workable budgets. They also provide loan modification plans to residents of South Carolina and many other plans to prevent foreclosure.
Three tips about SC mortgage Help
The first tip for SC mortgage help is to do your homework thoroughly. A recent survey conducted by the housing authority country wide showed that the reason why many families lose their homes is because of either applying for unaffordable mortgage loans or lack of proper understanding of the terms and the conditions of the mortgage loans. Countless number of people applies for loans they should never have applied for in the first place. You cannot solve a problem unless you understand the root cause. If you suspect that you rushed for the mortgage loans, make sure you do not make the same mistake again.
Secondly, SC offers a part of insurance agreements with mortgage lenders as well as loss of mitigation procedures which the mortgage company must analyze and take the necessary actions to minimize loss in case of mortgage defaults. If you desire to retain your family homes, there are several options offered to the borrower such as special forbearance. This option demands that your mortgage lender offer a temporal suspension or reduction of your mortgage installments to give you enough room to cope with your present financial challenges. This is particularly suitable for unemployed people currently seeking another job.
Thirdly, SC mortgage help offers mortgage modification services. If the mortgage loan exceeds the value of your family, home arrangements can be done to reduce or even stretch the repayment period for up to over 40 years and reduce the interests to considerable amounts. They have a mechanism, which enables your overdue loans to be added to the mortgage balance. In addition, you can opt for the Partial Claim, which will allow you to apply for a second interest free loan to help you bring the mortgage loan to current.
Last but not the least of the tips for SC Mortgage help is the Home Affordable Modification Program, which is just a combination of both mortgage loan modification and partial claim. In this option, you get an opportunity to apply for the partial claim loans, which is responsible in bringing the mortgage loans current plus minimizing your current loans by up to 30%. When the mortgage loans have been reduced, the interest’s rates are also consequently lowered to an attractive level. Partial claim loans are absolutely interest free, but they should be paid immediately you pay the first mortgage.
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