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The 2 types of foreclosure in South Carolina

There are two kinds of foreclosure that you can go through in the United States. The first, judicial foreclosure, takes place when the person who has lent you money files a lawsuit. At the same time, the lender can file for a lis pendens on the property, which is a document that the County Recorder's office keeps to let others know about the foreclosure lawsuit that is pending. Next, the Notice of Foreclosure Sale is filed. This happens after the court determined an auction time.

With judicial foreclosure, the entire process is handled through the courts. Foreclosure by sale requires that the home or item be auctioned to make up the money owed, while a strict foreclosure requires that the ownership of the home be transferred to the lender.

The other kind of foreclosure available is non-judicial foreclosure. This is a process that allows a lender to auction or sell a property at a public auction without the court becoming involved. This process is specified by the state. The main difference here is that you, as a borrower, agreed to this outcome in your lending agreement. If you can find information on a non-judicial foreclosure there, then you will know that is the most likely outcome if you head into foreclosure.

If you're confused by the types of foreclosure, you could face or want to know more about how to avoid foreclosure completely, it's important to speak with someone familiar with your local laws in South Carolina. With the right help, you may be able to pay down your debts and work out a way to keep your home in the long term.

Source: Property Radar, "Types of Foreclosure" accessed Jan. 14, 2015

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