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How does a foreclosure work in South Carolina?

If you're concerned that you'll need to enter the foreclosure process, then you need to understand how it works. In many situations, you could have other options, like various types of bankruptcy, that could allow you to keep your home; keep that in mind as you learn about foreclosure. Every state you own a home in has different processes, but in general, foreclosure processes start between three and six months after your missed mortgage payment.

You will have late fees assessed after around 15 days, but short-term financial hardships won't necessarily result in foreclosure proceedings. If you miss a payment and are able to make it up or catch up, make sure you speak with your mortgage lender to make arrangements and to avoid going into foreclosure.

If you stay in default after 30 days, then you start to be at risk of foreclosure. If you speak with someone about your situation, the process may be slower than if you ignore phone calls and mail about your missed payment. You may want to seek legal help after missing payments and waiting a significant amount of time, as this help could aid you in keeping your home or navigating the foreclosure process.

A public notice will be given when your home is going into foreclosure. By law, you must be notified, and the public will be as well. Your property may be sold at auction, and you could be evicted at this stage. If you're only at the start of this process, it's okay to seek help. You may have options available that would allow you to keep your home and to arrange payments.

Source: hud.gov, "Foreclosure Process" accessed Feb. 11, 2015

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