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What are the foreclosure laws in South Carolina?

In South Carolina, there are various foreclosure laws that can have an effect on your foreclosure. For instance, when you have a deed that goes into foreclosure, the lender goes to the courts to go through a judicial foreclosure process. At that point, the court decides and issues a final judgment of foreclosure. If the deed and home will be foreclosed on, then a lis pendens is issued, which provides public notice of the sale.

It takes approximately 150 to 180 days for a property to be foreclosed upon in an uncontested foreclosure. If the borrower contests the foreclosure, then this may take longer. The process begins when the borrower receives a notice of sale. That must be published for at least three weeks in a row in a newspaper to be accepted. At that point, the borrower may want to seek an appraisal, which could show any discrepancies in the price of the home according to the lender.

Deficiency judgments are also accepted in South Carolina. These are obtained when the sale of a foreclosed property is less than the mortgage. The borrower can still be held accountable for the difference between the sale price and the mortgage, which is something you may want to look out for if you enter into foreclosure with an auction.

Knowing these situations can vary, it's always important to discuss your options with someone familiar with foreclosure law. In some cases, you may be able to avoid foreclosure and keep your house, or you may be able to sell it before you have to enter foreclosure. You have options, so make sure you look into them before you make a life-altering decision.

Source: Foreclosure.com, "South Carolina Foreclosure Laws" Jan. 01, 2015

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