April showers bring May flowers…and orders from the South Carolina Supreme Court regarding mortgage foreclosures. For those facing foreclosure or with such a fate looming, there may be good news in this recent order. First, it may help folks to stay in their home longer while foreclosure is pending. However, better yet, the process required in the new order may allow individuals to negotiate a loan modification that allows them to keep their homes while having a more affordable monthly payment.
On May 2, 2011, after taking judicial notice that the Courts were having difficulty concluding foreclosure actions due to failed or delayed loss mitigation efforts by lenders-servicers, Chief Justice Jean H. Toal issued Administrative Order 2011-05-02-01, ordering that no foreclosure hearing OR foreclosure sale may be held in a foreclosure action until the Mortgagee’s (lender/servicer’s) attorney certifies the completion of a foreclosure intervention.
WHO IS COVERED?
Owners of mortgaged real property that is the principal residence of any mortgagor (home owner).
WHAT IS FORECLOSURE INTERVENTION?
“Foreclosure intervention” has been defined as “any policy, process, or procedure employed by a Mortgagee for the purpose of seeking a resolution of a foreclosure action by loan modification or other means of loss mitigation.
AN ORDER OF FORECLOSURE HAS BEEN ISSUED BUT THE PROPERTY HAS NOT BEEN SOLD AT AUCTION, DOES THIS ORDER APPLY TO ME?
YES. The Order provides that if an order of foreclosure has been entered, the Mortgagee must certify a Notice of Foreclosure Intervention has been filed and served on every Mortgagor. The foreclosure action is stayed until completion of such foreclosure sale. GET THIS: Your property cannot be sold until notice and/or completion of the foreclosure intervention process.
The above was written by guest blogger, Wes Meetze of The Law Office of Marcus W. Meetze, LLC. Wes has experience in handling foreclosures for banks, but is using this experience to represent individuals and families facing foreclosure. If you would like to discuss with Wes you can reach him at 864-534-2187 or email@example.com.