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Charleston County Foreclosure Update
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Charleston County Foreclosure Update

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Charleston County's Master-In-Equity, Judge Mikell Scarborough gave an update on the state of the foreclosure process in Charleston County and what the new foreclosure mediation ruling from the South …

Charleston County's Master-In-Equity, Judge Mikell Scarborough gave an update on the state of the foreclosure process in Charleston County and what the new foreclosure mediation ruling from the South Carolina Supreme Court means for the future of foreclosures.

Published in: Real Estate, Travel, Business

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Transcript

  • 1. Top 10 Foreclosure Questions Charleston County Master-In-Equity Honorable Mikell R. Scarborough 100 Broad Street Suite 266
  • 2. 1. How does the foreclosure process work?
    • Mortgage default
    • Filing
    • HAMP eligibility
    • Hearing
    • Sale
  • 3. 2. What is HMP?
    • Home Affordable Modification Program
    • Eligibility/Non-eligibility
    • Other programs
  • 4. 3. What is a deficiency judgment?
    • Deficiency v. Waiver of Deficiency
    • Impact post-sale
  • 5. 4. Once the foreclosure process begins, how long do I own the house?
    • Sale
    • Compliance
    • Deed
    • Eviction
  • 6. 5 . Once the foreclosure process begins is there any way to save my house?
    • Loan Modification
    • Loss Mitigation
    • Forbearance Agreement
    • Short Sale
    • Reinstatement
  • 7. 6. Should I attend my foreclosure hearing?
    • Not required
    • Benefits of attending hearing
  • 8. 7. What is a short sale?
    • Short sale
    • Approval by lender(s)
    • Tax ramifications
  • 9. 8. If I cannot afford an attorney are there any other options?
    • Family Services, Inc. (Mortgage Foreclosure Assistance)
    • Free Service
    • Primary residences ONLY
    • Cannot assist owners of mobile homes, rental properties or tenants
    • Contact: 843-744-1384 or www.fsisc.org
  • 10. 9. What if I am a tenant?
    • Protecting Tenants in Foreclosure Act
    • Valid written lease
    • 90 days v. End of lease term
    • Section 8 Housing
  • 11. 10. How do I track the foreclosure sales?
    • Foreclosure Auction List