What is Foreclosure in Columbia, South Carolina?

Find the right Foreclosure Bankruptcy attorney in Columbia, SC

Foreclosure is a judicial process in which a mortgage lender recoups some of its losses in the event of default by taking possession and/or ownership of the home that secured the loan in the first place in Columbia, South Carolina Foreclosure typically requires the house to be sold at an auction. Typically, banks want to rid themselves of the property as soon as they can, in order to collect as much money as possible.

In every state, including South Carolina, borrowers have the option to go through foreclosure by judicial sale. This means that the auction will be overseen by a court, to make sure that the bank makes an effort to get as high a price as possible (to increase the chances that the entire balance will be covered, as well as the odds that there will be some money leftover for the borrower). In some states, original mortgages are "non-recourse loans," meaning that the lender can only recover ownership of the house in the event of default. If the house is now worth less than the balance of the mortgage, the lender has to take the loss. You should speak with a Columbia, South Carolina lawyer to see if this state is one of them. However, it is almost always the case that this protection does not apply to loans which have been refinanced.

How Can I Avoid Foreclosure in South Carolina?

First, and most importantly, you should not ignore the issue. Failing to respond to foreclosure calls from your lender will not make a problem go away. You should stay in touch, and be forthright with, your creditor as much as possible. You should remember that banks in Columbia don't want your house. While the foreclosure process can be devastating for the homeowner, it's no walk in the park for the bank, either. They expected to make a profit through interest on the loan paid over time, and foreclosure is a last resort, allowing them to cut their losses and move on. If you are forthright with them, lenders will typically try to accommodate your changed financial situation, to avoid a default on your part, and the necessity of foreclosing on their part.

If you believe that foreclosure is imminent, there are some other options. For example, you might be able to engage in a "short sale," which sometimes allows you to sell your house for whatever amount you can get, give the proceeds to the lender, and walk away free of your mortgage debt, even if the sale netted less than the balance of the mortgage. There is also the option of a "short refinance," which forgives a substantial portion of your mortgage debt, and refinances the rest.

How Can A Columbia, South Carolina Attorney Help?

If you are worried about foreclosure, a good Columbia, South Carolina real estate lawyer might be able to help. A lawyer can increase your chances of keeping your home, and help minimize the financial impact if keeping it proves impossible.

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Life in Columbia

Columbia, South Carolina is the state capital, and the largest city in the state. It has a population of about 130,000 people. Columbia has a rich history, and has figured prominently in important historical events dating back to before the Civil War. While being occupied by Union troops during the Civil War, much of Columbia was destroyed in a fire. During Reconstruction, as in many Southern states, numerous African Americans were elected to public office in South Carolina, which was a novelty to most Americans at the time. As a result, Columbia experienced a brief tourism boom, as visitors wanted to observe the state legislature in session. Modernly, Columbia, South Carolina is quite diverse in both demographics, and economy. Columbia is a major center for several industries, such as healthcare, manufacturing, insurance, and many others.

Columbia, South Carolina is also home to Fort Jackson, the U.S. Army's largest training facility, which has a major economic impact on the area. Each year, the federal government spends over million for salaries, utilities, and other services (with a significant amount going to local contractors). Furthermore, each year, over 100,000 people visit the area to attend basic training graduation, and patronize the local hotels, restaurants, and retail outlets.

Columbia, South Carolina lawyers need to be competent to handle many different types of cases. If you contact a Columbia, South Carolina lawyer with any type of case, chances are they cantake it, or refer it to another local attorney who can.

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