South Carolina Foreclosure Law: How The Foreclosure Process Affects You

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This section will review foreclosure laws in South Carolina. Because foreclosure laws vary from state to state, it is important to understand how the South Carolina.foreclosure process works. Remember, when you consider buying a foreclosure, the state in which the property is located determines the laws regarding the property, not the state where the buyer may reside. In many cases buyers of foreclosed homes located in South Carolina also live in South Carolina. Be aware of how state foreclosure laws may impact your personal situation. You can learn a lot about the system for foreclosure in South Carolina in this section, but our information is not a substitute for professional legal advice. And because every state’s laws are subject to change without notice, we recommend you consult a real estate lawyer to gain a professional opinion of our information, and your interpretation of the information, as it applies to your specific real estate investment or home purchase situation. Visit the South Carolina law details below to learn about how South Carolina foreclosure handles aspects of judicial or non-judicial availability, primary security instruments, foreclosure timelines and foreclosure filing milestones, guidelines for Power of Sale in South Carolina, and application of deficiency judgments. We’ll help you understand these foreclosure law terms and how South Carolina applies them to the process. You may or may not need to navigate through South Carolina’s laws in great detail during your purchase process, but smart foreclosure buyers find that learning a lot might help save a lot on a discount home purchase.
Judicial Foreclosure Available:
Yes
Non-Judicial Foreclosure Available:
No
Primary Security Instruments:
Mortgage
Timeline:
Varies
Right of Redemption:
No
Deficiency Judgments Allowed:
Yes
Information on South Carolina foreclosure laws.
In South Carolina, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

Judicial Foreclosure
The judicial foreclosure process is one in which the lender must file a complaint against the borrower and obtain a decree of sale from a court having jurisdiction in the county where the property is located before foreclosure proceedings can begin. Generally, if the court finds the borrower in default, they will give them a set period of time to pay the delinquent amount, plus costs. If the borrower does not pay within the set period of time, the court will then order the property to be sold. In South Carolina, the property is generally sold in the following manner:
1. A notice of sale, containing a description of the property, the time and place of sale, the borrowers name and the lenders name, must be published at the courthouse door and two other public places at least three weeks prior to the date of sale. The notice must also be published in a newspaper of general circulation within the county where the property resides for the same time period.

2. Unless otherwise ordered by the court, the sale must be conducted at the courthouse where the property is located by the sheriff of said county. The sale must be held on the first Monday in each month, unless it is a holiday and then the sale may take place on the following Tuesday. The sale may begin at 11:00 am and go until 5:00 pm, but the sheriff may close the bidding prior to that time.

3. Despite the fact that the bidding at the public sale has ended, in South Carolina, the auction actually stays open for a full 30 days after the date of the public sale. During this 30 day time period, anyone may place a bid higher than the last bid amount and the successful purchaser will be the one with the highest bid at the end of the 30 days. This ongoing bid process is referred to as upset bidding. Anyone, other than the successful purchaser, who has placed a bid during this time, will be entitled to a refund of any deposit made in good faith and he or she will have no further interest in the property.

4. If no objection to the sale price of the property has been filed with the sheriff's office within 3 months after the date of sale, the sale will be considered confirmed and the sheriff will make any necessary deed endorsements.

Lenders in South Carolina may file for a deficiency judgment against the borrower and borrowers have no rights of redemption.

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