The foreclosure process can be frightening and overwhelming, especially if you do not know what your options are. South Carolina is a judicial foreclosure state, meaning a bank or lender must file a lawsuit before foreclosing a home. Foreclosure proceedings cannot begin until your payments are 120 days past due, with some exceptions. This provides most homeowners sufficient time to decide their next steps.
In this article, we’ll discuss how you can deal with foreclosure in Charleston, SC. Read on to learn everything you need to know to make the best decision for you and your family.
Allow the Foreclosure Process Continue
When it comes to foreclosures, your first option is to let the process continue and do nothing about it. This may seem like your only option if you cannot bring your payments current or you’re going through a severe financial crisis.
However, foreclosures should never be taken lightly. Homeowners and their communities can be adversely affected by foreclosure. Foreclosures can damage homeowners’ credit scores for up to seven years, making it difficult to apply for a new mortgage or line of credit in the future.
In addition, foreclosure is an emotionally draining and time-consuming process. It can take months before the process is complete, which can take a toll on your mental and physical well-being.
Avoid or Halt the Foreclosure Process
Due to its devastating consequences, foreclosure should be avoided at all costs. Below are a couple of ways you can avoid foreclosure in Charleston, SC.
Catch Up On Payments & Fees
The first obvious way to avoid being foreclosed on is to bring your loan current. You can also reinstate the loan if you’re eligible for reinstatement in your contract.
If the foreclosure is already in process, South Carolina law gives homeowners the right to pay off their entire debt before the sale occurs, known as the right of “redemption.”
Sell the House & Move On
If you’re being threatened with foreclosure, you’ve more than likely exhausted your options to bring your mortgage current. Being in a financial crisis is not easy, and while it may seem like there is no way out, there’s still one more option that can save you from foreclosure.
Selling your house allows you to take the sales proceeds and pay off your mortgage, hence avoiding foreclosure. However, it’s important to choose the right way to do this. After all, if the foreclosure process has started, you’re running against a ticking clock and need to move fast.
Selling a home that’s in danger of foreclosure or already in foreclosure can be tricky, so you want to make sure you work with someone who can guide you through the process. In addition to charging fees and commissions, selling your home with a real estate agent can take months. Your best shot is to find a trusted cash home buyer in Charleston, SC, who will buy your house as-is and give you a cash offer.
Sell My House Fast in Charleston, SC
At Favor Home Solutions, we buy houses regardless of their financial or legal standing. Let our team of experts help you get cash for your home quickly and easily. We save you time, money, and headaches associated with commissions and fees.
You can count on our team to buy your house regardless of its condition or location; no maintenance or repairs are required. Don’t spend your time looking for an agent. Let us get you a cash offer and close the deal in less than a week.
Give Favor Home Solutions a chance to solve this problem for you. We buy houses in Charleston, SC, and we’re ready to provide you with the fair cash offer you deserve.