South Carolina Foreclosure Law
- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: No
- Primary Security Instrument: Mortgage
- Timeline: Varies
- Right of Redemption1: No
- Deficiency Judgments2 Allowed: Yes
Lenders in the state of South Carolina may foreclose on mortgages in default using a judicial foreclosure process.
Judicial Foreclosure
A judicial process of foreclosure requires that the lender file a lawsuit and attain a court order to foreclose on a particular property.
Judicial Foreclosure Procedure
A notice of sale is published on the courthouse door, two additional public places, and in the newspaper for a minimum of three (3) weeks prior to the date of the sale. The sale is to be conducted at the courthouse by the sheriff unless other specified by the court. Sales are held on the first Monday in each month, unless it’s a holiday. If a holiday, the sale is held on the following Tuesday. While the sale begins between 11:00 a.m. and 5:00 p.m., the sheriff may close the bidding prior to that time.
South Carolina allows the auction to stay open a full thirty (30) days after the date of the pubic sale. During this time, anyone can place a bid higher than the bid received at auction. At the end of thirty (30) days, the bidder with the highest bid will become the property owner.
Any objections to the sale price have to be filed with the sheriff’s office within three (3) months following the date of the sale. If there are no objections, the sale is confirmed and the sheriff makes any necessary deed endorsements.
Borrowers have no rights of redemption. Lenders may pursue a deficiency judgment.
1 A borrower’s right to reacquire property lost due to a foreclosure.
2 A personal judgment against the borrower for the remaining balance on the loan after a foreclosure sale.
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