Published Nov. 23, 2015
More than 10,000 homeowners statewide have used the S.C. Homeownership and Employment Lending Program through October to avoid preventable foreclosure, the organization reported.
The agency provides mortgage-payment assistance for responsible homeowners falling behind on mortgage payments as a result of circumstances beyond their control. It was initiated in 2011 through funding by the U.S. Treasury Department and the S.C. State Housing Finance and Development Authority.
Since then, approximately 10,087 eligible S.C. homeowners have been approved and received funding, with more than $154 million disbursed in that time. More than $25 million in additional homeowner funding has also been committed, and more than 98% of homeowners assisted have continued to avoid foreclosure and remain in their homes, SC Help said.
“Though unemployment and underemployment numbers are at lower levels than in recent years, there are still families facing the ramifications of losing jobs in recent years and using savings to stay afloat,” said Valarie Williams, S.C. Housing executive director. “Families keeping their homes is good for all South Carolinians, as it keeps our state’s neighborhoods and property values intact.”
Available SC Help support includes reinstatement, monthly payment, modification and transition assistance. The organization anticipates committing all available funding before the expiration of the program based on current trends.