Since the Obama Administration began a plan using $75 billion to provide homeowners an opportunity to refinance their homes or receive a modification, there have been several results both good and bad. Many homeowners wait for months for the process to continue after contacting their lender and filling out the application while others receive help rather quickly depending on the lender they have. There has been a halt to all foreclosure sales in South Carolina ordered by the highest court.

The Supreme Court has ordered a restraint on any finalizing of foreclosures. Properties that are backed by Freddie Mac and Fannie Mae are eligible for the foreclosure prevention since they were targeted in the plan. Many mortgages are partly through Freddie or Fannie which allows them to be considered. This restraining order is planned to help more than 5,000 homeowners in the state.

During the time of no foreclosures the courts hope that the homeowners will take advantage of the time to refinance their loans or try to get their loans modified. It isn’t said for sure how long the foreclosure sales will stop, but it is highly encouraged to those homeowners living in South Caroline to take advantage of the time given.