An Easy Guide To Foreclosure Laws In South Carolina

If you are falling behind on your mortgage payments, there is a high chance that your house will be foreclosed. Foreclosures in South Carolina are judicial, that is, a court handles the process when the lender files a lawsuit to foreclose the home. If you are in South Carolina, you must learn the right processes and laws regarding foreclosures. However, there are two types of foreclosure laws. There are federal foreclosure laws and state foreclosure laws. These laws are in place to help people through the foreclosure process without having issues.

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 process for foreclosure in South Carolina is judicial. It means that the court handles all the necessary processes involved. In state foreclosure, foreclosure usually goes through an equity court judge or a dedicated referee.

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

If the homeowner files an answer to the court petition, the court will invite them for a hearing. This hearing is to see the validity of the foreclosure. If the court determines that the foreclosure is an idea, the case will be against the homeowner. Before the foreclosure sale, the lender will give the homeowner the right and chance to pay off his debt to prevent sales.

The Foreclosure Sale

After they pass the judgment, the lender must post the sale on 3 different platforms. The first place is in the county, the second place is in the newspaper, and the third place is in the courthouse. A sheriff usually conducts the foreclosure process at the courthouse where the property is.

After The Sale

The court applies the proceeds of the sale to the homeowner’s mortgage. If the proceeds exceed the amount of money owned, the creditor gets the remaining. If the proceeds are not up to the amount owed, the lender may seek a deficiency judgment against the homeowner. Once the sale has been finalized, the creditor must vacate the premises after 30 days or face trial.

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.

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