Keeping possession of real property without a right, such as after a lease has expired or after the real property has be sold by the possessor, may entitle the owner to file a lawsuit for "unlawful detainer," asking for possession by court order, unpaid rent and damages. This form is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a notice in a particular jurisdiction.
South Carolina Complaint or Petition by Purchaser Against Possessor of Real Property After Judicial Foreclosure Sale - Repossession
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How to fill out Complaint Or Petition By Purchaser Against Possessor Of Real Property After Judicial Foreclosure Sale - Repossession?
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FAQ
No. Some states?Michigan, for example?allow the homeowner a period of time to redeem (buy back) the property after the foreclosure sale. South Carolina has no such procedure. South Carolina follows the ?hammer rule.? Once the hammer falls at the foreclosure sale, the homeowner's property rights are cut off forever.
Example of a Deficiency Judgment The borrower defaults on the $270,000 loan after two years, leaving a principal balance of about $260,000. The bank sells the home for $245,000, then wins a deficiency judgment against the borrower for the remaining $15,000. That is the amount that the borrower would need to pay.
If upon a foreclosure, there isn't enough money to even pay off the debt to the mortgagee, then a deficiency judgment can be placed against the borrower.
And some states also allow judgment liens on the debtor's personal property -- things like jewelry, art, antiques, and other valuables. In South Carolina, a judgment lien can be attached to real estate only.
If you are eligible and you choose to request Foreclosure Intervention, the foreclosure lawsuit will be put on hold temporarily while you are given an opportunity to apply for Loss Mitigation with the mortgage company's attorney.
Once a deficiency judgment is in place, the court will issue an order for you to pay off your debt. If you ignore the order, lenders have several options for collecting the money.
?There is no statute of limitation on the foreclosure of a mortgage. It is only when the mortgage debt has been due after maturity for a time sufficient to raise a presumption that the same has been satisfied that mere delay will furnish a defense to foreclosure.
If you owe more on your mortgage than your home sells for at a foreclosure sale, the lender may ask for deficiency judgment against you, unless it specifically waived that right in writing prior to the sale. A deficiency judgment is also known as a personal judgment.