Charleston Foreclosure Update from Master in Equity

Jun 09th 2011

Charleston Foreclosure Update from Master in Equity - Honorable Mikell R. Scarborough

Posted By: Heather Lord @ 3:52pm In: Charleston Properties
Tags: charleston county foreclosure sale, sc chief justice toal, charleston foreclosures, charleston master in equity

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I attended a “Lunch & Learn” session at CTAR ( Charleston Trident Association of Realtors) and listened to the Charleston County Master-in-Equity,Honorable Mikell R. Scarborough discuss the foreclosure sale process, latest foreclosure statistics and the recent legislative action signed by South Carolina’s Chief Justice Toal.

I cannot share all that I learned in this post but felt the following highlights were relevant to all homeowners / future homeowners in South Carolina and specifically individuals facing foreclosure or considering the purchase of property at a Foreclosure Sale.

Foreclosure Stats

# Foreclosure Filings – Charleston County SC
2007	2008	2009	2010	1^st Q 2011
734	1447	2244	2365	562*
* Judge Scarborough predicted that 2011 foreclosures would exceed 2000.

Foreclosure Process

1) Default in mortgage payment ( 3 months and they don’t have to be consecutive) → 2 ) Lender Contacts Foreclosure Agent example (Rogers, Townsend & Thomas http://www.rttlaw.com) → 3) Turned over to Master–in– Equity → 4) Review HAMP eligibility → 5) Hearing with Master-in-Equity → 6) Sale

Foreclosure Sale

Charleston County Foreclosure Sales are held the 1^st and 3^rd Tuesday of each month. At time of sale a 5% deposit in certified funds is required and you must comply ( close) within 30days.

** If you are facing foreclosure and receive a Hearing date you should attend as the Master-in-Equity may be willing to extend your sale date. He will listen to your situation and if there are extenuating circumstances they may be taken into consideration. Don’t just walk away … stay involved.

If you have lost your job you may be eligible for a program entitled “Hardest Hit Funds” – contact number (843) 744-1384. Also please remember that

Family Services Inc. offers mortgage foreclosure assistance that is free-of-charge please visit them at http://www.fsisc.org or call at (843) 735-7802.

SC Chief Justice Toal – Administrative Order

On May 2, 2011 Chief Justice Toal – signed an administrative order that halts all pending foreclosures from May 9, 2011 forward until banks and homeowners can complete an intervention process. The order is designed to provide homeowners with adequate time to try and modify their loan to agreeable terms.

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