Jump to Navigation
We can handle your closing anywhere in the state.
Subscribe to This Blog's Feed

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

No Comments

Leave a comment
Comment Information
Tell Us About Your Transaction

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

Visit Weeks & Irvine at One of Our Six Locations

North Charleston office 8086-B Rivers Avenue
North Charleston, SC 29406
Phone: 843-553-9800
Toll Free: 800-553-7449
Fax: 843-553-9804
Maps and Directions

Mt. Pleasant office
1100 Queensborough Blvd, Suite 102
Mt. Pleasant, SC 29464
Phone: 843-856-9800
Toll Free: 800-553-7449
Fax: 843-216-0930
Map and Directions

Mt. Pleasant North office
3040 Highway 17-A North, Suite B
Mt. Pleasant, SC 29466
Phone: 843-388-3250
Toll Free: 800-553-7449
Map and Directions

West Ashley office
873 Orleans Road, Suite 102 1/2
Charleston, SC 29407
Phone: 843-571-2996
Toll Free: 800-553-7449
Fax: 843-571-2998
Map and Directions

Summerville office
106 West 7th North St
Summerville, SC 29483
Phone: 843-875-7111
Toll Free: 800-553-7449
Fax: 843-875-7721
Map and Directions

Goose Creek office
567 Crowfield Blvd.
Goose Creek, SC 29445
Phone: 843-553-9100
Toll Free: 800-553-7449
Fax 843-553-9183
Map and Directions