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Debt relief: Foreclosure data predicts hard times ahead for some

For those struggling with debt relief in South Carolina, foreclosure is a common word that can often inspire fear. Too often, those needing debt relief lose their home in a foreclosure, further draining their assets. Unfortunately, recent reports by RealtyTrac, a national foreclosure tracking firm, suggest that foreclosures will continue to increase in 2012.

According to data, South Carolina foreclosure sales accounted for 11.6 percent for all home sales in the state for the fourth quarter and 23 percent for all home sales in the state for the year. Homes in foreclosure are typically being sold on average for $130,696, which is 28 percent discounted compared to homes being sold that are not in foreclosure. While the South Carolina percentage of foreclosures is smaller than the nation's, which accounted for 23.7 percent of all home sales in the fourth quarter and 23 percent of all home sales for the year, this is hardly any form of relief for those in South Carolina who are undergoing the painful process of losing their home.

Though this news may seem grim for homeowners facing foreclosure, there are still options available. In order for a bank to foreclosure, it is necessary to undergo several legal hurdles to ensure fairness, which may help homeowners regain their home from unjust repossessions. Furthermore, because of the low prices of the foreclosed homes, the bank may be amenable to providing other accommodations instead of selling the home for a loss.

For those who are desperately in need of debt relief, options do exist to help homeowners avoid foreclosure. One possible option is to try and work with the bank in order to come to an agreement concerning a different legal arrangement. Another option to keep the home may be through filing for bankruptcy, which might offer further protection against foreclosures. In some instances, a Chapter 13 reorganization plan can be submitted to a bankruptcy court for approval that allows a homeowner to save their home while committing to a plan to repay outstanding obligations under the guidance of the court.

Source: Charleston Regional Business Journal, "South Carolina foreclosures a smaller percentage of all sales," Lauren Ratcliffe, March 1, 2012

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Reed Law Firm, P.A.
220 Stoneridge Drive,
Suite 301

Columbia, SC 29210

Phone: 803-726-4888
Fax: 803-726-4887
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Suite B

Florence, SC 29501

Phone: 843-679-0077
Fax: 843-679-0667
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