Though the recession is over and the real estate market has largely rebounded, there are still circumstances that may lead to homeowners defaulting on their mortgages. Perhaps they were laid off, are going through a divorce or maybe they are dealing with a large amount of debt. Though you have sympathy for their issues, your company needs this money to continue doing business. If a homeowner stops paying a mortgage, he or she has broken the mortgage agreement. As a South Carolina lender, you have the right to foreclosure on the property. Before your company begins the process, here are some things you and your team may need to know.

As a business owner, you probably work with other businesses on a daily basis. Your company provides valuable services to the community, consumers, and companies. In return, you expect to be compensated. Unfortunately, not all businesses fulfill the financial agreements. Despite efforts to contact the business and receive payment, they ignore your attempts. This denial could be the result of the other business facing bankruptcy and financial hardships.