South Carolina Notice of Intention to Foreclose and of Liability for Deficiency after Foreclosure of Mortgage
Description
Form popularity
FAQ
?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.
Ways to Stop Foreclosure in South Carolina Declare Bankruptcy. Yes, bankruptcy is a way through which foreclosure can be stopped. ... Applying for Loan Modification. ... Reinstating Your Loan. ... Plan for Repayment. ... Refinancing. ... Sell Out Your Home. ... Short Sale. ... Deed In Lieu of Foreclosure.
If a foreclosure is nonjudicial, the foreclosing lender must file a lawsuit following the foreclosure to get a deficiency judgment. On the other hand, with a judicial foreclosure, most states allow the lender to seek a deficiency judgment as part of the underlying foreclosure lawsuit.
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.
South Carolina is a Judicial Foreclosure State A creditor cannot foreclose on a property by itself; state law requires mortgage lenders operating in South Carolina to take the borrower to court and ? through a lawsuit ? prove that they have the right to foreclose on a property.
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.
In a judicial foreclosure, the lender can get a deficiency judgment to collect any money they're owed after the sale. In a judicial foreclosure, after the judge orders the sale of a home, it's usually auctioned off to the highest bidder.
South Carolina follows the "hammer rule," which means once the gavel falls at the foreclosure sale, you have no further rights to the property. So, it's critical that you get the protection of bankruptcy before the sale is final.
