South Carolina
Foreclosure Law
Summary
Quick
Facts
-
Judicial Foreclosure Available:
Yes
-
Non-Judicial Foreclosure
Available: No
- Primary
Security Instrument:
Mortgage
-
Timeline:
Varies
- Right
of Redemption:
No
-
Deficiency Judgments Allowed:
Yes
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:
- 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.
- 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.
- 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.
- 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.
More information on South
Carolina foreclosure
laws.
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