Tuesday, May 5, 2009

HRC Hails Supreme Court Decision on Foreclosures

With the State Supreme Court decision to temporarily halt foreclosure sales of Fannie Mae, Freddie Mac, and other lenders participating in the new government program, many families whose loans are eligible for modification will have another chance to save their property. “We are especially pleased because we are beginning to see some flexibility from lenders with respect to the government’s new Making Home Affordable plan, which includes both a refinancing and modification option,” said Toby Smith, a certified and licensed counselor at The Homeownership Resource Center (HRC), a division of Family Services Inc.

“One of our concerns was always that there would not be enough time to get the new program in place for those who were already in the pipeline. This is a wonderful turn of events and we hope it will prove beneficial for those who meet the criteria for modifying their loans. We stress the modification option especially because a client who is behind or who has been behind for awhile does not really have the option to refinance their home loan because of damaged credit,” added Smith.

It appears that the injunction will be limited to 90 days so this represents a significant window opening for many folks who may not have taken any action at all. If a homeowner does not know who the investor is for their loan, that information can be determined by calling the lender, and the HRC is more than willing to help.

“Any time you seek help, you are making a good move. In many cases, something can be done to save a home,” noted Smith. Plaintiffs in foreclosure (lenders) have until May 15th to advise if the loan is subject to modification under the federal program. If the loan is not, then the foreclosure sale can proceed. “The next 10 days will be critically important for thousands of homeowners throughout the state,” stressed Smith.

The HRC continuously holds mortgage default and foreclosure clinics for homeowners who are behind on their mortgage or facing foreclosure. Clinics for the greater Charleston area are held on the 1st and 3rd Tuesday on each month from 6 to 8 pm at 4925 Lacross Road, Suite 215 in North Charleston. Homeowners throughout the state can locate a clinic near them by visiting the HRC’s website at www.ForeclosureHelpforSC.org or call 888-320-0350. Additionally, for those in the upstate, a clinic will be held this Saturday in the Greenville area at the Metropolitan Missionary Church, 22 Boland Court. Clinic times are 9 am, 11 am and 1 pm and no pre-registration is required. For more information, visit www.foreclosurehelpforsc.org or call 888-320-0350.

1 comment:

  1. That is a very good news for those homeowners. They will at least learned that they will still have the change to pay for their houses.