CHARLESTON, SC NEWS - LIVE 5 WCSC Breaking News, Weather, SportsBank will temporarily halt foreclosures
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CHARLESTON, SC (WCSC) - First Federal today initiated a mortgage foreclosure moratorium for owner-occupied residential loans through May 1, 2009.
From now until May 1, 2009, First Federal will not initiate a foreclosure or complete a foreclosure sale on any eligible borrower where the bank owns the mortgage, the borrower is seeking to remain in the home which is his or her principal residence and is working in good faith with First Federal.
"Losing a home is one of the greatest tragedies that can happen to any family," said A. Thomas Hood, president and CEO of First Federal.
"We are committed to taking proactive steps that ensure as many homeowners as possible remain in their homes. The foreclosure moratorium is one of several steps we've taken to help homeowners remain current on their payments and ultimately in their homes."
First Financial Holdings Incorporated, the parent company of First Federal, received $65 million from the bank bailout.
First Federal has 58 offices in the Carolinas.
