Safety Net For SC Homeowners About To Vanish

CHARLESTON, S.C. (AP) - South Carolina homeowners are in danger of losing their financial protection because state officials didn’t apply for federal money that pays for free foreclosure counseling.

‘The Post and Courier of Charleston’ reported Sunday that a decision not to apply left local officials scrambling to find money elsewhere, but the search came up short.

Also, the state’s top counseling program is in question, putting South Carolina in a position to run out of money before even some of the hardest hit states.

As a result, more South Carolina homeowners will have to navigate the complicated loan modification process alone, which leaves them with a worse chance of saving their home. The Washington, D.C.-based Urban Institute says people who receive professional counseling are 60 percent more likely to avoid foreclosure.