South Carolina Foreclosure Laws

The only method of foreclosure allowed here is the judicial method and time frame to complete the proceeding varies widely in this state. The lender does have the ability to sue for and get a deficiency judgement but the borrower has no right of redemption in South Carolina.

The lender has to legally sue the borrower in a court having jurisdiction over the county in which the property is located. If the court should find that the borrower is indeed in default, a time is set during which the borrower may cure the default. If the borrower fails to satisfy and cure the default, the court will issue an order of sale.

The notice of sale issued by the court must be published for three weeks prior to the date of sale and posted conspicuously at the courthouse and two other public places for at least three weeks prior to the sale.

The sale of these properties will be conducted on the first Monday of the month between the hours of 11:00 AM and 5:00 PM. The sale will take place in the form of a public auction, which shall be handled by the sheriff at the courthouse in the county in which the property is located.

After bidding has ended, the auction will remain open for 30 days and additional bids accepted. In the event the successful bidder at the public auction is outbid, that bidder is entitled to a full refund of any monies paid.

If no objection to the sale price has been filed with the sheriff within three months of the sale date, the sale will be considered confirmed and the sheriff will provide a deed to the successful bidder.

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