South Carolina Foreclosure Timeline and Laws

South Carolina Foreclosure Process and Procedure

If you default on your mortgage, your lender can institute foreclosure proceedings against you and auction your property at a foreclosure sale.

South Carolina foreclosures are conducted by judicial foreclosure.

Notice Requirements for Foreclosure in South Carolina

Borrowers and interested parties must receive a notice of sale, and the notice must be published at least three consecutive weeks in a newspaper of general circulation in the county where the property is located, and posted at the courthouse and other locations at least three weeks prior to sale.

South Carolina Deficiency and Anti-Deficiency Laws

The lender may obtain a deficiency judgment if the property is sold at a public sale for less than the loan amount. A borrower usually requests an independent appraisal at the high value of the property, which may be substituted for the sale amount if the lender seeks a deficiency judgment. Unless the property is a residence or the subject of a consumer credit transaction, these appraisal rights may be waived.

South Carolina Redemption Rights

South Carolina has no post-sale statutory right of redemption.

South Carolina Assistance, Special Programs, Government Help, and Law Updates

Foreclosure Programs:

• South Carolina Foreclosure Avoidance Counseling -HUD
• The Home Affordable Mortgage Modification Program
• The Home Affordable Refinance Program
• The Home Affordable Foreclosure Alternatives Program
• FHA Secure
• Hope for Homeowners

Foreclosure Lawyer

South Carolina foreclosure laws are complex. It is recommended that you consult with a foreclosure lawyer who can advise you about options to avoid foreclosure including refinancing, reinstatement, deed in lieu, mortgage modification, short sale or bankruptcy.