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South Carolina Foreclosure
Laws |
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●
Judicial Foreclosure Available: Yes
●
Non-Judicial Foreclosure Available: No
● Primary
Security Instruments: Mortgage
●
Timeline: Varies
● Right
of Redemption: No
●
Deficiency Judgments Allowed: Yes
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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:
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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.
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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.
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Despite the fact that the
bidding at the public sale has
ended, in South Carolina, the
auction actually stays open for
a full thirty days after the
date of the public sale. During
this thirty 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 thirty 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.
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If no objection to the sale
price of the property has been
filed with the sheriff's office
within three 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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Foreclosure Process
