Charleston Home Foreclosures & Short Sales Information Guide

Learn about the foreclosure & Short sale process in the Charleston SC are including Mt Pleasant, Isle of Palms, Summerville, North Charleston and West Ashley. Avoid Foreclosure. Real Estate Information. Search for Short Sales & Bank Owned homes.

Hybrid ARM- Adjustable rate fixed period (5/1, 7/1, 3/1)

Renegotiating a loan-changing the terms, loan amount or both to try to help borrower

Forebearance-efforts by the bank to "be nice" and keep a customer from foreclosure

Lis Pendens- "suit pending" a recorded notice that a mortgagee may file to let others know there is an active lawsuit.

Mortgagee- lender

Mortgagor-homeowner

REO- real estate owned by lender or bank, viewed as a liability, not an asset

FHA loan- a mortgage guaranteed by the office of Veterans Affairs (HUD foreclosure)

Fannie and Freddie- buy loans on the secondary market to free up funds for more lending

Wrap-around mortgage- 1st lien strays in place. 2nd lender pays first mortgage with one monthly payment from the buyer.

Mortgage Relief-freedom from mortgage debt usually by foreclosure. difference of sales price and amount owed to bank is considered "BOOT". If primary residence, gain is not taxable up to 250,000 (500,000 for married couple).

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Charleston Home Foreclosures & Short Sales Information Guide

Friday, February 6, 2009

470 Race St - Charleston SC Fixer Upper

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