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.

Related posts:

  1. A Short Sale Success Story
  2. MARS rules relaxed for short sales