If you live in South Carolina, you just got a break! The SC highest court on temporarily halted thousands of pending foreclosures in the state on Tuesday to allow homeowners the extra time needed to take advantage of the Obama Foreclosure Plan to help them refinance troubled mortgages.
The court injunction — which loan experts say appeared to be the first court-ordered stop for an entire state in the nation — stops judges in SC from finishing the foreclosure process on properties whose loans are guaranteed by Freddie Mac, Fannie Mae or any other mortgage company that has signed on to a federal assistance program.
RealtyTrac Inc., a foreclosure listing firm, says the ruling could affect up to 5,000 South Carolina homes facing foreclosure.
Read the full story on the AP Wire, or see if you qualify for a mortgage loan modification now.
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