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South Carolina program offers debt relief for homeowners

The South Carolina Homeownership and Employment Lending Program offers homeowners in the state mortgage debt relief and the opportunity to avoid foreclosure on their homes, even if they are already behind on their payments. The program allows homeowners up to $20,000 in funds to make up for any delinquent mortgage payments, helping to bring their mortgage up to date. Unemployed homeowners seeking debt relief may be eligible for up to $36,000 of forgivable funds used to pay their mortgages, allowable until they are able to improve their financial situation.

People who are too late to salvage their mortgage may receive up to $5,000 from the program to help them become renters again. The funds have been provided by the Obama administration and are necessary due to the economic recession and the high rate of unemployment in the state. Approximately $300 million has been made available to the state to help homeowners either salvage their homes from foreclosure or to move into more affordable housing.

While approximately 1,200 homeowners have taken advantage of the program, the number of applicants is relatively low. Whether that can be attributed to ignorance about the program or fear is unknown. It is said that 28,513 foreclosures occurred in the state in 2011. Initial problems with the program may have limited the number of applicants but eventually the qualification standards were lessened to allow more homeowners to apply.

This program has already helped many homeowners in the state of South Carolina. One homeowner who lost his job and eventually found his home in foreclosure believes the mortgage debt relief program has been a blessing. Homeowners who are struggling with finances and paying their mortgages may want to consider researching this program to see if they meet the eligibility standards.

Regrettably, however, not everyone who needs the help will receive. Some have been victimized by debt that has skyrocketed at a time when the fair market value of their home has diminished. For them, the program may indeed be too little too late. Nevertheless, bankruptcy protection may offer an opportunity to those individuals and families to confront the issues and right their financial path once again.

Source: The State, "Bailout funds rescue some struggling homeowners," Roddie Burris, March 11, 2012

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Reed Law Firm, P.A.
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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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