Short Sale options for Murrells Inlet Homeowners

The recent announcement of a new plan to help underwater homeowners refinance home mortgages brings more light on the problems many area homeowners are facing due to declining values in Murrells Inlet and Grand Strand area home values. While interest rates remain at historic low levels many residents are unable to take advantage of the low rates which the new initiative promises to change however in some instances a short sale might be a more viable option especially if payments are out of reach due to unforeseen hardships.

No doubt home prices in some neighborhoods have fallen more than the 20% initially offered under the refinance program and allowing thoses who have lost more value should boost the programs effectiveness but for homeowners that have lost value and income a short sale could be the right alternative. Avoiding a foreclosure not only helps borrowers get out from under unaffordable housing expenses but it also helps to bring more stability to the housing market overall and costs lenders much less than foreclosure actions. An added benefit of a short sale is the ability for the homeowner to restore credit much sooner than would occur in a foreclosure situation.

It appears more lenders are filing deficiency judgements in foreclosure cases in the Myrtle Beach area and while a short sale may require contributions by sellers it is likely far less than would be required once the home is sold as a foreclosure. In a short sale the lender is going to recoup more of the loan and by working in cooperation with your lender and with the help of an experienced REALTOR the short sale process could be the right course of action for underwater homeowners. Copyright©2011 Sandra Bundy, Broker-in-Charge, B&P, Inc. Serving the Pee Dee and Grand Strand of South Carolina.

If you or someone you know if having difficulty making mortgage payments and would like to seek alternatives contact us today for a confidential consultation.

It’s a great time for fishing in Murrells Inlet

North Jetty in Murrells Inlet SC

North Jetty in Murrells Inlet SC

One of the great things about living in Murrells Inlet is being able to put your boat in the creek at the Murrells Inlet public boat landing and going out for a great day of fishing especially now that the yellow butterflies are floating in the air signaling the perfect fishing weather and influx of the yearly spot migration.  From the recent number of boats filling the the creek and updates on area fishing reports it is no mystery now is a great time for fishing in Murrells Inlet.

Even if you don’t have a boat you can still access the good fishing available in Murrells Inlet by hitting Huntington Beach State Park and fishing off the north jetty or better yet hit the pier off the Murrells Inlet Marshwalk.  Make sure to take plenty of bait!


Are Murrells Inlet Home Prices Stabilizing?

Murrells Inlet home sale prices appear to be holding with a median sale price of  $240,175 for single family homes sold in September up slightly over the same month in 2010 when the median sale price was $238,416.  Along with the upward price trend the number of homes sold also increased in September with 40 single family homes sold in Murrells Inlet.  August Inlet home sales also showed an increase in median sale price so are Murrells Inlet home sale prices stabilizing?

The answer is they appear to be swinging upward but there is more to the picture than home sale prices since Murrells Inlet homes for sale also play a factor in where home sale prices might be headed for the remainder of 2011 and into 2012.  Currently there are 459 single family homes listed in the Murrells Inlet zip code and 85 with contracts but only 8 pending cash sales.  The active listings represent at least 1 years inventory and if listings continue to climb into the winter months when the number of sales typically falls we could see a less stable market going forward but for now Murrells Inlet home sale prices appear to be stable.

If you are thinking of buying a Murrells Inlet home start your search today! Copyright©2011 Sandra Bundy, Broker-in-Charge, B&P, Inc.  Serving the Pee Dee and Grand Strand of South Carolina.


How the SC Hardest Hit Fund Might help you Avoid Foreclosure

SC Mortgage Help Tweet

Horry county had the third highest number of forecloures in South Carolina in July and as a home retention consultant assisting homeowners to keep their homes I see many homeowners who are frozen and shut down when it comes to taking steps to save their home.  Hardships happen and in order to keep your family homes there are steps to take and thankfully resources for SC residents that are available to help.  The Hardest Hit fund in SC administed by SC State Housing was allocated $295 million to assist SC homeowners with monthly payment assistance and direct loans.

Eligible homeowners that are unemployed can have mortgage payments made under the Monthly Payment Assistance program to keep their homes.   This program is capped at $36k and could make the difference in many homeowners situation and help to avoid foreclosure while unemployed and the homeowner is seeking employment.

Direct Loan Assistance is for homeowners who have experienced hardship through no fault of their own and have fallen behind on their payments and overcome the hardship but remains delinquent on their mortgage up to 6 months or more.   These loans are available interest free and are designed to bring the loan current. While there is a lien placed on the property for a period of 5 years it is forgiven after the period and no interest is charged.  This is an excellent opportunity for homeowners that have fallen behind and now able to make mortgage payments.

In addition to these programs there is also assistance for homeowners who are unable to stay in the home and do not qualify for the Direct Loan or Monthly Payment Assistance that have experienced hardships.  Short sales and deed in lieu of foreclosure are options and if you do not qualify for relocation assistance through your lender this program may be able to help.

If you think you need help to avoid foreclosure don’t overlook these programs!  The quickest way to get help is by visiting the SC Mortgage Help Website or calling 855-435-7472.  This program is expected to run through 2017 or funds are exhausted. Don’t delay, get help today! Copyright©2011 Sandra Bundy, Broker-in-Charge, B&P, Inc. Serving the Pee Dee and Grand Strand of South Carolina.

Taking care of your Murrells Inlet Home

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