Foreclosure Procedures in South Carolina

South Carolina conducts only Judicial foreclosure.

What is the processing period for foreclosure in South Carolina?
Processing period is around 5 months (150 days).

Is there any right of redemption in South Carolina for foreclosure?
South Carolina does not offer right of redemption.

Are deficiency judgements permitted in South Carolina?
Deficiency judgements are permitted in South Carolina.

Which law provision governs foreclosure in South Carolina?
The laws which govern foreclosure in South Carolina Code of Laws (2004) Title 29 (Mortgages and Other Liens), Chapter 3, Article 7 (Foreclosures) (Section 29-3-610 et. seq.).

What happens during Judicial Foreclosure in South Carolina?
In this, before starting the foreclosure procedure, the lender needs to file a complaint against the borrower and obtain a decree of sale from a court having jurisdiction in the county where property is situated. Generally, the borrower is given some time to pay debt; if he fails to pay then the court will issue notice of sale.

Foreclosure procedure takes place as follows:
A notice of sale with date/time/place of sale, borrower’s name and lender’s name should be posted at the courthouse door and two other public places in county, minimum three weeks before the sale. During the same period, notice should be published in local newspaper of the county. Generally sale is conducted by the sheriff at the courthouse on the first Monday of each month between 11 a.m. to 5 p.m. If Monday is holiday, then sale occurs on Tuesday.

In South Carolina, although the sale is ended, the auction is actually open for 30 days after the public sale. During this period, upset bidding happens, in which anyone can bid higher to the price decided on public sale. At the end of 30 days, the property is sold to highest bidder and earlier bidders are entitled for refund of deposit. If the bid during the public sale is highest, the property is filed with the sheriff’s office within three months after the sale, the sale gets confirmed and sheriff will transfer deed to the purchaser.

This is legal information; it should not be treated as legal advice.