South Carolina SHFDA Foreclosure Prevention Program Continues to Accept Applicants

Responsible, but struggling, homeowners now in danger of losing their homes to foreclosure in South Carolina are still able to apply for almost $300 million in federal funds available through the South Carolina Homeownership and Employment Lending Program (SC HELP).

 

Launched in January 2011, SC HELP targets homeowners who are falling behind on mortgage payments due to circumstances beyond their control. These may include unemployment, catastrophic illness, death of a spouse and/or divorce. The South Carolina program receives its funding from the U.S. Department of the Treasury. “SC HELP could continue until 2017,” said Valarie M. Williams, Executive Director of the South Carolina State Housing Finance and Development Authority.

 

A similar program, the Emergency Homeowners' Loan Program (EHLP), was launched in 32 states and Puerto Rico earlier this year. Application for EHLP closed on July 27. Administered by HUD, EHLP offered a total of $1 billion for homeowners who are either unemployed or underemployed and at least 90 days behind on their mortgage. States (like South Carolina) that received Hardest Hit funding did not receive EHLP funds. “The closing of the EHLP will not affect our program in any way,” said Williams.

 

Williams urges homeowners who are or may be falling behind in mortgage payments to apply to SC HELP as soon as they begin to experience trouble. “Our goal is to make certain no potential beneficiary goes un-served. If you think you may qualify, please apply.”

 

Homeowners can apply online at www.SCMortgageHelp.com. SC HELP officials emphasize that using the online application is the fastest and most efficient way to begin the process. Homeowners without internet access may call toll-free to 855-HELP-4-SC (855-435-7472) to begin the process.

 

Eligibility is determined on a case-by-case basis, but for those who qualify, assistance may include:

 

• Monthly Payment Assistance - assisting homeowners with monthly payments for a defined period of time while they seek employment and a return to self-sustainability.

 

• Direct Loan Assistance - for borrowers who have experienced a hardship but have regained the ability to pay. Funds can be used to pay arrearages in order to bring the loan current.

 

• Property Disposition Assistance - in cases where the mortgage cannot be salvaged, funds may be provided to help transition families from homeownership to rental housing in cases where a short-sale or deed-in-lieu of foreclosure occurs.

 

For forty years, SC State Housing has created quality affordable housing opportunities for the citizens of South Carolina. The agency’s vision is that all residents have the opportunity to live in safe, decent, and affordable housing. The agency administers a number of Federal and State programs directed at low and low-to-moderate income South Carolinians. SC State Housing is self-sustaining and receives no state appropriations. For more information, visit www.schousing.com.