SC Supreme Court slows foreclosures

Interesting story from the Washington Post and Bloomberg.

The Supreme Court of South Carolina on Tuesday ordered lenders not to proceed with foreclosures in the state until they can demonstrate that they have given troubled homeowners a meaningful opportunity to modify their loans.

and

[T]he court order requires foreclosure attorneys to certify that a troubled borrower was given an opportunity to modify his or her loan. This applies to foreclosure actions pending on or after May 9.

If a loan modification is denied, the borrower must be informed in writing and given a chance to respond, the court order says.

 

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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