South Carolina
When you develop a definite plan of action with
well-timed, well-informed steps, you can stop
the foreclosure process and save your home. We
have outlined the foreclosure process for the
state of South Carolina.
Judicial Foreclosure Available: Yes
Non-judicial Foreclosure Available: No
South Carolina uses judicial foreclosure. The
lender must file a lawsuit and seek either an
order of sale or a judgment for the loan balance
against the borrower or both.
Sale Procedures
Time
The hours of sale shall be between 11:00 and
5:00. However, no sale may be made after the
sheriff declares the sales closed for the day.
Place
The sale takes place at the courthouse of the
county where the real estate is located.
Manner
South Carolina foreclosure sales are conducted
by the sheriff at public auction to the highest
bidder for cash. The sheriff will prepare and
deliver a deed to the high bidder.
Special Procedures - Upset Bids
Bidding remains open until 30 days after the
sale. During that time, an upset bidder may make
a suitable deposit, which is refundable, and
outbid whoever made the highest bid at the
actual foreclosure sale. A 5 percent higher bid
is an upset bid although a lower figure may be
acceptable to the court. However, if no
deficiency judgment is sought, then the upset
bid procedure will not be followed.
Deficiency
The lender can sue for and the court may adjudge
and direct that if any part of the mortgage debt
remains unpaid after the sale of the mortgaged
premises, then the lender may seek a court order
directing the borrower to pay the unpaid sum or
residue. The judgment may be enforced as in
other cases. However, within 30 days after the
sale, if a defendant was sued for a deficiency,
he or she may apply to the court for an order of
appraisal. The defendant appoints one appraiser,
the judgment creditor appoints another and the
judge appoints another. If the appraised value
is greater than what remains owed on the loan,
after subtracting the foreclosure sale proceeds,
then there is no deficiency. However if it is
less, then the borrower still gets credit
against the judgment for the appraised value of
the property. The lender can collect only what's
left.
Redemption
South Carolina does not recognize a right of
redemption after foreclosure.
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