Owning a home is something many people aspire to. Being free from the scrutiny of landlords or independent of family members takes on a new meaning after closing day when a new homeowner accepts the keys – and the responsibilities – of a home in Columbia, South Carolina. Whether one has not budgeted properly or has faced a financial crisis, arriving at a payment date without enough funds for the mortgage can be the beginning of a long nightmare.
The idea of losing one’s home can be terrifying. After working hard to purchase, maintain and perhaps repair a home, falling behind on the mortgage can mean the mortgage company will take steps to foreclose. South Carolina residents may be relieved to learn that foreclosure rates continue to drop. In fact, the state’s foreclosure rates are down about 12 percent from this time last year.
Overall, U.S. foreclosures have dropped to the lowest level they have been since the recession of 2006. The 19 percent reduction includes notices of default, repossessions by banks and houses scheduled to be auctioned. The trend seems to indicate that foreclosure rates will continue to decline. Indeed, 102 counties in South Carolina have seen lower foreclosure rates recently, up from 78 this time last year.
Nevertheless, the trends and predictions are just numbers to someone who is already facing foreclosure. Receiving a notice of default or foreclosure may seem like the end of the world, but there is still time to save one’s home by acting quickly and seeking professional help. A Columbia, South Carolina foreclosure attorney can provide options and compassionate advice for any who have concerns about losing their home or dealing with other overwhelming debt.
Source: charlestonbusiness.cvom, “S.C. foreclosure filings in Q1 down 12% from 2016”, April 19, 2017