South Carolina Mortgage Satisfaction Rescission (Document of Rescission Affidavit) is a document used to rescind a mortgage satisfaction in the state of South Carolina. This document is typically filed with the county office of the clerk of court where the original mortgage was filed. The document must be signed by both the borrower and the lender in order to be valid. It must also include the original mortgage satisfaction date, the amount due, and the date on which the rescission is being filed. There are two types of South Carolina Mortgage Satisfaction Rescission (Document of Rescission Affidavit) documents: full rescission and partial rescission. A full rescission document releases the mortgage debt in its entirety, while a partial rescission document releases only a portion of the debt. Both documents require the borrower and the lender to sign the document in order to be valid.
South Carolina Mortgage Satisfaction Rescission (Document of Rescission Affidavit)
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If the lender fails to record a satisfaction within set time limits, the lender may be responsible for damages set by statute for failure to timely cancel the lien. Depending on your state, a satisfaction may be called a Satisfaction, Cancellation, or Reconveyance.
No mortgage or deed having the effect of a mortgage or other lien shall constitute a lien upon any real estate after the lapse of twenty years from the date for the maturity of the lien.
SECTION 29-3-50. Mortgage for future advances; mortgage or lien on property held by gas or electric utility or electric cooperative.
If a periodic or final payment to a contractor is delayed by more than twenty-one days or if a periodic or final payment to a subcontractor is delayed by more than seven days after receipt of periodic or final payment by the contractor or subcontractor, the owner, contractor, or subcontractor shall pay his contractor
Waiver of Appraisal Rights. The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within 30 days after the sale of the mortgaged property apply to the court for an order of appraisal.
Briefly, a mortgagor defendant in a foreclosure action upon which deficiency judgment is rendered may within thirty days after the sale of the mortgaged property apply by verified petition to the Clerk of Court for an appraisal. S.C. Code Section 29-3-680.