State Foreclosure Laws

Summary:

Judicial foreclosure in South Carolina requires the lender to sue the borrower in the court having jurisdiction over the county in which the property is located. If the court finds the borrower to be in default, a time is set during which the borrower may cure the default. If the borrower fails to do so, the court will issue an order of sale.

A notice of sale must be published for three weeks prior to the date of sale and posted at the courthouse and two other public places three weeks prior to the sale.

The sale shall be conducted on the first Monday of the month between the hours of 11:00 AM and 5:00 PM as a public auction by the sheriff at the courthouse in the county in which the property is located.

Following the close of bidding, the auction shall remain open for 30 days and additional bids accepted. In the event the successful bidder at the public auction is displaced, 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.

Lenders may sue for any deficiency balance, and the borrower has no right of redemption.

Links:

• SECTION 15-11-10. Time when notice of lis pendens may be filed
  Law which regulates process of a lis pendens action.
  
  
• SECTION 15-11-40. Cancellation of notice
  Law which regulates the right to cancel an action to foreclose.
  
  
• SECTION 29-3-10. Rights and title of mortgagor and mortgagee
  Law which regulates the rights of the parties involved in a foreclosure.
  
  
• SECTION 29-3-660. Deficiency judgment
  Law which regulates an action to foreclose on a mortgage.
  
  
• SECTION 29-4-30. Rules governing reverse mortgage loans
  Law which regulates the rules for reverse mortgages.
  
  
• South Carolina State Statutes