The South Carolina Supreme Court issued an injunction that halts thousands of pending foreclosure sales around the state to give homeowners more time to refinance their mortgages under a new federal program.
The injunction prohibits state judges from finalizing foreclosure sales on properties financed by either Fannie Mae, Freddie Mac, or any other mortgage company that has signed on to a federal assistance program, reports GoUpstate.com.
The article cites RealtyTrac figures that show as many as 5,000 South Carolina homes could be affected by the court’s decision. The federal assistance program in question is the Obama administration’s $75 billion incentive program for the mortgage industry to modify loans and help homeowners avoid foreclosure.
Source: GoUpstate.com