South Carolina Foreclosure Law

Timeline: Varies

Redemption: No

Deficiency Judgments: Yes

Judicial Foreclosure: Yes

Non-Judicial Foreclosure: No

Security Instruments: Mortgage

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South Carolina foreclosure law only allows the lender to pursue foreclosure using Judicial Foreclosure procedures. The lender must sue the borrower in the court that has jurisdiction over the county in which the property is located. If the borrower is deemed to be in default, the court will give the borrower a set time to cure the default. An order of sale will be issued by the court if the borrower can not cure the default. The notice of sale must be posted at three public places in the county, including being posted at the county courthouse. Also, the notice must be published for three (3) weeks before the scheduled date of sale.

Sales in South Carolina are conducted by the county sheriff at the courthouse in which the property is located. They are held on the first Monday of each month between the house of 11:00 AM and 5:00 PM . Once the sale has been conducted, the auction remains open for thirty (30) days, during which additional bids are accepted. If the high bidder at the sale is outbid while bids are still being accepted, the bidder is entitled to a full refund of any monies paid.

The sale will be confirmed and a deed will be provided to the successful bidder within three months of the date of the sale, unless an objection to the sale price is filed with the sheriff.

The borrower in South Carolina has no right to redeem the property after the sale, and the lender may not sue the borrower foreclosure a deficiency judgment.