South Carolina: court halts thousands of home foreclosure sales

[Sapiens]

http://news.yahoo.com/s/ap/20090505/...g_foreclosures

COLUMBIA, S.C. – South Carolina's highest court on Tuesday temporarily stopped thousands of pending foreclosure sales in the state to give homeowners more time to take advantage of a new federal program to help them refinance mortgages.

The injunction — which mortgage experts said appeared to be the nation's first court-ordered stop for an entire state — prevents judges in South Carolina from finalizing foreclosure sales on properties 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 5,000 South Carolina homes facing foreclosure.

...

:rolleyes:

[Retired Commish]

Re: South Carolina: court halts thousands of home foreclosure sales

How does this possibly help these strapped individuals who's real problem is attempting to service too much debt? Most would be better off handing the keys to the lender and starting over. JMO

[Sapiens]

Re: South Carolina: court halts thousands of home foreclosure sales

How does this possibly help these strapped individuals who's real problem is attempting to service too much debt? Most would be better off handing the keys to the lender and starting over. JMO

It is not the “homeowners” that they are trying to protect; it’s the institution portfolios that are being protected. ;)

[cjppjc]

Re: South Carolina: court halts thousands of home foreclosure sales

How does this possibly help these strapped individuals who's real problem is attempting to service too much debt? Most would be better off handing the keys to the lender and starting over. JMO

You would be better off living in a residence at no cost for as long as you can. The longer you can strech it out, the moe money you can accumulate.

[bill]

Re: South Carolina: court halts thousands of home foreclosure sales

It is not the “homeowners” that they are trying to protect; it’s the institution portfolios that are being protected. ;)

millions
http://money.cnn.com/2009/05/05/real...ion=2009050609

May 6, 2009: 9:51 AM ET
20% of homeowners 'underwater'

Study finds more than 20% of U.S. homeowners - about 20 million residences - owe more than their homes are worth.


"In some markets, more than half of all homes are in negative equity."
Those markets include Las Vegas, where a whopping 67.2% of homeowners would have to bring cash to the table if they sold their homes. Other markets are Stockton, Calif., where 51.1% of homes are underwater, and Modesto, Calif., where 50.8% of homes are in that position.
"That's really important, because homeowners in negative equity have fewer options if they take financial shocks such as divorce, job loss or medical bills, making foreclosure more likely," said Humphries.

[ax]

Re: South Carolina: court halts thousands of home foreclosure sales

You would be better off living in a residence at no cost for as long as you can. The longer you can strech it out, the moe money you can accumulate.

this will become more and more commonplace as the penalty is simply a few strokes off your credit score. Not as bad as being homeless...

[Sapiens]

Re: South Carolina: court halts thousands of home foreclosure sales

millions
http://money.cnn.com/2009/05/05/real...ion=2009050609

I wish I could say Bernanke was deluded, but I am sure he knows full well. This will not be fixed until RE positive cash flows again. You tell me, how soon can they (Treasury/Fed) make that happen?! Ouch! :eek: