The South Carolina foreclosure intervention process is very similar to a typical loss mitigation process; the borrower submits an application and the lender determines whether the borrower qualifies for an alternative to foreclosure.
South Carolina doesn't have a law requiring the lender to send a notice to the homeowner before filing a foreclosure lawsuit. But most mortgages contain language requiring the lender to send the homeowner a letter, typically called a " breach letter ," and sometimes other notices before starting a foreclosure.
In some other states, though, foreclosures are nonjudicial, which means they're usually carried out with little, if any, court involvement. In some South Carolina counties, foreclosures go through an equity court judge, called a master-in-equity, or through a special referee.
Once the sale is final, either immediately after the sale, or after 30 days if a deficiency judgment is sought, the homeowner must vacate the property or face eviction. If you're facing a foreclosure in South Carolina, having a general understanding of the laws and process can provide you some level of comfort.
In some South Carolina counties, foreclosures go through an equity court judge, called a master-in-equity, or through a special referee.
The main difference is that with South Carolina's foreclosure intervention process, the lender's attorney must thoroughly document each step before the lender can proceed with the foreclosure. You can use the South Carolina foreclosure intervention process if: you live in the home, and. the home is your principal residence.
The homeowner has 30 days from service of the notice to request foreclosure intervention otherwise the case may proceed.
If the lender reserves the right to seek a deficiency judgment, bidding on the property must remain open for an additional 30 days after the foreclosure sale. So, many lenders waive their right to a deficiency judgment to avoid this 30-day period.
no later than 45 days after a missed payment, the servicer must inform the homeowner in writing about loss mitigation options that might be available, and. a foreclosure generally can't start until the homeowner is more than 120 days delinquent on the payments.
Foreclosure Sale. After judgment, a public auction of the home is scheduled. Notice of the sale must be posted in three public places in the county, including the courthouse, and published in a local newspaper once a week for three consecutive weeks prior to the sale.
South Carolina doesn't have a law requiring the lender to send a notice to the homeowner before filing a foreclosure lawsuit. But most mortgages contain language requiring the lender to send the homeowner a letter, typically called a " breach letter ," and sometimes other notices before starting a foreclosure.
Shelbourne Law is located in Summerville, South Carolina and offers a variety of services for clients throughout the surrounding communities. Practice areas include estate planning and probate, corporate law and...
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Property foreclosures are far from rare in our region. In fact, a recent analysis from the credit reporting agency Experian found that South Carolina has the 7th highest foreclosure rate of any state in the country . For national banks and mortgage service providers operating in South Carolina, it is crucial that they have a basic understanding of our state’s foreclosure laws. Here, our Columbia, SC foreclosure attorneys provide an overview of three key things that national mortgage lenders should know about the foreclosure process in South Carolina.
South Carolina is a judicial foreclosure jurisdiction. In other words, mortgage lenders in South Carolina do not have a ‘power of sale’. A creditor cannot foreclose on a property by itself; state law requires mortgage lenders operating in South Carolina to take the borrower to court and — through a lawsuit — prove that they have the right to foreclose on a property. With a judicial foreclosure, the borrower has the right to raise defenses and file a counterclaim. As in other judicial foreclosure states, counterclaims are not uncommon in South Carolina. Lenders initiating a foreclosure must always be prepared to defend against a counterclaim. Our attorneys can help.
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If you are facing foreclosure or are a victim of mortgage fraud it is critical to consult with a lawyer who specializes in mortgage and foreclosure. States and the federal government have precise laws that lay out the procedures and rules that lenders must follow before they force a property into foreclosure.
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