Foreclosure Help in South Carolina
South Carolina is a judicial foreclosure state, so all foreclosure cases will go through the courts. This brings rights and responsibilities to homeowners – this article will provide information to help South Carolina homeowners find out what they are. Let’s begin by taking a look at the general homeownership landscape in the Palmetto state.
A growing state
Over the past ten years, South Carolina’s population has grown by nearly half a million – a big change for a state with a population of five million. This expansion has come along with growth in a few other key metrics: employment, median income, and property values are all rising in South Carolina. Homeownership now stands just below 70% – above the national average – and is bound to rise along with the economic and demographic growth taking place in the state. These trends indicate a seller’s market, with lots of residents, particularly new ones, looking to buy homes.
Expanding regions
Have a specific question about Avoiding Foreclosure in South Carolina? Check out our Foreclosure FAQ’s section.
Indeed, a few key areas of South Carolina have demonstrated popularity among newcomers and home buyers, and visible growth as a result. South Carolina’s cities aren’t huge – Charleston, the largest, counts a population around 134,000 – but in recent years they have been drawing large numbers of new residents, filling in the suburbs and surrounding areas to form growing, prosperous metropolitan areas. Charleston and coastal suburbs, Columbia, the state capital, and the growing Greenville urban belt are hotspots of growth for South Carolina. Favorable ratios of income to housing prices have turned suburbs and towns like Fort Mill, Five Forks, and Bluffton into popular locations for prospective homeowners seeking affordable and comfortable living.
Foreclosure defense
Despite the positive trends occurring at the state level, some South Carolina residents still face the threat of foreclosure. Here are a few resources they can turn to and inform or prepare themselves should that be the case.
– SC Housing, an online portal offering referrals, information, and a counseling phone line
– this list of HUD-approved housing counseling agencies in South Carolina, many of them locality-specific
– SC Help, which no longer takes application for foreclosure defense loans, but still offers lists and collections of helpful links and resources for SC homeowners
Although South Carolina is growing and its housing prices are rising, foreclosure can remain a reality for residents facing hardship. This list can help them begin finding valuable information and resources to defend their homes.