Ruling may slow foreclosures in South Carolina

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.

Chief Justice Jean H. Toal, who issued the order, said in an interview that the action stems from frustration with lenders that are regularly negotiating loan modifications with borrowers while simultaneously pressing ahead to foreclose on those borrowers.

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