Foreclosure rates in the last decade are comparable with the number of people who lost their homes during the Great Depression.
Family Services Inc. (FSI) partnered with the SC HELP Program in 2011 to help homeowners all over the state of South Carolina who are struggling to pay their mortgage. This program is sponsored by the U.S. Department of Treasury and the S.C. State Housing Finance and Development Authority. This service is free and assists people who are dealing with unemployment, underemployment, loss or reduction of income, health-related expenses, divorce, or death of a spouse. There are four ways the SC HELP program can help, including: monthly payment assistance, direct loan assistance or transition assistance, and making the mortgage payments.
SC HELP acknowledged FSI for the positive impact that the nonprofit has had on the community and the help that they were able to provide which allowed so many families to stay in their homes. In 2015, FSI processed 69 Homeowner applications and provided more than $1,682,277.81 in assistance. Since the beginning of FSI’s participation in the SC Help program, they have been able to help 780 homeowners. In addition to this, they were able to provide $ 14,174,345.81 in assistance.
So, why do so many homeowners even need help with their mortgages? Sure, everyone falls on tough times once in a while, but there is absolutely more to it than that. The Big Short, a new film that came out in 2015, helps to shed some light on this. The movie is based on the book of the same name by Michael Lewis that came out in 2010. It is a biographical comedy drama about the financial crisis in 2007/2008 that came about from the growing up of the housing market and the financial or credit bubble that existed in relation to this. The film really sheds some light between the conditions of the housing market from 2008 until present and why these conditions exist.
FSI has been helping individuals and families within the Charleston Tri-County area since 1888 and will work hard to continue to do so. We provide professional financial and housing counseling services. Through our work, we are able to help and empower people to achieve and experience the true meaning of financial and housing stability. Please chat with us today to see if we can help you at www.fsisc.org or 843.735.7802 Monday through Friday from 8 a.m. to 5 p.m.
by: Lindsey Jenkins
by: Lindsey Jenkins