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 34 years to my college sweetheart, Janet Murphy (@janetmurphydesign on Instagram). Together we have 6 wonderful children from ages 15-31 and 5 grandchildren. I’ve been a licensed REALTOR since 2003 and broker since 2007. I also am a cost segregation specialist helping building owners and real estate investors maximize their tax deductions, save thousands on their income taxes and increase their cash flow. If you’re a building owner you probably haven’t done a study…let’s connect. There is no obligation. We can run an estimate for you and really every building should be evaluated if the basis is over $150,000. I can work all over the country and not just here in the Upstate. 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 eXp Realty LLC, Cost Segregation Services, Inc. or any other company, organization or group that I might be affiliated with.