If you are far behind with your mortgage payments, you will most likely lose your home and have to face foreclosure. Foreclosure allows your lender to sell your property to pay for what you owe.
Foreclosure works differently in each state. In most states, foreclosures are nonjudicial, but in South Carolina, the process is judicial since a court handles it. The good news is that there are ways to avoid foreclosure in Charleston.
Foreclosure Process in South Carolina
- Breach Letter: a breach letter is sent to homeowners before the foreclosure process starts
- Complaint: 120 days after the incident, an official complaint is filled
- Foreclosure Intervention: opportunity homeowners get to negotiate alternatives to avoid foreclosure. They have 30 days to request the intervention.
- Foreclosure Hearing: hearings happen if homeowners file an answer, but if they don’t do so, the lender will still get a judgment and win the case
- Redemption: this step in the foreclosure process allows homeowners to pay for what they owe and avoid foreclosure from happening
Consequences for Homeowners
Homeowners who face foreclosure will be affected in several ways. Therefore, if you can avoid it, then try your best to do it. Even after you have received a foreclosure notification, you can still get out of it by taking immediate action.
The following are some of the ways in which homeowners are affected by going through a foreclosure process.
Eviction: This means that homeowners will lose their home if they don’t pay for what they owe to lenders before the process is finalized
Stressful times: Not knowing what will happen or how much time you have left before having to leave your home
Damage to Credit: Foreclosure will drop your credit score and may affect your new home search, new credit, and even future employment opportunities
Lose of Relocation Assistance: Losing leasing opportunities that may be available to you in the future
Avoid Foreclosure Charleston
As it was previously mentioned, foreclosure can prevent you from obtaining credit in the future; therefore, it is crucial to avoid it. The most important recommendation is not to prevent the problem because avoiding it won’t make it disappear; instead, take action as soon as you are notified about the issue.
Recommendations To Follow:
Begin with contacting your lender and communicate with them about the problem to find solutions or alternatives to avoid a foreclosure process.
Please keep your eyes open for upcoming mail from your lender since they will contain all the information about ways in which you can prevent foreclosure as well as any updates on your case, such as notice of pending legal action or court hearings.
What To Do Next:
A critical step to take is to gather all the information regarding your loan to read it carefully and know about your rights. Additionally, it is recommended that you research the foreclosure process in your state and its timeframe. Notice that foreclosure is different in each state.
Prioritizing your spending is a great way to help you organize your finances. Your primary focus should be to save your house while you still can and to, of course, avoid foreclosure in Charleston.
Likewise, make use of your assets; if you have a second car, jewelry that you don’t use often, or appliances can help you increase your available cash. This type of effort will also demonstrate to your lender that you are doing everything in your hands to pay for what you owe.
Lastly, communicating with your lender can also help you delay the process and allow you a little more time to pay off your debt. Lenders are not interested in your home. They are more interested in getting paid.
The Ideal Solution to Foreclosure
Time is vital when facing foreclosure in Charleston. The faster you solve the problem, the better and less risk of losing your home. Steady Properties is the ideal solution for you. We buy houses in Charleston and around areas.
We will buy yours to help you stop foreclosure; the best part you don’t have to worry about your home if it’s in bad condition since we buy houses as-is. Therefore, you should expect to close a deal with us in seven days or less. Don’t foreclosure, save your credit, and get cash for your home. We are here for you.