South Carolina foreclosure law

Foreclosures in South Carolina are carried out in the judicial process. This means that lenders can only foreclose by taking the case to court and obtaining a court order. Mortgages are considered primary mortgage instruments, but not deeds of trust. The timeline for a South Carolina foreclosure varies considerably depending on the mortgage contract and the nature of the default.

In a South Carolina judicial foreclosure, the lender files a lawsuit against the borrower for default, in a court with jurisdiction over the county where the home is located. If the court rules in favor of the lender, it issues a decree of sale and the foreclosure process is started.

The borrower is then given a set period within which to bring the mortgage current, as well as pay attorney’s fees and other costs. If the deadline isn’t met, the court will then order the sale of the property. The foreclosure sale is carried out in a court-appointed procedure, which proceeds as follows:

1) A Notice of Sale is posted at the door of the count courthouse and at least two other public places in the same county, and published in a locally circulated newspaper. The notice appears in these places for at least three weeks before the sale date. It should contain the following information:

-the name of the borrower
-the name of the lender
-a description of the property
-the time, date, and place of the sale

2) If the borrower does not cure the default on time, the sale is conducted by the sheriff at the courthouse door. The sale is held on the first Monday of each month and takes place from 11am to 5pm, although the sheriff can close the bidding earlier. If the Monday falls on a holiday, the sale is moved to the following Tuesday.

3) The public auction stays open for 30 days, even after the original bidding has ended. Any time during this period, anyone can bid for a higher amount than the original bid. The person with the highest bid at the end of the period will be the buyer, and any deposits made will be refunded to the other bidders.

4) Any objections to the sale price can be filed at the sheriff’s office within three months after the home is sold. If no complaints are submitted, the sale is considered final and the deed is endorsed to the buyer as needed.

The state does not give borrowers a Right of Redemption. This means they cannot regain possession of the home once it is sold, even if they gather the funds to pay the foreclosure sale price. Lenders, however, can file a deficiency suit after the foreclosure if the sale is not enough to cover the delinquent balance.

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