First Federal of Charleston announces moratorium on foreclosures

First Federal of Charleston has announced that they are having a moratorium on foreclosures until May 1st.

Read more about it in their press release below…

FIRST FEDERAL ANNOUNCES
FORECLOSURE MORATORIUM THROUGH MAY 1
Initiatives help homeowners remain in their homes

CHARLESTON, SC—- First Federal today initiated a mortgage foreclosure moratorium for owner-occupied residential loans through May 1, 2009.
The moratorium is an extension of First Federal’s proactive efforts to assist distressed homeowners, and will potentially help at-risk borrowers remain in their homes.
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.”