Unemployment in South Carolina hovers at 11%. Small Businesses struggle and many have closed their doors. Foreclosures or the danger of it affects home owners from all economic strata. Fortunately there are some thoughtful, forward thinking banks that want to help the situation.
First Federal Bank has actually put a moratorium on foreclosures until May 2009. So, all lenders are not without mercy.
First Federal is also stepping up to the plate and offered over 100 homeowners the opportunity to discuss their situation with counselors from the Home ownership Resource Center, a division of Charleston Family Services.
Unemployment, medical bills and bad stuff that happens to people can torpedo a homeowners best intentions to keep current with their mortgage payments. A round of applause for First Federal Bank, and the leadership of its President, A. Thomas Hood is in order.
This past weekend, Counselors discussed ways they could help homeowners negotiate with mortgage lenders and banks to get back on about 100 homers who are facing foreclosure got the opportunity to speak with counselors who were able to give them steps they could take to negotiate with their lender and banks and get back on a path which will lead to some relief fo their financial problems.
Our pace of foreclosures has been about 100 per month (Beaufort County). So, I hope that there will be more of these events because this is a problem that will continue here for some time.
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