South Carolina Sample Letter regarding Stop of Foreclosure Sale
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How to fill out Sample Letter Regarding Stop Of Foreclosure Sale?
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FAQ
Does South Carolina have a ?right of redemption? where the homeowner can buy back, or ?redeem,? the property after the foreclosure sale? 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 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.
Put your name, address, phone number, loan number, and date on the top of the letter. List the name and address of your lender. information about any money you have saved for a workout agreement. Tell the lender you are working with a foreclosure counselor and include their name and agency.
In South Carolina, the foreclosure sale date must be ordered by a judge. The foreclosure sale is a public auction, and the home will be sold to the highest bidder. After the Court issues a Judgment of Foreclosure, a Notice of Sale will be published in a local newspaper for the three weeks leading up to the sale date.
?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.
That means that there is a wide variance in the time that it takes to foreclose on a South Carolina property. That said, most foreclosures can be completed in about five or six months barring court delays or extraordinary circumstances.
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.
You can potentially file for bankruptcy or file a lawsuit against the foreclosing party (the "bank") to possibly stop the foreclosure entirely or at least delay it. If you have a bit more time on your hands, you can apply for a loan modification or another workout option.
