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How does the South Carolina foreclosure intervention process work?

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.

What is a nonjudicial foreclosure in South Carolina?

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.

Does South Carolina law require a breach letter before a 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.

What type of foreclosures are there in South Carolina?

The majority of foreclosures that take place in South Carolina are judicial foreclosures.

How long does a foreclosure notice have to be published?

Once a judgement is given out in the case, the notice of sale is going to be published for three consecutive weeks .

Can you reinstate a mortgage in South Carolina?

Once the lawsuit has been filed, the laws in South Carolina do not give you any guarantees that you can try to reinstate the loan. Of course, you may be given this option by your lender or in your mortgage papers. If so, you can even up the debt and the loan may be reinstated. That is at the discretion of the lender.

Can you get a foreclosure if you are in the military?

Military Members Get No Protections. There are federal protections for some military members, but the state laws do not give any to the members of the National Guard. This means that a foreclosure can begin if you are called to duty. In other states, lenders have to wait until your active duty ends, but not in South Carolina.