| In the first quarter of 2009 the country had a record | | | | successful purchaser will be the one with the highest |
| amount of foreclosures, with over 800,000 total | | | | bid at the end of the thirty days. This ongoing bid |
| foreclosures. This was due to several reasons: | | | | process is referred to as upset bidding. Anyone, other |
| | | | | than the successful purchaser, who has placed a bid |
| 1) High levels of unemployment | | | | during this time, will be entitled to a refund of any |
| 2) Low interest adjustable rate mortgages | | | | deposit made in good faith and he or she will have no |
| 3) Down turn of the Real Estate market | | | | further interest in the property. |
| 4) Banks making it harder to get a loan | | | | 4. If no objection to the sale price of the property has |
| | | | | been filed with the sheriff's office within three months |
| With more and more home owners facing the | | | | after the date of sale, the sale will be considered |
| prospect of foreclosure it is important that home | | | | confirmed and the sheriff will make any necessary |
| owners know what the law says about foreclosure | | | | deed endorsements. |
| and how they may be able to avoid it. | | | | |
| | | | | Lenders in South Carolina may file for a deficiency |
| Mortgage laws vary from state to state. The laws in | | | | judgment against the borrower and borrowers have |
| South Carolina state the following: | | | | no rights of redemption. |
| | | | | |
| In South Carolina, lenders may foreclose on a | | | | |
| mortgage in default by using the judicial foreclosure | | | | |
| process. | | | | How to possibly avoid foreclosure |
| | | | | A loan modification can in many cases be the answer |
| Judicial Foreclosure | | | | to the problem. Like anything else there are benefits |
| | | | | and disadvantages to a mortgage modification. We |
| The judicial foreclosure process is one in which the | | | | have compiled a list of the advantages and |
| lender must file a complaint against the borrower and | | | | disadvantages for you to consider. |
| obtain a decree of sale from a court having jurisdiction | | | | |
| in the county where the property is located before | | | | ADVANTAGES:A successful Loan Modification will |
| foreclosure proceedings can begin. Generally, if the | | | | supply you with the following: |
| court finds the borrower in default, they will give them | | | | 1. an interest rate reduction. Under President Obama's |
| a set period of time to pay the delinquent amount, plus | | | | current program this rate may be as low as 2%. |
| costs. If the borrower does not pay within the set | | | | 2. The advantage of having the reinstatement amount |
| period of time, the court will then order the property to | | | | (total amount of late payments) deferred to the back |
| be sold. | | | | end of the mortgage and added to the current |
| In South Carolina, the property is generally sold in the | | | | principle. |
| following manner: | | | | 3. A reduction in the actual principle balance of the loan |
| | | | | 4. Have many of the same features of a refinance, |
| 1. A notice of sale, containing a description of the | | | | without the high cost. |
| property, the time and place of sale, the borrowers | | | | DISADVANTAGES: 1.You only get one shot at the |
| name and the lenders name, must be published at the | | | | Loan Modification so you need to get it right the first |
| courthouse door and two other public places at least | | | | time. It is important that you make sure your mortgage |
| three weeks prior to the date of sale. The notice must | | | | modification sets up payment perimeters you can |
| also be published in a newspaper of general circulation | | | | afford. |
| within the county where the property resides for the | | | | 2. Your mortgage company does not earn money |
| same time period. | | | | making you modifications so they will most likely offer |
| 2. Unless otherwise ordered by the court, the sale | | | | you terms that are not actually helpful. |
| must be conducted at the courthouse where the | | | | |
| property is located by the sheriff of said county. The | | | | 3. Due to the high rate of foreclosures there are an |
| sale must be held on the first Monday in each month, | | | | abundance of scams out there set up to take your |
| unless it is a holiday and then the sale may take place | | | | money, that promise to help you with negotiations. To |
| on the following Tuesday. The sale may begin at 11:00 | | | | avoid these scams NEVER PAY A |
| am and go until 5:00 pm, but the sheriff may close the | | | | DOWNPAYMENT TO ANYONE OFFERING TO |
| bidding prior to that time. | | | | ASSIST IN A MORTGAGE MODIFICATION. |
| 3. Despite the fact that the bidding at the public sale | | | | Discover how you can ethically modify your home |
| has ended, in South Carolina, the auction actually stays | | | | mortgage loan and save as much as 47% off your |
| open for a full thirty days after the date of the public | | | | current mortgage payment in as little as 60 days |
| sale. During this thirty day time period, anyone may | | | | without refinancing? |
| place a bid higher than the last bid amount and the | | | | |