Navigating the End of the Foreclosure Moratorium: Options for South Carolina Homeowners

Owning a home can be a fulfilling and long-term goal, but it can also come with a great deal of responsibility. Even if you can manage your mortgage payments initially, unexpected financial challenges can put your home at risk of foreclosure. The thought of losing your home to foreclosure can be overwhelming, and you may be looking for advice on how to prevent this outcome. With the end of the federal financial moratorium, you may have questions about what this means for your situation and your options if you are behind on payments.

End of the foreclosure moratorium

The federal foreclosure moratorium provided relief to many homeowners, but now that it has ended, you may be wondering what this means for your situation. Some important topics to consider include:

  • Foreclosure proceedings: While the moratorium prohibited lenders from initiating foreclosures, this protection ended once the moratorium was lifted.
  • End of forbearance: It is also important to understand your options while under forbearance and to consider whether extending forbearance is a viable solution to a long-term issue.
  • Payment plans: You may have the option to negotiate with lenders to catch up on missed payments, but any payment plan you agree to may be higher than normal.
  • Deferral or modification: It may be possible to request that missed payments be deferred to the end of your loan or to seek lower payments through loan modification.

While there may be options to help you catch up on missed payments, these may not always be preferable or possible, and you may need to consider long-term solutions.

Losing your home to foreclosure can be a stressful and daunting prospect. With so much at stake, it is important to understand all of your available options and to take steps to safeguard your future interests. Seeking guidance from an experienced bankruptcy attorney can help you prepare to choose the best path for catching up on mortgage payments after exiting forbearance and can help you develop a strategy to avoid similar risks in the future. Contact the Stone Law Firm today to explore your options for the end of the foreclosure moratorium.

- Stone Law Firm