South Carolina residents who are in danger of losing their homes to foreclosures or having them sold off as Sheriff Sale properties will welcome the latest effort launched by the federal government to help troubled homeowners. The latest program is particularly aimed at homeowners who fail to meet their monthly mortgage obligations due to unemployment.
With all areas and most sectors of the state suffering from foreclosures, including Charleston foreclosure investing, residents will be looking forward to the latest effort from the Obama administration. According to the federal government, the latest effort will provide financial assistance to support initiatives recommended by the Housing Finance Agencies of several states.
With the number of South Carolina foreclosure homes for sale continuing to rise in number, the state will be one of a handful of regions that will be part of the program aimed at helping an estimated total of 50,000 households. Other states included in the initiative are Ohio, North Carolina, Rhode Island and Oregon.
Under the program, South Carolina will get $138 million. The money will be used to help homeowners who are at risk of losing their homes to foreclosures or having them sold off as Sheriff Sale properties. An estimated 12,000 households in the state are expected to benefit from the effort.
According to local analysts, the program came at a good time, as the number of foreclosed properties is increasing again and not a lot of people are interested in how to buy foreclosure properties. However, they also stated that it is critical that the funds be distributed as quickly as possible to save homeowners before their properties are lost to foreclosures.
The program has a total budget amount of $2.1 billion, with the money coming from the $75 billion mortgage assistance effort introduced in March 2009. Aside from the $138 million that will be given to South Carolina, the program will also provide $159 million to North Carolina, $172 million to Ohio, $88 million to Oregon and $43 million to Rhode Island. All funds will be used to assist homeowners from these states who are in danger of losing their homes to foreclosures or have them sold off as Sheriff Sale properties.
