Will South Carolina See a Wave of Foreclosures in 2021-2022?
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.
About The Author
John Murphy
Husband of 36 years to my college sweetheart, Janet Murphy (@janetmurphydesign on Instagram). Together we have 6 wonderful children from ages 18-34 and 6 grandchildren. My main work is helping commercial building owners and real estate investors save money on their income taxes by doing cost segregation. I work all over the U.S. but have a lot of clients here in SC and in the southeast in particular. The firm I represent is CSSI, LLC. I love the work! I’ve also been a licensed REALTOR since 2003 and broker since 2007 but my work is limited to just a few clients each year. We relocated to Greenville, SC for the lifestyle, lower cost of living, amazing amenities in the area and the growth opportunity for business and real estate. We absolutely love it here!
All opinions are expressly my own and do not represent either CSSI, LLC or eXp Realty LLC or any other company, organization or group that I might be affiliated with.