Federal Foreclosure Laws
The government created federal mortgage laws to protect homeowners throughout the foreclosure process. The servicer must contact the homeowner for proper discussion no later than 36 days from when the lender missed the payment. After a missed payment, the lender must inform the homeowner about the loss mitigation process not later than 45 days. A foreclosure cannot start until the lender is more than six months late in payment.
State Foreclosure Process
The Judicial Process Of Foreclosure In South Carolina
No law in South Carolina requires the lender to send notice to the creditor before filing a suit. However, this may be contained in your mortgage agreement. It’s a game of choice. If you want to know all that is obtainable, you should endeavor to read and understand your loan documents correctly to make everything work.
Ideally, after 120 days, the lender has the right to file a lawsuit against you. This lawsuit is called the pleading, and after the servicer files the complaint, it is served to the homeowner. After they do the case, the homeowner must answer before 30 days.
This process gives homeowners and lenders the chance to discuss the alternative to foreclosure. If no other options are reached before the end of 30 days, then the case may continue. However, the South Carolina Intervention process is similar to a typical loss mitigation process. The main difference is that the lender’s attorney must fully document all the procedures before the foreclosure starts.
Foreclosure Judgement
The Foreclosure Sale
After The Sale
Going Through A Foreclosure Sale
If you are going through a foreclosure sale, you may be going through a lot of things. This is one of the most difficult processes to go through, especially when you realize that you may lose your home in the process. When trying to sell your foreclosed property, you should work with an Attorney and a trusted realtor to get you the best results.
If you are looking for the best way to go through the foreclosure sale, then Sell Your House Fast- GSAP is the right option for you. We buy houses Greenville SC, and you will get a huge offer you can’t elsewhere. We are a trusted home buyer in the whole of SC.
On the other hand, if you need help with a proper understanding of the law, then your Attorney will be there to help you out. You will get answers on how to handle foreclosure processes effectively.