The odds of Lowcountry families becoming victim of foreclosure are narrowing down. Last month's numbers are in and they show that one in every 199 homes in Beaufort County is in some state of foreclosure. According to the stats on Realtytrac.com, Hilton head topped the list in the county last month with 135 foreclosures.
As of now, Beaufort County claims second place on a South Carolina list that isn't one to brag about -- the number of foreclosures.
"Even the people with money, as we see the bigger and bigger houses that they've tried to hold onto, they're even losing these big houses-- ones no one thought would ever be lost,” Beaufort realtor John McGowan said.
While there are hundreds in Beaufort County dealing with the fate of foreclosure there are others still hanging on, trying to avoid it. And perhaps some of the best advice can be sought from the foundation of homes built by Habitat for Humanity.
"We've had two foreclosures and I think in this economy that's remarkable,” Hilton Head Regional Habitat for Humanity Executive Director Pat Wirth said.
You might expect fewer foreclosures, given their mortgages are so low. But Wirth believes it's more than a cheap rate.
"We require that every family go through 20 hours of new homeowner orientation. Of those 20, more than 15 are based on financial responsibility,” Wirth said. “I think that makes a big difference. We make sure that everyone has a will that they understand what to do if they get in trouble and how they can make a plan to get themselves out."
There are certainly lessons we can take from the process that Habitat takes. Wirth said if a family goes through a tragedy or an unexpected pregnancy, they are taught to map out a new financial plan then. Sometimes we have a tendency to avoid reality.
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