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.
Whether it's where you brought your first child home or it's the dream house you bought after retirement, few things in life hold as many important memories as your home. For most people, a foreclosure is so much more than a financial crisis -- it is an emotional trauma. While stopping foreclosure might seem impossible, it is an important undertaking that can help South Carolina residents stay in their homes.
Homes are often the largest investment that people make. Aside from a significant financial commitment, owning a home also represents safety and security for many in South Carolina. When faced with significant amounts of debt and possible foreclosure, finding effective alternatives can be important. Giving in to foreclosure can have profoundly negative effects on a homeowner's credit and financial stability when done unnecessarily.
A creditor appears to be holding all the cards regarding a South Carolina luxury resort that was created by Citadel graduate and author Pat Conroy in the 1980s. The resort is said to currently hold a mere $18 in its bank account. The foreclosure process was initially paused and the property made available to potential buyers in a short sale auction; yet, no one has come forward to submit a formal offer.
After hearing the details of discipline and sacrifice some people make to become debt-free, those who struggle with debt may feel inspired to take their own drastic steps. However, this often means taking out a second mortgage to consolidate loans. Doing so may lead to foreclosure because it doesn't eliminate the problem; it just moves it to another creditor. South Carolina residents struggling with debt may consider alternative actions to save their homes.
Fans of TV home makeover shows enjoy watching the big reveal, when the old home is barely recognizable after the renovators and designers complete their work. Viewers in South Carolina may imagine that owning such a home would be a dream come true, and the stunned and excited expressions of the show's homeowners seem to confirm that. However, what viewers may not realize is that many of the people presented on these shows end up in foreclosure.
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.
First, the bad news: Bankruptcy still carries a certain stigma, and it will certainly leave a mark on your credit score. Here's the better news: Bankruptcy could save your house from foreclosure, and a South Carolina foreclosure defense attorney can guide you through the process. If you have received notice that the bank is foreclosing on your house, you may be eager to hear some good news on that front.
Falling behind on one's mortgage payment can create a snowball effect of debt piling on debt. Sometimes a medical emergency or other financial loss create a shortfall from which the homeowner simply cannot recover. Columbia, South Carolina residents may feel they have no options when they receive the letter from the mortgage holder saying that the foreclosure process is pending. However, there are alternatives that may bring relief to many.
When people gather around a settlement table to purchase a new house, they are usually excited at the thought of spending the coming years fixing it up, raising a family and making it a home. The thought of needing a Columbia, South Carolina, foreclosure defense attorney may rarely come to mind. Until one is nearing the possibility of losing that home, he or she may not consider the effects of foreclosure.