S.C. Supreme Court Halts Foreclosures

Posted by Orb Staff on May 06, 2009 No Comments
Categories : Mortgage Servicing

South Carolina Supreme Court has temporarily halted thousands of pending foreclosure sales in the state on properties guaranteed by Freddie Mac, Fannie Mae or mortgage companies signed on to a federal assistance program. [/b] According to the Associated Press, this is the first time during the ongoing crisis that a court has ordered a statewide halt on foreclosure proceedings. The South Carolina ruling could affect an estimated 5,000 homeowners currently facing foreclosure. The ruling followed a request from Ronald Scott, a Columbia, S.C., attorney representing Fannie Mae. Scott presented a three-page motion arguing the temporary injunction was necessary to aid homeowners would might be eligible for federal assistance. The court set a May 15 deadline for plaintiffs in foreclosure actions to notify other parties if their loan were subject to modification under a federal program. SOURCE: Associated

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