* Disclaimer - If ad is a click thru and you are having problems please click on link to download latest version of flash player.Flash Player

ON THE WEBSITE:

• STAR CLOVERS: Treking into the 4-H future
• 2010 HOOPS CHALLENGE: Play for the glory
• VIDEO: Jogger killed by plane
• STUDY: Too many invasive tests being given
• PATH TO THE DRAFT: Diary of Ricky Sapp

Advanced Search
You are not logged in. | Login | Register

Log in to TheTandD.com

*Member ID:
*Password:
Remember login?
(requires cookies)
  Forgot Your Password?
 

Top S.C. court lifts stop on home foreclosure sales

By MEG KINNARD, The Associated Press  Saturday, May 23, 2009

1 comment(s) | Default | Large

COLUMBIA, S.C. (AP) — South Carolina's highest court on Friday lifted a temporary stop on thousands of pending foreclosure sales in the state, replacing it with a set of procedures for such actions.

State Supreme Court Chief Justice Jean Toal replaced the injunction with procedures to ensure foreclosures are handled uniformly while eligible homeowners seek out federal assistance.

On May 4, Toal ordered South Carolina judges to stop finalizing foreclosure sales on thousands of properties guaranteed by Freddie Mac, Fannie Mae or any other mortgage company that has signed on to a federal assistance program, so homeowners could have more time to take advantage the aid.

Mortgage experts believe it to be the nation's first court-ordered stop for an entire state.

In March, the Obama administration announced a plan to provide $75 billion in incentives for the mortgage industry to modify loans to help borrowers avoid foreclosure.

In her May 4 order, Toal also set a May 15 deadline for plaintiffs in foreclosure actions to notify other parties if the loan is subject to modification under the federal program. If it is, those foreclosure proceedings will remain on hold. But if not, the sale can go forward.

On Friday, Toal reaffirmed that decision, adding that any foreclosure actions filed after May 4 must clearly spell out if mortgage loans are owned or guaranteed by Fannie, Freddie or any other lender that is part of the federal assistance program.

For foreclosure sales that a judge has determined meet the standards for federal assistance, Toal says the proceedings should be stayed until the assistance review process is completed. And foreclosures can move forward for any loans that aren't subject to modification under the federal program, Toal wrote.

A spokesman for Freddie Mac declined to comment on Toal's determination, and a spokesman for Fannie Mae did not immediately return a message seeking comment.

Nationally, the number of homes facing foreclosure grew 24 percent in the first three months of this year from a year earlier. The total in 2008 was 2.3 million households that received foreclosure filings. In South Carolina, more than 13,700 homes are in some stage of foreclosure, according to RealtyTrac, Inc., a foreclosure listing service in Irvine, Calif.

To subscribe to the print edition of The Times and Democrat, click here.

 
1 comment(s)
The following comments are reader submitted. They do not represent the views of The T&D or Lee Enterprises.

johndouglas wrote on Feb 1, 2010 3:53 AM:

" A spokesman for Freddie Mac declined to scuttlebutt on Toal's finding, and a spokesman for Fannie Mae did not instantly regaining a communication seeking statement.
=====================
johndouglas.
the lemonade diet "



» Post a comment Thanks for your comment! Once approved, your comment will appear on the site.

You must be logged in to comment.

Click Here To Sign in

Click here to get an account
it's free and quick
Please note: The Times and Democrat provides our story commenting feature in order to solicit feedback, debate and discussion on topics of local interest. Please keep in mind that civility is a necessary component of productive conversation. All blatantly inflammatory or otherwise inappropriate comments (i.e. vulgarity, marketing, etc.) are subject to rejection and/or removal. Comments will appear if and when they are approved. Thanks for reading, and thanks for participating.




More Business