Wednesday, May 4, 2011

South Carolina Halts Foreclosures with out loss Mitigation

The Supreme Court of South Carolina issued an administrative order on Tuesday halting all pending foreclosure actions and foreclosure sales on May 9th, until the lender can demonstrate they have worked with the borrower to pursue a loan modification or other loss mitigation option. Chief Justice Jean Toal says the purpose of the statewide order is to ensure mortgage foreclosures are not inappropriately concluded while an alternative resolution is being negotiated - the practice commonly referred to as dual-tracking.