All states of the country are affected with the crisis caused by the increasing number of foreclosure processes, even the southern part. In the case of the homes in South Carolina, foreclosure processes is alarmingly very high. For example, one out of two hundred households in Charleston is being foreclosed or close to it. The situation became worse because the banks approved so many mortgage applications without conducting any verification process, even those with no capability to pay the monthly rates and those with no stable source of income got one.
This action resulted to serious problems in the banking system affecting both the lender and the borrower. The real estate market is now overcrowded with huge number of foreclosed houses put up for sale and there is a big decreased in the potential buyers willing to invest in these properties. To ease up the situation, the government proposed a new law that was approved last February 2009. This new law is deemed as the best alternative for the foreclosure processes. This law is the loan modification giving the liberty to the debtor to request for revisions to his/her mortgage terms.
Most of us, even your lender, want to prevent loan default from happening and hence, applying for a loan modification is the best option for you. There are several law firms in South Carolina offering support for those people wanting to go through this process. You can hire a lawyer if you want a professional assistance in undergoing the whole process if you have money to spare for it. As a precaution, be very careful and vigilant in choosing the lawyer or law firm that will handle your loan modification process. Make sure that they are not fake and they only after the best deals for your sake. The best thing for you to do first is by reading reviews about the firms before collaborating to them or you can ask recommendations from an acquaintance that experienced this domain. The modification to your loan contract can affect the length, interest rate, penalties and fees. The length of the whole modification process can take about six to ten weeks.
The government implemented this new measure because they do not want to put your house at jeopardy. They gave this solution so that you can modify your loan that will suit your needs, especially if you think that you are lose to loan default. In South Carolina, the situation has improved a lot thanks to this new law.
Preferred Choice Mortgage (864) 834-5336 600 hwy. 25 North Travelers Rest, SC
Flagship Mortgage 864-990-8244 801 East North Street Greenville, SC
First Home Equity Loans 864-286-9063 103 Sunset Dr Suite A Mauldin, SC
IMS Mortgage 803-831-5626 4341 Charlotte Hwy Ste 201 Lake Wylie, SC
BankLine Mortgage Corporation 864-255-3173 15 Whitsett Street Greenville, SC
TRINITY MORTGAGE & FINANCIAL GROUP, LLC 803-796-0850 604 12TH STREET WEST COLUMBIA, SC
Dover Mortgage Company 803-960-9343 711 E. Morehead Street Columbia, SC
Peoples Mortgage Services 864-231-7778 3901 Clemson Blvd Anderson, SC
ANDERSON INVESTMENT MORTGAGE 864-261-9771 507 NORTH MAIN ST ANDERSON, SC
Wells Fargo Home Mortgage 877-404-9880 ext 1273 508 Hampton Street Columbia, SC
South Carolina Legal Services
Attention homeowners: If you think you have been a victim of a scam, or approached by a scammer, report it to the Loan Modification Scam Prevention Network now! Your complaint could provide vital information that will help put loan modification scammers out of business.
Call 1-888-995-HOPE (With your permission, the complaint will automatically be shared with federal, state and local law enforcement).
