| South Carolina conducts only Judicial foreclosure. | | | | Foreclosure procedure takes place as follows: |
| What is the processing period for foreclosure in | | | | A notice of sale with date/time/place of sale, |
| South Carolina? | | | | borrower’s name and lender’s name |
| Processing period is around 5 months (150 days). | | | | should be posted at the courthouse door and two |
| Is there any right of redemption in South Carolina | | | | other public places in county, minimum three |
| for foreclosure? | | | | weeks before the sale. During the same period, |
| South Carolina does not offer right of redemption. | | | | notice should be published in local newspaper of |
| Are deficiency judgements permitted in South | | | | the county. Generally sale is conducted by the |
| Carolina? | | | | sheriff at the courthouse on the first Monday of |
| Deficiency judgements are permitted in South | | | | each month between 11 a.m. to 5 p.m. If Monday |
| Carolina. | | | | is holiday, then sale occurs on Tuesday. |
| Which law provision governs foreclosure in South | | | | In South Carolina, although the sale is ended, the |
| Carolina? | | | | auction is actually open for 30 days after the |
| The laws which govern foreclosure in South | | | | public sale. During this period, upset bidding |
| Carolina Code of Laws (2004) Title 29 (Mortgages | | | | happens, in which anyone can bid higher to the |
| and Other Liens), Chapter 3, Article 7 | | | | price decided on public sale. At the end of 30 |
| (Foreclosures) (Section 29-3-610 et. seq.). | | | | days, the property is sold to highest bidder and |
| What happens during Judicial Foreclosure in South | | | | earlier bidders are entitled for refund of deposit. If |
| Carolina? | | | | the bid during the public sale is highest, the |
| In this, before starting the foreclosure procedure, | | | | property is filed with the sheriff’s office within |
| the lender needs to file a complaint against the | | | | three months after the sale, the sale gets |
| borrower and obtain a decree of sale from a | | | | confirmed and sheriff will transfer deed to the |
| court having jurisdiction in the county where | | | | purchaser. |
| property is situated. Generally, the borrower is | | | | This is legal information; it should not be treated |
| given some time to pay debt; if he fails to pay | | | | as legal advice. |
| then the court will issue notice of sale. | | | | |