Foreclosures remain serious problem in South Carolina | Reed Law Firm, P.A. | Columbia, Florence, South Carolina
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Foreclosures remain serious problem in South Carolina

Foreclosures remain serious problem in South Carolina

When people are out looking for a home to purchase, there are many factors that they will take into consideration. They want to know the school district that the house is in, and they also want to know about the safety of the neighborhood. They may look at dozens of places before they find the place that is perfect for their family.

The cost of the home is also a significant factor for many individuals. Mortgage companies are getting stricter about the loans that they are making to potential buyers after the housing market collapsed in the recent recession. Even as values are starting to once again recover, South Carolina is still experiencing a significant number of foreclosures within the state.

Nationwide foreclosure tracking firm RealtyTrac recently released numbers for June dealing with home foreclosures across the country. South Carolina placed in the top-ten for states with the highest number of foreclosures, despite showing a decrease from June 2012 numbers.

Perhaps a more concerning sign about these foreclosures is the number of homes that are simply abandoned during the process. According to RealtyTrac’s review, over 4,000 homeowners in South Carolina have left their homes while foreclosures were pending. This could lead to serious problems for these individuals later.

Lenders may try to track these borrowers down to hold them responsible for past due amounts. For those already experiencing financial problems, this can make things much worse. They may wish to consider other options before simply walking away.

These options include discussing a mortgage modification with their lenders, which can help those struggling to make ends meet. Some mortgage companies may be more willing to agree to this type of a process because foreclosures are often very time-consuming and costly to pursue.

Some individuals may wish to consider filing for Chapter 13 bankruptcy. This type of bankruptcy may allow individuals to remain in their homes, if it is best for their situation. This also can put a stop to any pending foreclosure actions while the bankruptcy is proceeding, which can provide the individuals with valuable time to rebuild finances.

Many people are often against filing for bankruptcy, because they are concerned about the long-term impact that it will have. They fail to understand how the process can help them recover from their money problems.

If you are experiencing difficulty with your finances, speak to an experienced bankruptcy attorney regarding your situation. Even if bankruptcy is not right for you, an attorney can help you review all the options that are available. This can allow you to find a solution that meets your needs, and helps you build a more stable financial future.