Williams: SC program can keep you out of foreclosure

Retirement nest eggs, children’s college funds, rainy day savings, valuable equity in homes — many South Carolinians have worked their entire adult lives to build these financial safety nets. Our economy is on the upswing and unemployment and underemployment are lower than they have been in years. However, a December report by RealtyTrac showed that one in every 933 S.C. homes has had a foreclosure filing. It is discouraging to think that a hardworking, responsible homeowner might have to use his life’s savings to keep his home from foreclosure.

Foreclosure has far-reaching effects. Families are stressed and displaced. Homes are left vacant, which can increase crime and decrease home values; property tax revenues used to support critical services are reduced.

At the State Housing Finance and Development Authority, we do not believe that catastrophic economic events beyond homeowners’ control should cause them to lose their home or savings. Many distressed homeowners could be eligible for financial assistance through the S.C. Homeownership and Employment Lending Program.

Launched in early 2011, this foreclosure prevention program backed by the U.S. Department of the Treasury and the Housing Authority has helped more than 9,400 homeowners keep their mortgages from slipping into default or foreclosure. It has distributed more than $141 million and provided a lifeline to our state’s homeowners and economy by helping responsible homeowners stay in their homes.

In order to qualify, homeowners must be faced with unemployment, underemployment, reduction of income for self-employed, death of a spouse, catastrophic medical expenses or divorce. It is imperative that homeowners who might qualify contact us immediately. Lenders begin the foreclosure process quickly, and we can most benefit homeowners who seek assistance before that happens. Homeowners who do not qualify still can find local resources and tools at SCHELP.gov.

Responsible homeowners work hard to support their families, and we are here to help keep families in their homes, neighborhoods and communities and to keep their savings accounts intact. For more information or to start an application, go to SCHELP.gov or call toll free at 1.855.435.7472. Don’t let a temporary hardship turn into a permanent loss.

This story was originally published July 21, 2015 at 7:30 PM.