Category: Foreclosures and Short Sales

Count me as skeptical on this one….apparently South Carolina is in pretty bad shape now that the eviction and foreclosure moratoriums have expired.

If there is a wave of foreclosure that hit, what did these folks do? If they bought the home in the past year, they clearly had the finances to purchase the home because they had to qualify for a mortgage. If they bought it two years ago and maybe lost their job due to Covid so they stopped paying…okay, I get that…but they have likely also seen their home values rise somewhere between 10-20% depending upon where they live in South Carolina. It seems to me they probably still have some equity left in the home whereby they can sell the home, payoff their mortgage and delinquent payments and move on without the foreclosure hitting. I guess we’ll have to see how this plays out.