In an effort to arrest the continuous rise in the number of HUD foreclosures and other foreclosed properties in South Carolina, the U.S. federal government has issued a $300 million fund designed to help homeowners who are finding it hard to meet their monthly mortgage obligations.
With the number of foreclosed homes in Myrtle Beach and in the rest of the state continuing to rise, the federal government has seen fit to step in and launch the South Carolina Help Foreclosure Prevention Program. The initiative will provide help to borrowers who are delinquent in their loan payments because of loss of job, unexpected medical expenses and other unanticipated reasons that are not the homeowners' fault.
According to the supporters of the program, it will go a long way towards helping troubled homeowners, particularly now that the number of South Carolina foreclosures has reached an almost record level that has not been seen before in the region. Officials have stated that aid under the initiative will come in different forms, including counseling for those facing foreclosure threats and payment modifications that will help borrowers meet monthly obligations without completely draining their household budgets.
Lawyers who specialize in helping troubled homeowners in the area have revealed that majority of bank and HUD foreclosures in the state were formerly owned by people who failed to cope with the confusing policies of lenders and banks that handle their mortgages. Most of them, lawyers stated, just gave up and walked away from their properties after failing to get through lenders' numerous processes.
They also stated that some homeowners wait until their properties are already under foreclosed home listings before they seek help. Housing market experts advise homeowners to take action the moment they feel that they will be unable to pay the coming monthly mortgage. They stated that getting in touch with lenders and seeking the help of local agencies will increase homeowners' chances of keeping their homes.
Local officials also encouraged homeowners to educate themselves and attend free workshops held regularly in their areas. They added that these workshops have already prevented numerous properties from falling into bank and HUD foreclosures in the past.
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