SC HELP Reports Funding Results

COLUMBIA, SC – SC HELP (South Carolina Homeownership and Employment Lending Program), a foreclosure-prevention program initiated to keep responsible homeowners from losing their homes, reports its total funding results through July 31, 2014.

Since the program launched in 2011, SC HELP has:

• Approved and funded 8,046 eligible South Carolina homeowners.
• Dispersed a total of $112,715,534
• Committed additional funds totaling $30,247,287
• Over 98% of homeowners assisted thus far have continued to avoid foreclosure and remain in their homes. 

Initiated through funding by the U.S. Department of the Treasury and a program of the South Carolina State Housing Finance and Development Authority, SC HELP provides mortgage-payment assistance for responsible homeowners who are falling behind on mortgage payments due to circumstances beyond their control. Circumstances include unemployment, underemployment, a significant reduction in self-employed income, catastrophic illness, divorce or death of a spouse.

“We can report that SC HELP’s mortgage assistance has helped 8,046 South Carolina homeowners prevent foreclosure and stay in their homes in three years,” said Valarie M.Williams, executive director of the South Carolina State Housing Finance and Development Authority (SC Housing). “Families keeping their homes is good for all South Carolinians as it keeps our state’s neighborhoods and property values intact.”

Available SC HELP assistance includes:

• Reinstatement Assistance: Helps to pay arrearages and bring the loan current.
• Monthly Payment Assistance: Assists homeowners with monthly payments for a period of time while they seek employment and return to self-sustainability.
• Modification Assistance: Provides funding to help homeowners qualify for and obtain loan modifications from their primary lenders.
• Transition Assistance: Provides funding to assist families as they transition from homeownership in cases where the mortgage cannot be salvaged and the homeowner is able to negotiate a short sale or deed-in-lieu of foreclosure.

While SC HELP has benefitted over 8,000 homeowners since its initiation in 2011, the program would like to assist even more homeowners. To meet this end, SC HELP constantly evaluates the effectiveness of the program, and when appropriate, amends its agreements with the U.S. Department of the Treasury to include approved program changes and expansions. Based on current trends, SC HELP foresees committing all available funding before the expiry of the program.

For more information about SC HELP, visit SCHELP.gov or call 855.435.7472.