South Carolina Foreclosure Laws
Expected Timeline: About six months
Security Instrument: Mortgage
Type of Process: Judicial
Protections for Servicemembers: None.
Time to Respond: Homeowners have twenty to thirty days to respond to foreclosure lawsuit. Notice of sale must be published three weeks before sheriff sale. Notice must also be posted in three public places.
Reinstatement Period: None.
Protections for High-Cost Mortgages: South Carolina High-Cost and Consumer Home Loans Act, S.C. Code Ann. § 37-23-10 to 37-23-85
Redemption Period: None.
Eviction Process: New owner must give a ten day notice of termination.
Deficiency Judgments: Allowed as part of initial foreclosure lawsuit.
Limits on Deficiency Judgments: Homeowners may request court to issue an order of appraisal within 30 days of the auction. If this is done, deficiency is limited by the amount of the debt over the appraised value.
Cash Exempted in Bankruptcy: $5,000 for single person, $10,000 for married couple.
State Statutes: S.C. Code Ann. § 15-39-610, 29-3-630 to 29-3-790
South Carolina foreclosure law only allows the lender to pursue foreclosure using Judicial Foreclosure procedures. The lender must sue the borrower in the court that has jurisdiction over the county in which the property is located. If the borrower is deemed to be in default, the court will give the borrower a set time to cure the default. An order of sale will be issued by the court if the borrower can not cure the default.
The notice of sale must be posted at three public places in the county, including being posted at the county courthouse. Also, the notice must be published for three (3) weeks before the scheduled date of sale.
Sales in South Carolina are conducted by the county sheriff at the courthouse in which the property is located. They are held on the first Monday of each month between the house of 11:00 AM and 5:00 PM . Once the sale has been conducted, the auction remains open for thirty (30) days, during which additional bids are accepted. If the high bidder at the sale is outbid while bids are still being accepted, the bidder is entitled to a full refund of any monies paid.
The sale will be confirmed and a deed will be provided to the successful bidder within three months of the date of the sale, unless an objection to the sale price is filed with the sheriff.
The borrower in South Carolina has no right to redeem the property after the sale, and the lender may not sue the borrower foreclosure a deficiency judgment.
State Website: www.scstatehouse.net/code