One of the most coveted goals for South Carolina residents is owning a home. This American dream comes with a lot of rewards but also many responsibilities. As the excitement of being a homeowner wears off, the true cost of owning a home can sometimes come as a shock. South Carolina residents are advised to understand the risk associated with home ownership and what to do should their home become subject to foreclosure.
There are many reasons why some homeowners fall behind on their mortgage loan payments. Some of those may include buying a home that was more than they could afford, a second mortgage or an unexpected life event. Whatever the reason may be, the foreclosure process can be extremely lengthy; therefore, it is important for homeowners to understand the process.
Before the foreclosure process begins, a homeowner is usually provided with a grace period after receiving a default notice in order to get current on the loan. During this time period, a borrower can either apply for a loan modification, sell the property to a third party or pre-foreclosure auction, or reinstate the loan by paying any overdue balances. While the thought of losing a home can feel overwhelming, homeowners are encouraged to be proactive during the early stages of foreclosure.
Owning a home is one of the largest investments a person can make but also comes with an intense amount of stress. Should a foreclosure be imminent, homeowners are advised to understand all their legal rights. With the help of an experienced legal counsel, South Carolina residents can not only navigate the process properly, but they may also be able to avoid a foreclosure all together.
Source: thebalance.com, “Foreclosure 101: How to Protect Yourself”, Paula Pant, Accessed on Feb. 2, 2018