803-254-2200 803-254-2200

For South Carolina business and legal updates:

Blog Posts Tagged "foreclosure"

If Your Business Loan is in Trouble, You Can Prevent a Bad Situation from Getting Worse

A business owner with visions of growth doesn’t borrow money thinking he or she won’t be able to pay it back. Sometimes, though, dreams don’t go according to plan.

When loan payments are late or missed or stop altogether, a loan will go into default, meaning the borrower hasn’t met his or her obligations when it comes to the agreement to repay. As difficult as that may be for a business to face, the situation won’t just go away by ignoring it.

Most business loans involve real estate, but they may also be secured with equipment or inventory as collateral. Defaulting on a loan places those assets at risk of foreclosure or liquidation.

continue reading

Loan Servicers Must Continue to Follow Both Federal and State Rules in Foreclosures

Banks have now had two years of experience with the Dodd-Frank Act and the Consumer Financial Protection Bureau (CFPB), the agency that implements the parts of the law that apply to mortgage servicers.

The foreclosure crisis and accompanying recession are in the rearview mirror, but the stringent consumer protection rules attached to the law continue to set tight boundaries for how banks handle loss mitigation. Dodd-Frank was a response to a period when many mortgage servicers were unresponsive to consumers as a result of being overwhelmed by the volume of defaults. As a result, the law severely tightened protections for borrowers, requiring mortgage loan servicers to follow strict procedures and documentation in loss mitigation.

continue reading

Unloading Beasts of Burden: SC’s New Expedited Foreclosure Law

South Carolina’s real estate market is not yet out of the woods from recession woes. According to a June 2013 RealtyTrac nationwide study, South Carolina ranks ninth in the nation for the number of abandoned properties in foreclosure. South Carolina’s ranking is ahead of its neighboring states, Georgia and North Carolina, despite having half as many housing units as these states.

continue reading