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Foreclosure options

For South Carolina homeowners, not being able to make mortgage payments is often a frightening experience. It is one thing to have to go to court over an unpaid credit card bill, but the possibility of losing one's home can cause significant anxiety.

Unfortunately, the paralysis that can result from being faced with foreclosure is often a homeowner's worst enemy. While a threat of foreclosure does not mean that it will actually happen, it is important for the homeowner to act quickly. There are several options,, some of which can save a person's home and possibly even reduce monthly payments. There is usually a time limit, however, which is why homeowners should seek assistance as soon as they start to have trouble making payments.

The U.S. Department of Housing and Urban Development credentials housing counselors around the country. A housing counselor can offer information to homeowners about foreclosure avoidance options. There are several programs available, including seeking a mortgage modification or arranging a short sale.

Another option is filing for personal bankruptcy. Depending on the value of the home and the homeowner's income, Chapter 13 bankruptcy may be a way for filers to save their homes and reduce their overall debt. Someone who wishes to investigate this particular form of debt relief may benefit from speaking with an experienced attorney in order to learn more about the process and its attendant eligibility and other requirements. An attorney could also suggest other strategies for saving the home or selling it, depending on what is in the client's best interest.

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The Huggins Law Firm, PA

Columbia Office
1812 Lincoln Street
Suite 201
Columbia, SC 29201

Phone: 803-764-1558
Fax: 803-764-1563
Columbia Bankruptcy Office

Columbia Office

Charleston Office
925-D Wappoo Road
Charleston, SC 29407

Phone: 843-509-0039
Fax: 866-481-2325
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Charleston Office