Foreclosure Prevention Program Available in SC
Posted March 21, 2011
Nearly $300 million in federal funds are available to help responsible but struggling homeowners through the South Carolina Homeownership and Employment Lending Program (SC HELP).
There are three key components of SC HELP. The program offers monthly payment assistance, which is available for a defined period of time while homeowners seek employment and a return to self sustainability. It also offers direct loan assistance, which is available for borrowers who have experienced a hardship but have regained the ability to pay. Under this component, funds can be used to pay arrears in order to bring a loan current.
A third component of SC HELP is property disposition assistance, which is available when the mortgage cannot be salvaged. In such cases, the program provides funds to encourage short sales, deeds-in-lieu of foreclosure, as well as to help transition families from homeownership to rental housing.
Homeowners may apply for assistance online at www.SCMortgageHelp.com. Those without internet access may call toll-free 1.855.435.7472.
Additional information is available online at www.SCMortgageHelp.com.