South Carolina Foreclosure Process and Laws

 


Quick Facts About the South Carolina Foreclosure Process

Judicial Foreclosure Available: Yes

Non-Judicial Foreclosure Available: No

Primary Security Instruments: Mortgage

Timeline: Varies

Right of Redemption: No

Deficiency Judgments Allowed: Yes

Lenders who wish to foreclose on mortgages in South Carolina may use the judicial foreclosure process only.

Judicial Foreclosure
The judicial process is done with the lender filing a suit to obtain a court order to foreclose. Once the court determines that the borrower is in default, it sets a time period for the borrower to pay his remaining balance. If he is not able to pay within the given time, the court will order the property to be sold. This must be done by:

  1. A notice of sale containing the pertinent data and terms of the sale must be posted at the courthouse and two other public places, at least three weeks before the sale is to take place. The notice must also be published in a newspaper of the county where the property is located in the same time period.
  2. A sale is to be conducted at the first Monday of every month at the courthouse where the property is located. It will be postponed to the next Tuesday in case of a holiday. It will be conducted by the sheriff starting 11am-5pm, but the sheriff has the option of closing the bidding before the time ends.
  3. After the bidding at the public sale has ended, the bidding can still continue 30 for 30 days. Here, anyone can place a higher bid than the last amount if they want to obtain the property. This ongoing bid is referred to as upset bidding. At the end of 30 days, the winning purchaser will have rights to the property while a refund will be given to those who lost and lose any interest in the property.
  4. If three months pass and no objections has been made to the sale price of the property, the sale will be approved and the sheriff will make the necessary deed endorsements

Lenders in South Carolina may file for deficiency judgements, while borrowers have no rights of redemption.

Foreclosure Avoidance Counseling

HUD-approved housing counseling agencies are available to provide you with the information and assistance you need to avoid foreclosure. As part of President Obama’s comprehensive Homeowner Affordability and Stability Plan (HASP), you may be eligible for a special Making Home Affordable loan modification or refinance, to reduce your monthly payments and help you keep your home.

If you need help understanding the Making Home Affordable programs, you can use this search tool to find a counseling agency in your area that will provide you with free foreclosure prevention services. If you are eligible for the loan modification or refinance program, the counselor will work with you to compile an intake package for your servicer.

Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.

Columbia Field Office

Dept. of Housing and Urban Development Strom Thurmond Federal Building

1835 Assembly Street, 13th Floor
Columbia, SC 29201
Phone: (803) 765-5592

Fax: (803) 253-3043

Jurisdiction: State of South Carolina

Jim Chaplin
Field Office Director

Office Hours: 8:00 a.m. to 4:45 p.m.
Monday through Friday