South Carolina Foreclosure Law Summary 
- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: No
- Primary Security Instrument: Mortgage
- Timeline: Varies
- Right of Redemption: No
- Deficiency Judgments Allowed: Yes
In South Carolina, lenders may foreclose on a mortgage in
default by using the judicial foreclosure process.
Judicial Foreclosure
The judicial foreclosure process is one in which the lender
must file a complaint against the borrower and obtain a decree of sale from
a court having jurisdiction in the county where the property is located before
foreclosure proceedings can begin. Generally, if the court finds the borrower
in default, they will give them a set period of time to pay the delinquent
amount, plus costs. If the borrower does not pay within the set period of
time, the court will then order the property to be sold.
In South Carolina, the property is generally sold in the
following manner:
- A notice of sale, containing a description of the property,
the time and place of sale, the borrowers name and the lenders name, must
be published at the courthouse door and two other public places at least
three weeks prior to the date of sale. The notice must also be published
in a newspaper of general circulation within the county where the property
resides for the same time period.
- Unless otherwise ordered by the court, the sale must
be conducted at the courthouse where the property is located by the sheriff
of said county. The sale must be held on the first Monday in each month,
unless it is a holiday and then the sale may take place on the following
Tuesday. The sale may begin at 11:00 am and go until 5:00 pm, but the sheriff
may close the bidding prior to that time.
- Despite the fact that the bidding at the public sale
has ended, in South Carolina, the auction actually stays open for a full
thirty days after the date of the public sale. During this thirty day time
period, anyone may place a bid higher than the last bid amount and the successful
purchaser will be the one with the highest bid at the end of the thirty
days. This ongoing bid process is referred to as upset bidding. Anyone,
other than the successful purchaser, who has placed a bid during this time,
will be entitled to a refund of any deposit made in good faith and he or
she will have no further interest in the property.
- If no objection to the sale price of the property has
been filed with the sheriff's office within three months after the date
of sale, the sale will be considered confirmed and the sheriff will make
any necessary deed endorsements.
Lenders in South Carolina may file for a deficiency judgment
against the borrower and borrowers have no rights of redemption.
More
information on South Carolina foreclosure laws.
