South Carolina Foreclosure Laws - Foreclosures in South...

South Carolina Foreclosure Laws

South Carolina Foreclosure Laws

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South Carolina Foreclosure is Judicial.

South Carolina Foreclosure Timeline - No Deficiency Demanded

Day 30 - Pre-Sale Suit filing
Day 60 - Completion of service
Day 90 - Merit hearing
Day 120 - Judicial Sale (final)
Day 150 - Post-Sale Title transfer

South Carolina Foreclosure Timeline - Deficiency Demanded

Day 30 - Pre-Sale Suit filing
Day 60 - Completion of service
Day 90 - Merit hearing
Day 120 - Judicial Sale (final)
Day 150-180 - Post-Sale Title transfer; Redemption period for deficiency elapses*

* Bidding reopens, sale final

Debt Secured must be established before Sale by Mortgagee.

South Carolina foreclosure laws states that no sale under or by virtue of any mortgage or other instrument in writing intended as security for a debt, conferring a power upon the mortgagee or creditor to sell the mortgaged or pledged property while such power remains of force or has not been revoked by the death of the person executing such mortgage or instrument, shall be valid to pass the title of the land mortgaged unless the debt for which the security is given shall be first established by the judgment of some court of competent jurisdiction or unless the amount of the debt be consented to in writing by the debtor subsequently to the maturity of the debt, such consent in writing to be recorded in the office of the register of deeds or clerk of the court where the mortgage or other instrument in writing given to secure such debt is or ought to be recorded. But if the mortgagor be dead it shall not be necessary in any foreclosure proceeding first to establish the debt by the judgment of some court of competent jurisdiction in order to obtain a decree of foreclosure and sale.

Court may Render Judgment and Order Sale at Same Time.

The court may also render judgment against the parties liable for the payment of the debt secured by the mortgage and direct at the same time the sale of the mortgaged premises. Such judgment so rendered may be entered and docketed in the clerk's office in the same manner as other judgments. Upon the sale of the mortgaged premises the officer making the sale under the order of the court shall credit upon the judgment so rendered for the debt the amount paid to the plaintiff from the proceeds of the South Carolina foreclosure sale.

Application for order of appraisal.

(A) In any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked, whether he has theretofore appeared in the action or not, may within thirty days after the sale of the mortgaged property apply by verified petition to the clerk of court in which the decree or order of sale was taken for an order of appraisal.

(B) Except in any real estate foreclosure proceeding relating to a dwelling place or to a consumer credit transaction, a defendant against whom a personal judgment may be taken on a real estate secured transaction may waive the appraisal rights as provided by this section if the debtors, makers, borrowers, and/or guarantors are notified in writing before the transaction that a waiver of appraisal rights will be required and upon signing a statement during the transaction similar to the following:

"South Carolina foreclosure laws provide that in any real estate foreclosure preceding a defendant against whom a personal judgment is taken or asked may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal. The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection with the transaction. THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE MORTGAGED PROPERTY."

South Carolina Foreclosure Sale

A notice of sale will usually contain a description of the property, the time and place of sale, the borrowers name, the lenders name and must be published at the courthouse door and two other public places at least three weeks before the sale. The notice must also be published in a local newspaper of general circulation where the property resides for at least 3 consecutive weeks.

The sale will be held on the first Monday in each month, unless it is a holiday. If the sale lands on a holiday, then the sale may take place on the following Tuesday. The South Carolina foreclosure sale may begin at 11:00 am and go until 5:00 pm, but the sheriff may close the bidding prior to that time.

South Carolina Foreclosure Deficiency judgment/ Redemption Period.

In actions to foreclose mortgages the court may adjudge and direct the payment by the mortgagor of any residue of the mortgage debt that may remain unsatisfied after a sale of the mortgaged premises in cases in which the mortgagor shall be personally liable for the debt secured by such mortgage and if the mortgage debt be secured by the covenant or obligation of any person other than the mortgagor the plaintiff may make such person a party to the action and the court may adjudge payment of the residue of such debt remaining unsatisfied after a sale of the mortgaged premises against such other person and may enforce such judgment as in other cases.

Borrowers have no rights to redeem the property after it goes to auction according to South Carolina foreclosure statutes.

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