South Carolina Court temporarily stops home foreclosures

05 May South Carolina Court temporarily stops home foreclosures

On Tuesday South Carolina’s highest court issued a court order to temporarily stop home foreclosure sales in the state so that homeowners have more time to take advantage of a new federal program to help them refinance their mortgage loans.

The ruling was in response to a Columbia, South Carolina attorney’s request that the injunction was necessary to keep homeowners who might be elibible for federal assistance from being shut out of the process.

The injunction, which appears to be the first court-ordered stop for an entire state, prevents judges in South Carolina from completing foreclosure sales on properties guaranteed by Freddie Mac, Fannie Mae or any other mortgage company that has signed onto a federal assistance program.

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Jay S. Fleischman is a bankruptcy lawyer with offices in Los Angeles and New York. He can often be found on Google+ and Twitter, where he shares information about consumer protection issues and personal finance.
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