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How are South Carolina deeds foreclosed?
In South Carolina, the lenders go to court in what is known as a judicial foreclosure
Judicial Foreclosure
A type of foreclosure proceeding that is conducted as a court proceeding, which is typically used to foreclose mortgages on real property that secure the debt of the underlying loan transaction. This process is more prevalent in eastern states. An alternative foreclosure method is non-judicial foreclosure, which involves out of court proceedings typically conducted by a trustee.
A proceeding where the court must issue a final judgment of foreclosure. The property is then sold as part of a publicly noticed sale. The court with jurisdiction over a foreclosure is known as the Circuit Court. A complaint is filed in court along with what is known a lis pendens. A lis pendens is a recorded document that provides public notice that the property is being foreclosed upon.
- A mortgage is created when a person (a borrower) pledges (or mortgages) a house and/or his land to a lender to secure the repayment of his/her loan.
- If a borrower falls behind in her payments, a lender will then try to foreclose the home in order to resell it to repay the money it lent.
- South Carolina law says that all foreclosures must be done in court and only a judge can order the sale of your house.
- Therefore, if you fall behind in paying your mortgage, a lender will file papers with the court and ask for permission to take your home and sell it to cover the loan.
- You will be “served” a piece of paper to let you know that this process has begun, and then you have 30 days to send an answer to the lawyers and to make any claims you may have against the lender.
- If you do not serve and file an answer, the court will give a “default judgment,” and the lender can then sell your property and use that money to pay off the debt and the legal costs for bringing the foreclosure.
- If you do answer or make a counter-claim, then there will be a hearing to see if you will be allowed to keep your home or if the property must be sold.
- If the court gives the lender permission to sell the property, the lender must advertise the sale for three weeks in a local newspaper and then the house is sold on the courthouse steps.