New Short-Sale Programs Offer SC Foreclosure Alternative

New Short-Sale Programs Offer SC Foreclosure Alternative

As the foreclosure crisis continues to deepen across the United States and in South Carolina, there are several new options available to distressed homeowners.

North Myrtle Beach, SC (PRWEB) January 1, 2010 -- The Home Affordable Modification Program (HAMP) has been in effect during 2009, but very few homeowners have been able to qualify for this program to restructure their loan. Realizing this, the U.S. Treasury launched the Home Affordable Foreclosure Alternative (HAFA), making the "short sale" process a much more viable way to avoid foreclosure.

In a short sale, the mortgage holder agrees to take less than what is owed on the mortgage, plus releases the borrowers from any future liability for the debt. But prior to the new HAFA program the process had come to a near standstill due to the sheer volume of foreclosures. The HAFA regulations should streamline and simplify the process, helping to limit the amount of foreclosed properties and stabilizing neighborhood values. More above...